Albania news

Bank of Albania has licensed no financial operator involving cryptocurrencies. Bank highlights the risks of crypto trading. Last updated: July 5, 2018.

World latest news

Albania Planning Crypto Regulation Framework

The Albanian government is planning a regulatory framework for digital assets in an effort to become a hub for digital asset investment in the Western Balkan region, a report from the Tirana Times said on Oct. 22. The announcement makes Albania the latest in a series of governments warming to cryptocurrencies and trying to draw investors in the field, including Malta, Singapore, Israel, and Gibraltar. Prime Minister Edi Rama stated in an interview with the Tirana Times: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development.” Rama may have an uphill battle ahead of him. Though he believes that crypto can create new job opportunities and bring an influx of business to Albania, the country’s financial authorities have repeatedly cautioned investors against investing in the space. In a recent research paper, the Bank of Albania raised questions about the possibility of crypto and fiat currencies coexisting. No financial institutions are currently licensed to issue cryptocurrencies in the country, according to the Albanian Financial Supervisory Authority. The head of the institution Ervin Koçi stated in an interview that while it can’t stop people from investing in crypto online through interests outside Albania, they should be vigilant: “Of course there might be individuals or businesses in Albania investing online using the internet in companies which are issuing these initial coin offerings outside of Albania, but they should be aware that they carry all the risks and are responsible for their own choices when making such an investment.” Nonetheless, Rama says his government has conducted a thorough study of the space and are drafting a rough regulatory framework, stating at a public event: “For the moment, we are assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study. If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances.” Albania has already taken steps to tamp down fraud when dozens of unlicensed brokerages were found to be scamming investors out of their money via call center scams. The scammers were reportedly engaged in tax evasion and fraud, and exposing its victims to serious legal risk. The Albania government launched a probe into the centers after their exposure by an investigative media outlet. The post Albania Planning Crypto Regulation Framework appeared first on CryptoSlate.
Cryptoslate

Regulations Roundup: Investors Not Protected in China, Albania to Regulate

In recent regulatory news, a court in China’s Futian District has ruled that cryptocurrency investments are not protected by law, Albania’s government has indicated that it intends to develop a regulatory framework for crypto, and the United States Securities and Exchange Commission has published a memorandum from a recent meeting pertaining to the proposed Vaneck Solidx Bitcoin Trust exchange-traded fund (ETF). Also Read: Online Bank Swissquote Begins Offering Clients Access to ICOs Futian District Court in China: Crypto Investments Not Protected by Law According to China’s Xinhua News Agency, the Futian District People’s Court of Shenzhen has ruled that cryptocurrency investments and transactions are not protected by Chinese law. The decision arose following a hearing pertaining to a dispute between the plaintiff, Zhou – who claimed that the defendant, Zheng, had failed to fulfill his fiduciary duty to Zhou in exchange for depositing funds in Zheng’s “Tickcoin” and “DK Mining Machine” cryptocurrency investment schemes. The court found that the plaintiff had failed to submit evidence proving the registration and legitimacy of Zheng’s virtual currency platforms, concluding that as the legality of the virtual currencies was not apparent, the investment transactions would not be protected by Chinese law. Albania Looks to Begin Drafting Crypto Regulations Albania’s prime minister, Edi Rama, recently articulated his government’s desire to take advantage of the economic benefits that could be realized through developing a permissive regulatory apparatus to virtual currencies and seeking to become a hub for pertinent emerging technologies. Whilst speaking at a ceremony celebrating the launch of the Albania-Italy offshore section of the major Trans Adriatic Pipeline, Rama told media: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency.” Emphasizing his hope for Albania to “become a hub for numerous potential investors… in this revolution of global finance,” Rama indicated that his government is currently “assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study.” “If the results are satisfactory, then we will promote even outside Albania,” Rama added. SEC Publishes Memorandum From Meeting Regarding Vaneck Solidx ETF The SEC has published a memorandum from a meeting between SEC Commissioner Elad Roisman and his counsels Dean Conway, Matthew Estabrook and Christina Thomas, who met with Dan Gallancy and Dimitri Nemirovsky of Solidx, Laura Morrison and Kyle Murray of Chicago Board Options Exchange (CBOE), and Adam Phillips of Vaneck to discuss the proposed Vaneck Solidx Bitcoin Trust ETF. The memorandum details a presentation delivered to Commissioner Roisman, that asserts there have been a number of changes to the relevant “product, market structure, and overall circumstances” since the proposed ETF’s March 2017 disapproval. The presentation argues that “Issues identified in [the] disapproval order have now been resolved,” emphasizing that “There now exists a significant regulated derivatives market for bitcoin,” and that “concerns around price manipulation have been mitigated.” The SEC’s audience added: “To the extent necessary, we stand ready to make additional changes to the product structure consistent with Section 6(b )(5) of the Exchange Act to address any concerns of [the SEC] or staff.” Do you think that the SEC will approve the Vaneck Solidx Bitcoin Trust? Share your thoughts in the comments section below! Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Regulations Roundup: Investors Not Protected in China, Albania to Regulate appeared first on Bitcoin News.
Bitcoin News

Albania to Explore Framework for Cryptocurrency Regulations

Albania to Explore Framework for Cryptocurrency Regulations The government of Albania has stated that it will be considering the creation of cryptocurrency regulations. The eastern European nation hopes to encourage innovation, investment and, in turn, create jobs relating to the transformative financial technology by providing a welcoming base of operations for startups. Albania Hoping to… The post Albania to Explore Framework for Cryptocurrency Regulations appeared first on Altcoin Today.
Altcoin Today

Albania Already Working on Cryptocurrency Regulatory Framework: Prime-Minister

With the target to create a crypto-friendly legislation environment while parallel showcase better and improved competitiveness/leadership in the Balkan Region of Europe, Prime Minister of Albania Edi Rama highlighted out that the gov is open to new developments and ways to attract investments. According to TiranaTimes – On October 22nd, Mr. Rama noted how Albania could become a hub of potential for investors to target and be part of the revolution that virtual money could bring. The officials are working on drafts and assessments to introduce regulation proposals already. “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development,” says Prime Minister Edi Rama. “For the moment, we are assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study. If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances,” Rama said last weekend, speaking at a ceremony on the launch of the Albania-Italy offshore section of the major Trans Adriatic Pipeline bringing Caspian gas to Europe. Despite the yearly long tanking and negative stance held by Albania’s Central Bank, this marks a date of embarking into a new page of workforce modernization. The ACB and the Financial Supervision Authority continuously warned traders or investors of crypto-risks and it never licensed a firm to issue its virtual coin. Based on the comments, it is well understood that the country’s government is aiming to become the next Island of Malta which offers a friendly-regulated space for cryptocurrencies startups and firms in general. The post Albania Already Working on Cryptocurrency Regulatory Framework: Prime-Minister appeared first on Ethereum World News.
Ethereum World News

Albania to Explore Framework for Cryptocurrency Regulations

The government of Albania has stated that it will be considering the creation of cryptocurrency regulations. The eastern European nation hopes to encourage innovation, investment and, in turn, create jobs relating to the transformative financial technology by providing a welcoming base of operations for startups. Albania Hoping to Lure Investors and Startups with Crypto Regulation According to a report in local news source The Tirana Times, the Prime Minister of Albania has stated that creating a regulatory framework could help establish the country as a hub for innovation in the rapidly evolving financial technology space. Edi Rama spoke on the topic over the weekend during the launch ceremony of the Trans Adriatic Pipeline that will transport Caspian gas to Europe: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a centre of gravity for innovative financial markets is open for every country despite their level of development.” Rama went on to state that his government had already undertaken considerable research on the subject. Pending favourable results from the assessments completed, the country will begin to promote itself as a central hub for businesses dealing with cryptocurrencies. Previously, Albania’s government and financial regulators have offered warnings to potential investors, but have not been forthcoming with specific rules relating to the space. In July 2017, the central bank stated that virtual currencies existed outside the supervision of the authorities. The institution went on to say that investments were the responsibility of individuals, along with providing a reminder to the public that the Albanian Financial Supervisory Authority has issued no licences for companies creating and distributing virtual currencies. The head of Albania’s FSA spoke to The Tirana Times about the risks the space poses for investors earlier this year: “Of course there might be individuals or businesses in Albania investing online using the internet in companies which are issuing these initial coin offerings outside of Albania, but they should be aware that they carry all the risks and are responsible for their own choices when making such an investment.” In exploring the implications of digital asset regulation, Albania joins the likes of Malta, Gibraltar, and Switzerland. These jurisdictions, along with having much greater experience in attracting startups by using favourable regulations, all have something of a head start on Albania. They will, therefore, offer strong competition for the Western Baltic state – particularly given that the likes of Binance has already moved to Malta and Gibraltar has licensed its first cryptocurrency exchange as part of its groundbreaking legislative programme. Featured image from Shutterstock. Albania to Explore Framework for Cryptocurrency Regulations was last modified: October 23rd, 2018 by Rick D.The post Albania to Explore Framework for Cryptocurrency Regulations appeared first on NewsBTC.
NewsBTC

Albania Plans New Crypto Regulatory Framework to Make the Country a Friendly Jurisdiction

Albania Plans a New Crypto Regulatory Framework in a Bid to Make the Country a Crypto-Friendly Jurisdiction Albania is mulling over new cryptocurrency regulations in an aim to diversify investment opportunities in the country and make it a cryptocurrency regional hub. According to Edi Rama, the country’s Prime Minister, digital currencies have huge potential even in developing economies, and Albania has the capability to become a crypto-friendly hub for potential investors. Rama explained that: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development.” Speaking at a ceremony to launch Albania-Italy Offshore section of Trans Adriatic Pipeline that’s expected to bring Caspian gas to Europe, the Prime Minister further noted that: “For the moment, we are assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study. If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances.” No Company is License to Issue Virtual Currency Yet Although Albania is thinking of forming new regulations to make the country crypto-friendly, it hasn’t licensed any company to issue digital currencies just yet. The head of Albanian Financial Supervisory Ervin Koci, informed the investors about this, further noting that: “Of course there might be individuals or businesses in Albania investing online using the internet in companies which are issuing these initial coin offerings outside of Albania, but they should be aware that they carry all the risks and are responsible for their own choices when making such an investment.” The Bank of Albania further noted that the activity of digital currency operators was characterized by high level of insecurity and risk, and could not guarantee fulfillment of customer protection from any unforeseen loses.
Bitcoin Exchange Guide
More news sources

Albania news by Finrazor

DIGEST

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

Read more

Trending

Hot news

Hot world news

OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts

The recent popularity Initial Exchange Offerings (IEO) have been experiencing over the last few months has brought what it appears to be like a new bull run. An incredible example of success is the OKB token issued by OKEx, one of the largest cryptocurrency exchanges by trading volume in the world, which has impressed the market beyond expectations having experienced an increase in the price of 163% since launched. Shinobi Capital, a leading blockchain advisory firm and also an investor in early-stage start-ups, has released its latest evaluation report estimating that the OKB price will grow further to US$30.75, 17 times the current price, by the end of 2020. According to Jason Hill, the founding partner of Shinobi Capital:  Exchanges tokens will be the powerhouse of the development of the digital asset market and even blockchain technology. Following a series of IEOs powered by exchange tokens in H1 2019, the market is marching to the next round of bull run. OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth. The established blockchain and cryptocurrency advisory firm is well-known for its extensive experience in start-up investment. In their evaluation report of OKB, Shinobi Capital lays out the two most important factors that will affect OKB’s future trading volume, the development of the OKChain mainnet and the overall the crypto market condition. Furthermore, the report also establishes a comparative evaluation model with other major platform tokens, including Binance Coin (BNB), EOS, and TRON (TRX). This comparative evaluation studies different aspects of each token such as trading volume, price patterns, and usage demand. The latest OKB buy-back & burn program is also taken into account to evaluate the token’s future price trend. It is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released. In the next round of market recovery and boom, OKB is likely to become one of the fastest-growing assets in the market. Disclosure: This is a sponsored press release The post OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts appeared first on NullTX.
NullTX

Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […] The post Ethereum Classic presents roadmap to improve DApp development and overall infrastructure appeared first on AMBCrypto.
AMBCrypto

David Marcus Grilled During Facebook's Senate Hearing

During the first of two congressional hearings regarding Facebook's Libra cryptocurrency, project lead David Marcus went as far as to say he'd be willing to take his salary in Libra after intense grilling from Senator Sherrod Brown.
Ethereum News

David Marcus Questioned Over Libra by Congress

Facebook is finally facing its reckoning as David Marcus, head of the company’s blockchain division and the leader of Libra, the venture’s new cryptocurrency, was grilled by Senate members who refuse to believe in Facebook’s allegedly noble financial plans. Libra: A Congressional Issue? Many people have a hard time believing in Facebook’s morality following the Cambridge Analytica scandal. Discovered in 2018, Facebook had allegedly been selling users’ private data for years to third parties for advertising purposes. Following Mark Zuckerberg’s Senate hearing last year, trust in Facebook has fallen to an all-time low. In many ways, this new “congressional step” for the social media conglomerate should serve as a huge learning experience. When you’re a company of Facebook’s size and you do anything to compromise the safety or privacy of your customers, you can bet it’s going to take a long time to earn their trust back. Facebook is learning this lesson in spades right now, as several Senators taking part in the hearing commented about the lack of trust they feel towards the company and its executive team. Sherrod Brown, a Democrat from the state of Ohio, commented:  Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts. Senator Martha McSally, a Republican from Arizona, stated that Facebook is simply trying to shift gears and get people to focus on something else entirely, in this case cryptocurrency. Rather than seriously attempt to fix its reputation, it’s working to divert people’s attention with an entirely new product. She says: I don’t trust you guys. Instead of cleaning up your house, you are launching into a new business model. In addition, Facebook is also being criticized for its complete lack of coordination with policymakers. Throughout the early development of Libra, Facebook’s executive team failed to make any contacts with regulators or legal authorities to potentially understand how the cryptocurrency could better satisfy present financial laws and terms.  Trust Takes a Long Time to Build At least David Marcus isn’t lying to himself. He acknowledged during the hearing that it would likely take a while before the company can earn people’s trust well enough that they would provide their banking details. He states:  I want to make it clear that we are only at the beginning of the journey. We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals… We will not control Libra and will be one of over 100 participants that will govern over the currency. We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies. The post David Marcus Questioned Over Libra by Congress appeared first on Live Bitcoin News.
Live Bitcoin News

Waves CEO Has Sold His Stake At Vostok, A Waves Blockchain Affiliated Project

Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project. The CEO also affirmed on the press release that […]
Bitcoin Exchange Guide
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.