The document was drafted by the National Bank of Moldova as part of the country’s obligations under the Association Agreement with the European Union. It establishes rules for Moldovan and foreign market participants if they issue cryptoassets, offer them to investors, or provide related services within the country.
According to the draft, cryptoassets will be divided into three categories: e-money tokens, asset-backed tokens, and other types of cryptoassets. However, the document does not apply to assets already regulated by other financial regulations, including certain financial instruments and specific types of digital products.
Companies operating in this sector will be required to disclose information to clients about their services, prices, and fees. They will also be required to publish information about the risks and environmental impact of specific cryptoassets.
The new rules provide for a division of authority between two financial regulators. The National Commission for Financial Markets will oversee most cryptoasset transactions and the activities of service providers. The National Bank will be granted authority over matters related to the issuance and circulation of e-money tokens.
The bill introduces requirements for financial guarantees from market participants and establishes measures against market manipulation, the use of confidential information, money laundering, and terrorist financing.
Sanctions are provided for violations—ranging from warnings and temporary restrictions on operations to license revocation and fines. For individuals, fines can reach millions of euros, and for legal entities—tens of millions of euros or up to 15% of annual turnover, depending on the severity of the violation.
Following the second reading and final adoption, the law is set to take effect six months after its publication in the Monitorul Oficial.
It should be noted that Moldova is developing specific rules for cryptoassets in line with the European approach to regulating digital markets.
