Victoria Belous
The document effectively establishes Moldova’s first comprehensive regulatory framework for the cryptoasset market. Until now, the activities of participants in this sector were not governed by a separate law, which created legal uncertainty for both businesses and investors.
The cryptoasset market will be subject to uniform rules
The bill defines who will be able to issue cryptoassets, provide related services, and conduct transactions in this market, and it also establishes requirements for the operations of such companies.
The National Bank of Moldova and the National Commission for the Financial Market will oversee the new sector. Their responsibilities will be divided based on the types of cryptoassets and the services provided.
According to the government’s assessment, the new rules should ensure greater market transparency and enhance user protection.
The bill sets forth requirements for disclosure of information, accurate client information, and measures to protect cryptoasset users.
In addition, the law introduces mechanisms to prevent market manipulation and the misuse of confidential information when conducting transactions involving cryptoassets.
Cryptoassets will be divided into three categories
The bill provides for the classification of cryptoassets into three main groups:
– e-money tokens, whose value is pegged to an official currency;
– tokens backed by one or more assets;
– other types of cryptoassets.
However, the law will not apply to certain categories of digital assets. In particular, NFTs (digital certificates) are excluded from the scope of regulation, as are cryptoassets that are already subject to legislation governing financial instruments, bank deposits, investment funds, insurance, pensions, and social security.
As the draft’s authors note, the new rules are intended to make the crypto-asset market more transparent and predictable for both market participants and investors.
The law also establishes a framework for state oversight of this segment of the financial market and aligns Moldovan regulation with European approaches to the circulation of cryptoassets.
The classification of tokens, the allocation of regulatory powers, and the requirements for preventing market abuse are fully in line with the provisions of the European MiCA (Markets in Crypto-Assets Regulation), indicating that Moldovan legislation in this area is being harmonized with European standards.
