The Albania’s Parliament has reportedly approved of a bill to become effective, which would establish a regulatory framework for crypto in the region. 

Specifically, the bill – dubbed “On Financial Markets Based on the Technology of Distributed Ledgers” – has reportedly proposed to the Committee of Economy in October last year, and has been passed into law as of now, with an 88-16 in favour result. 

Submitted by the Albania’s Minister of Finance and Economy, the regulation reportedly set to provide regulatory certainty to the licensing conditions of crypto-related matters across the nation. 

Expanding out of the scope of digital tokens, the law set to provide supervising for all infrastructure where DLT technology operates.

“The draft law aims to regulate the conditions for licensing, exercising the activity of operators and stock exchanges and supervising them, as well as preventing abusive practices in the market, where severe fines are stipulated for anyone who violates the provisions of the law.” Minister Denaj further shared his remarks. 

The minister also reportedly stated the bill was drafted to make “the best use of the benefits offered by technology”, and to also help deal with a wide array of potential risks, nominally fraudulent schemes or unlicensed schemes to offer virtual assets, misused for money laundering, terrorism financing or market manipulation.

Albania will reportedly become the 3rd nation (joining Malta and France) to develop a crypto-focused regulatory framework.