President Revokes Law on DLT and Blockchain

President Revokes Law on DLT and Blockchain

TIRANA, June 26

The Albanian President Office issued a decree on Thursday that revoked the law ‘On financial markets based on distributed ledger technology’ calling it a premature process. The decree pointed out that the law would increase the risks that cryptocurrency transactions in Albania could be misused for illegal activities such as money laundering, terrorism financing, and tax evasion.
The law adopted by the Parliament defined a legal framework for cryptocurrencies that would place Albania among the countries that support cryptocurrencies.
However, the President’s decree highlights that although blockchain tokens and cryptocurrencies are innovative technologies with many benefits, they have their drawbacks in terms of the current situation in Albania.
According to the decree, the nonfulfillment of conditions and standards required by distributed ledger technology-based markets could make the process premature to approve or implement.

In 2017, the Bank of Albania (BoA) issued a warning on the risks associated with the use of virtual currency saying that at the time such operations were not regulated by the legal framework. meanwhile, cryptocurrency users were exposed to certain risks.

Read also: Here’s How much it Costs to Mine One Bitcoin in Albania


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