Blockchain Regulations to Pave the Way for DLT Licensing

Blockchain Regulations to Pave the Way for DLT Licensing

TIRANA, November 23

The Albanian Financial Supervisory Authority (AMF) is expected to adopt the first two regulations on blockchain technology, Monitor Magazine reported on Tuesday. AMF’s Steering Board will review on Thursday the two draft regulations ‘On capital adequacy and own funds of entities operating on financial markets based on DLT’ and ‘On licensing entities operating as digital token agents’. Both regulations were drafted in support of the law ‘On financial markets based on Distributed Ledger Technology. The law came into effect in September 2020.
The scope of the first regulation is to define detailed rules concerning capital adequacy and own funds of subjects operating as agents and thirty party custodians.

Meanwhile, the second regulation aims to define detailed licensing rules and procedures, the type of additional supporting documents, as well as documents assessment and review, and reporting obligations for entities that operate or seek to operate as DT agents.

Even though the law ‘On Financial markets based on DLT’ has been in effect for over a year, no entities got licensed due to the lack of necessary bylaws and regulations.

In the meantime, AMF has drafted the second set of project regulations pursuant to the abovementioned law on financial markets based on DLT. The drafts are based on the draft Regulation (EU) No 648/2012 of the European Parliament and of the Council on Markets in Crypto-assets.

The two draft regulations are public for consultation:

Draft Regulation “On licensing of entities operating as third party custodian”

Draft Regulation “On licensing of entities operating as a DLT stock exchange”

Source: Monitor


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