Moldova prepares draft bill on crypto asset market based on EU regulations - State Tax Service
CHISINAU. April 14 (Interfax) - Moldova's Finance Ministry and the National Bank of Moldova (NBM) have developed a draft bill on the cryptocurrency market based on the EU's Markets in Crypto-Assets (MiCA) regulation, the Moldovan State Tax Service reported.
"The draft bill envisages a transition from the current restrictive model to a regulated system which is in agreement with EU standards (MiCA). The draft bill establishes the rules to which issuers, investors and service providers must adhere in their work, as well as mechanisms for supervision and responsibility," the statement reads.
The law's requirements will extend to all market participants - both residents and foreign entities who are active in Moldova.
A new legal regime will be introduced for three categories of cryptocurrency assets: digital money in the form of tokens pegged to one currency, tokens pegged to assets or a basket of assets and other cryptocurrencies. For each category, there are separate requirements for issuing, circulation and supervision.
The market will be regulated jointly by the National Commission of Financial Markets (CNPF) and the NBM. In accordance with the draft bill, the NBM will oversee the circulation of digital money and the CNPF will oversee the remaining market segments.
The draft bill stipulates minimal capital requirements for legal entities supplying crypto assets - between 50,000 and 150,000 euros depending on the category of crypto asset services. There are stricter requirements for token issuers, including official publication of "white paper", the disclosure of information, managing conflicts of interest and bearing responsibility for inaccurate data. Companies which will issue tokens pegged to assets are also subject to additional requirements: they must have at their disposal asset reserves which cover their obligations to token holders; they must also maintain equity of at least 350,000 euros or 2% of the average value of their asset reserve, or 25% of their overall fixed expenditure for the previous year; they must also have recovery and buyout plans in the event that they are unable to fulfil obligations.
The draft bill also establishes a set of measures to prevent malpractice on the market, for example, a ban on using insider information and manipulating prices. Participants are obligated to integrate monitoring systems and report suspicious transactions.
The bill stipulates tough sanctions for those who violate its requirements - fines for private individuals can exceed 1 million euros and 15% of annual turnover for legal entities. They could also face administrative and criminal penalties.
The draft bill has to be approved by the government and then adopted by the parliament. The law will enter into force half a year after it is adopted by parliament. The Moldovan government has said previously that the mechanism for regulating the crypto asset market on the level of legislation will come into force by the end of 2026.
