In this context, the Ministry of Finance has finalized the draft Law on the Cryptoasset Market, which was published in early April of this year. It is now awaiting approval by the government and parliament.
As previously reported by Logos Press, the document establishes operating rules for issuers, investors, and service providers, as well as mechanisms for overseeing the market. Overall, it shifts the existing regulations from a restrictive to a regulatory framework.
The law establishes the legal framework for the market with regard to public offerings, admission to trading, disclosure of information, licensing, oversight of service providers, and other matters.
Its provisions apply to all participants—both residents and foreign entities—operating in Moldova.
The market will be regulated by the National Commission for the Financial Market (NCFM) and the National Bank of Moldova. The National Bank will be responsible for electronic money, while the NCFM will oversee the remaining market segments.
Implementing the law will require market participants to incur costs to conduct legal operations, including those related to obtaining authorization, capital requirements, management, internal controls, reporting, IT systems, etc.
However, it will provide a legal framework and stimulate the development of markets for cryptoassets, alternative payment instruments, and sources of financing.
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