Albania Plans New Crypto Regulatory Framework to Make the Country a Friendly Jurisdiction
Albania Plans a New Crypto Regulatory Framework in a Bid to Make the Country a Crypto-Friendly Jurisdiction
Albania is mulling over new cryptocurrency regulations in an aim to diversify investment opportunities in the country and make it a cryptocurrency regional hub.
According to Edi Rama, the country’s Prime Minister, digital currencies have huge potential even in developing economies, and Albania has the capability to become a crypto-friendly hub for potential investors. Rama explained that:
“As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development.”
Speaking at a ceremony to launch Albania-Italy Offshore section of Trans Adriatic Pipeline that’s expected to bring Caspian gas to Europe, the Prime Minister further noted that:
“For the moment, we are assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study. If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances.”
No Company is License to Issue Virtual Currency Yet
Although Albania is thinking of forming new regulations to make the country crypto-friendly, it hasn’t licensed any company to issue digital currencies just yet. The head of Albanian Financial Supervisory Ervin Koci, informed the investors about this, further noting that:
“Of course there might be individuals or businesses in Albania investing online using the internet in companies which are issuing these initial coin offerings outside of Albania, but they should be aware that they carry all the risks and are responsible for their own choices when making such an investment.”
The Bank of Albania further noted that the activity of digital currency operators was characterized by high level of insecurity and risk, and could not guarantee fulfillment of customer protection from any unforeseen loses.