Companies wishing to operate in the Moldovan market will be required to disclose fees and risks, protect client assets, and keep them separate from their own funds. They will also be required to have procedures in place for handling complaints and to comply with anti-money laundering and counter-terrorism financing requirements.
The National Commission for the Financial Market (NCFM) will review companies before granting them market access—specifically, their professional competence, integrity, and reputation. However, authorization will not be automatic. The regulator will need time to review the company and ensure that it meets the established requirements.
In addition, the bill prohibits market manipulation and the use of insider information. Significant fines are imposed for violations: for legal entities, up to 15% of annual turnover, depending on the violation.
“Small investors” will be protected, but the safety of their investments is not guaranteed
Additional safeguards are being introduced for citizens: warnings about the risk of total loss of funds, in certain cases a 14-day cooling-off period to cancel a purchase, the ability to file complaints, and protection against market manipulation.
At the same time, transactions must comply with anti-money laundering laws, and the funds used must be of lawful origin. This applies to clients as well.
Companies from offshore jurisdictions will not be able to enter the Moldovan market and offer crypto services without meeting the established requirements.
As noted during the first-reading debate on the bill, the new rules are primarily intended to reduce risks for users, especially beginners. The authorities will be able to intervene if a significant risk of massive financial losses for citizens arises in the market.
Once the law is adopted, there will be a six-month period before it takes effect and the necessary secondary legislation is prepared.
It is important to understand that the law does not guarantee the safety of investments or protect against a decline in cryptocurrency prices—its purpose is to establish rules and provide the state with tools to regulate the market.
