As is the case with many countries, these resources come from seizures of cryptocurrencies used in illicit activities. The largest amount of “bitcoins” seized was 4.57161799 in 2023.
Other virtual assets also seized in 2024 were BNB; SHIB; PEPE; FLOKI; MANTA; ALT; DYM; STRK; AEVO; ENA; BANANA; ETH; USDT; TRX; XRP; DOGE; SOL, according to a report by the Center for Money Laundering Prevention and Control. Their total value at the time of seizure was $1,167,784.64.
But it is important to note that although the criminal and criminal procedure legal framework allows for the seizure and confiscation of virtual assets, the authorities cannot convert them into fiat currency (lei, dollars, euros) due to restrictions currently in the legal framework.
The National Bank of Moldova adopted a decision on October 28, 2022, which obliged financial institutions, payment service providers and e-money issuers to stop any transactions with cryptocurrency and e-currency payment accounts. Also prohibited is cooperation or servicing of companies whose business is the exchange of virtual currencies for fiat currency. He explained his actions by the lack of legislative regulation of the use of virtual money in our country. The ban came into force on July 1, 2023.
This led to the intensification of illegal activities. According to the Anti-Money Laundering Service, the ban imposed on the provision of services by virtual asset providers (VASPs) caused an increase in clandestine transactions and the number of fraudulent schemes.
The report also states that Moldova faces serious difficulties in monitoring cryptocurrency transactions and identifying violators. Geographical proximity to conflict zones only adds to the risks.
The authorities intend to harmonize the legal framework on cryptocurrency turnover with the EU legislation by June 2027.
The government, the National Bank and the Financial Market Commission will develop the regulatory framework.
