These and other provisions are spelled out in the draft Law on the Cryptoasset Market, which is to be approved by the government and parliament. It establishes the rules of operation for issuers, investors and service providers, as well as mechanisms for its supervision.
The draft was developed by the Ministry of Finance and the National Bank of Moldova. Earlier Logos Press informed about the delay in the preparation of the document and that the deadline for its approval is December 2026.
From restriction to regulation
The document transforms the restrictive nature of the current regulations into a regulatory one. Its provisions are harmonized with the EU norms laid down in the MiCA Regulation, which entered into force in the Community in June 2023,
The law establishes the legal framework of the market with regard to public offering, admission to trading, disclosure of information, issuance of a license, control of service providers, etc., as well as the legal framework of the market. It applies to all participants – residents and foreign persons operating in Moldova.
The market will be regulated by the National Commission of Financial Market (NCFM) and the National Bank of Moldova. The National Bank will be responsible for electronic money, while the NCFM will be responsible for the rest of the market segments.
Implementation of the law will require costs for market participants to conduct legal activities related to obtaining authorization, capital requirements, management, internal controls, reporting, IT systems, etc.).
But it will ensure legal legalization and stimulate the development of cryptoasset markets, alternative payment instruments and funding sources. At the same time, legal regulation will reduce fraud risks and increase investor and user confidence, the explanatory note to the draft notes.
Requirements of the law
The activity of cryptoasset service providers will be carried out on the basis of authorization. They have capital requirements (from 50 thousand to 150 thousand euros). They will be obliged to implement internal control systems and ensure the protection of client funds.
For asset-linked tokens, there are requirements to have reserves covering liabilities to holders and to maintain an equity limit of at least 350 thousand euros.
In addition, the draft establishes measures to prevent market abuse. Participants are obliged to report suspicious transactions. Sanctions are also established – revocation of licenses, fines up to 15% of annual turnover for legal entities, etc.
The new law is expected to come into force six months after its publication. This will make it possible to approve the sub-law and prepare for implementation.
