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Country Fact Sheets

Country fact sheets provide a structured overview of the approach to digital asset regulation adopted at country-level. This includes a synopsis of the position adopted and, where regulation is in place, an overview of the core aspects of the regime, a library of the key reference documents and information about currently registered or licensed entities.

For the purpose of the segmentation, country-level approaches to digital asset regulation have been grouped into six models: (1) No regulation in place, (2) Regulation under existing law, (3) Bespoke regulatory framework, (4) Hybrid regulatory framework combining the regulation under existing law with bespoke elements, (5) Restrictions/ban in place, and (6) Other.
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Search by region, country or approach to digital asset regulation using the free field search field to display the relevant fact sheets.

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Albania

REGION
Europe
APPROACH TO DIGITAL ASSET REGULATION
Bespoke regulatory framework
DESCRIPTION
In 2020, Albania introduced the Law No. 66/2020 on Financial Markets based on Distributed Ledger Technology, which provides the regulatory framework for the issuance of digital tokens and virtual currencies as well as the licensing, monitoring and supervision of entities that carry out distribution, trading and custody of digital tokens and virtual currencies and certain other related activities (see details on licence types).
Among other things, the Law sets out the licensing framework including the licence types and requirements, the licensing procedure and the associated powers of the competent authorities, as well as the obligations of the licence holders. Additionally, it defines provisions in relation to specific activity categories in line with the license types.
The Law assigns the Albanian Financial Supervisory Authority (AFSA) and the National Authority on Information Society (NAIS), whereby AFSA is responsible for financial and regulatory aspects and NAIS for the technological requirements and criteria. The specific allocation of responsibilities, particularly as it relates to licensing, depends on the nature of activities.
LATEST NEWS
None
DEFINITION OF DIGITAL ASSET UNDER THE REGULATORY FRAMEWORK
The Law defines “Digital Token” as “a digital asset, which is (i) is intrinsically dependent on DLT Technology and (ii) falls exclusively under one the following Digital Tokens categories listed below:
Digital payment token
Digital security token
Digital utility token
Digital asset token
“Virtual currency” under the Law is defined as “one of the virtual assets which is a digital representation of value used as a medium of exchange, means of payment, unit of account, or store of value, which”
is not a Digital Token pursuant as defined in the present Law
is not issued or guaranteed by a central bank or a government authority
is not necessarily attached to a legally established currency,
is not fiat money and therefore does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange;
has been issued on its own DLT; and
can be transferred, stored and traded electronically.
DIGITAL ASSET ACTIVITIES IN SCOPE UNDER THE FRAMEWORK
See below in accordance with the scope of the licenses
TYPES OF LICENSES
The Law distinguishes five principal types of licences:
Digital Token (DT) Agent licence
DLT Exchange licence, which is further divided into the following sub-categories:
Category A License: includes Centralized DLT Exchange or Decentralized DLT Exchanges where only Digital Utility Tokens and/or Digital Payment Tokens and/or Digital Asset Tokens can be admitted to trading;
Category B License: includes Centralized DLT Exchange License and Decentralized DLT Exchanges License, where in addition to the activities under License A, fiat money and/or virtual currencies can be traded in exchange of digital utility tokens and/or of digital payment tokens and/or of digital asset tokens and vice versa;
Category C License: includes centralized DLT Exchange and Decentralized DLT Exchanges where in addition to the activities under License B, also Digital Security Tokens can be admitted to trading;
Innovative Service Provider licence
Third Party Custody Wallet Provider licence
Automated DT Collective Investment Undertaking licence
PRIMARY LEGISLATION
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Law No. 66/2020 on Financial Markets based on Distributed Ledger Technology
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SECONDARY LEGISLATION
Not applicable
GUIDANCE & OTHER KEY DOCUMENTS
Not applicable
LIST OF REGULATED DIGITAL ASSET ENTITIES
Information currently not available

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