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Digital Asset Regulation Navigator

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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Current collection of country fact sheets

Search by region, country or approach to digital asset regulation using the free field search field to display the relevant fact sheets.

Albania

Europe

Algeria

Africa

Anguilla

Caribbean

Antigua & Barbuda

Caribbean

Argentina

Latin America

Aruba

Caribbean

Australia

Pacific

Austria

Europe

Bahamas

Caribbean

Bahrain

Middle East

Bangladesh

Middle East

Barbados

Caribbean

Belgium

Europe

Belize

Latin America

Bermuda

Caribbean

Bhutan

Asia

Bolivia

Latin America

Botswana

Africa

Brazil

Latin America

British Virgin Islands

Caribbean

Brunei Darussalam

Asia

Burundi

Africa

Cambodia

Asia

Canada

North America

Cayman Islands

Caribbean

Central African Republic

Africa

China

Asia

Colombia

Latin America

Cook Islands

Pacific

Cyprus

Europe

Denmark

Europe

Dominica

Caribbean

Egypt

Africa

El Salvador

Latin America

Estonia

Europe

Eswatini

Africa

Fiji

Pacific

Finland

Europe

France

Europe

Germany

Europe

Ghana

Africa

Gibraltar

Europe

Greece

Europe

Grenada

Caribbean

Guatemala

Latin America

Guernsey

Europe

Haiti

Caribbean

Honduras

Latin America

Hong Kong

Asia

Iceland

Europe

India

Asia

Indonesia

Asia

Iraq

Middle East

Ireland

Europe

Isle of Man

Europe

Italy

Europe

Jamaica

Caribbean

Jersey

Europe

Jordan

Middle East

Kenya

Africa

Kuwait

Middle East

Lesotho

Africa

Libya

Africa

Luxembourg

Europe

Macao

Asia

Madagascar

Africa

Malawi

Africa

Malaysia

Asia

Maldives

Asia

Malta

Europe

Mauritius

Africa

Mongolia

Asia

Montserrat

Caribbean

Morocco

Africa

Mozambique

Africa

Myanmar

Asia

Namibia

Africa

Netherlands

Europe

New Zealand

Pacific

Nicaragua

Latin America

Nigeria

Africa

Norway

Europe

Oman

Middle East

Pakistan

Asia

Papua New Guinea

Pacific

Philippines

Asia

Portugal

Europe

Qatar

Middle East

Russia

Europe

Samoa

Africa

Saudi Arabia

Middle East

Seychelles

Asia

Singapore

Asia

South Africa

Africa

Spain

Europe

Sri Lanka

Asia

St. Kitts & Nevis

Caribbean

St. Lucia

Caribbean

St. Vincent & the Grenadines

Caribbean

Sweden

Europe

Switzerland

Europe

Taiwan

Asia

Tanzania

Africa

Thailand

Asia

Trinidad & Tobago

Caribbean

Turks & Caicos Islands

Caribbean

Ukraine

Europe

United Arab Emirates (ADGM)

Middle East

United Arab Emirates (DIFC)

Middle East

United Kingdom

Europe

United States

North America

Uruguay

Latin America

Vanuatu

Pacific

Zambia

Africa

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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