Dumitru Budianski
According to Dumitru Budianski, Chairman of the NCFM Administrative Council, the measure is part of the process of harmonization of legislation and expansion of the regulator’s supervisory functions against the background of growing activity in the field of crypto-assets and unregulated services.
“The problems we have now are in the area of activity unauthorized by the NCFM. If we look at the development of regulators’ powers, we will see that recently their evolution has gone exactly in the direction of covering the part that is outside the regulated sector. In the process of accession and harmonization of legislation, we will first of all come up with two important issues. We will adapt the regulatory framework for the regulation of financial instruments, and this will give us more powers, including the ability to deal also with those who are not yet regulated, but there are indications that they are carrying out activities that require authorization. This will be a very serious step forward. Moldova has its own specificity and we need additional powers, for example, more competences in the field of investigations. I do not mean operational investigations, but something like an “administrative police” in this sector. There are models that we can adopt,” Budianski said at the MACRO-2025 conference.
The NCFM Chairman emphasized that this will be discussed to understand “to what extent we will be able to implement such measures”. And the biggest problem is in crypto: it is a field where “fraudsters feel quite comfortable”.
“I believe in the field of crypto assets, I believe in blockchain technology. I am sure that in a very short period – 5-7 years – you will see that in many fields, not necessarily financial, but especially financial, everything related to blockchain technologies will be present in Moldova as well. Therefore, we need to move faster, but carefully, because when we start something, we must be sure that we can ensure a clean market,” Dumitru Budianschi concluded.
As a reminder, on June 30, 2023, the Parliament of the Republic of Moldova adopted the Law on amendments to certain normative acts. As a consequence, as of July 1, 2024, the National Commission of Financial Markets has been deprived of the powers to supervise insurance, reinsurance and non-banking financial system, which were transferred to the National Bank of Moldova. At the same time, NCFM received new powers to protect the rights of consumers of financial services.
