The Balkan nation of Albania, which like many others throughout the world has reportedly issued warnings against investing in cryptocurrencies, has recently revealed it’s working on crypto regulations to become a “regional hub.”
According to local news outlet Tirana Times, the Albanian government’s goal is to diversify investment opportunities in the country while creating opportunities for “well-paid jobs.” The country’s Prime Minister Edi Rama notably mentioned the sector could “create a lot of opportunities” in a developing economy.
Rama added that the country is “exploring the possibility of setting up a regulatory framework on cryptocurrency,” in a bid to open up new markets and create well-paid opportunities for qualified individuals. Per his words, crypto regulations are a “shocking novelty nowadays.”
While speaking at a ceremony, he added:
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
Per the Tirana Times, Albania’s financial watchdogs have in the past warned against investing in cryptocurrencies. The country’s central bank, the Bank of Albania, has reportedly warned cryptos are outside of authorities’ control in the country, although electronic money is legal and regulated.
The financial institution added at the time that investing in cryptocurrencies is risky as there are no customer protection guarantees. Similarly, the Albanian Financial Supervisory Authority warned investors it hadn’t licensed any business in the country to issue cryptocurrencies.
Ervin Koçi, head of the financial supervisor, was quoted as saying:
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 move could see Albania become a popular hub for cryptocurrency startups, as a progressive approach toward the nascent industry has proven to be a successful strategy to attract businesses.
Malta, the “blockchain island,” was the first country in the world to establish a full regulatory framework for distributed ledger technology (DLT), a move that has seen it attract various leading cryptocurrency businesses, including cryptocurrency exchange Binance.
This has seen most cryptocurrency trading volume flow through Malta-based exchanges in recent months, according to research conducted by Morgan Stanley. The nation’s Prime Minister, as covered, has claimed “blockchain makes cryptocurrencies the inevitable future of money.”