Albania Currently Planning a Crypto Regulatory Structure
Aiming to design a legislative structure that is compatible with the crypto world and increase the country’s position as a competitor and leader in the industry within the Balkan states. Edi Rama, the PM of Albania, has emphasized that the local government is constantly looking for modern developments and new methods to draw in investors.
The prime minister further noted that Albania has great potential to become a crypto hub for investors and join in on the digital currencies revolution. He said how this is a great opportunity to be innovative in the financial market and provide new jobs for qualified employees, and that’s why the government is exploring the idea of a crypto-based regulatory system.
A Plan in Action
Currently, initial drafts and estimates for regulatory proposals are being produced by government officials, after extensive research. Should the result of the analysis turn out to be adequate enough, promotion efforts will take place and extend even outside the country, as they pave the road to being a real network for investing opportunities.
In spite of the long-standing negative viewpoints from the central bank in Albania, this move is a huge step towards modernizing the workforce. Both the ACB along with the FSA have constantly warned crypto investors and traders about crypto-related risks that a company was never established to create a digital coin. Albania is of course a country that is wont to be leary of the creation of new financial assets, as the entire economy was almost brought to its knees as a result of various Ponzi schemes that were perpetrated following the fall of the Berlin Wall and eventually the Iron Curtain.
As per the prime minister’s comments, it is obvious that the Albanian government is indeed looking to follow in the footsteps of the Island of Malta, currently supporting cryptocurrencies with compatible regulatory standards.