Since 2020 Albania has had a law on tokens and virtual currencies: Law No. 66/2020 "On Financial Markets Based on Distributed Ledger Technology". The law regulates the issuance of tokens, exchange platforms, the custody of assets and token agents, with licensing by the Albanian Financial Supervisory Authority (AFSA) and, for the technical side, by the National Agency for Information Society. In practice, the licensed market has remained small.
Meanwhile, the EU adopted Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), which now applies in full in all Member States. MiCA sets the same rules for the whole EU: who may provide crypto-asset services, how stablecoins (crypto-assets whose value is linked to an official currency) are issued and what information investors receive.
The new draft law. AFSA has prepared the draft law "On Markets in Crypto-Assets", aligned with MiCA. The draft law is going through the approval process. It covers the issuance of crypto-assets, trading platforms, custody and exchange, the capital and governance of providers, as well as market abuse and the prevention of money laundering.
What this means:
- For platforms and service providers: a licence, minimum capital, approved directors, and rules on safekeeping clients' assets and on conflicts of interest.
- For issuers: a white paper with prescribed content, and liability for what it says.
- For investors: more information and protection, but no guarantee of the value of crypto-assets.
- For banks and payment providers: clearer rules when they work with clients who trade crypto-assets.
What to do now. Companies that offer or plan crypto-asset services in Albania or for clients in the EU should compare their business model with the MiCA requirements now. They will soon find the same requirements in Albanian law too.