Albania

Retail_Trading_Status

Allowed-Regulated Unknown

Analysis ID: #138
Version: Archived
Created: 2025-04-12 06:49
Run: 8faac8b2...
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Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading in Albania is Allowed-Regulated, governed primarily by Law No. 66/2020, also known as the DLT Law. The Albanian Financial Supervisory Authority (AMF/AFSA) oversees the sector, focusing on licensing and supervision of DLT-based financial markets. While individuals can engage with cryptocurrencies, the Bank of Albania (BSH) has issued warnings regarding the associated risks. A key challenge is the absence of domestically licensed service providers despite the existing regulatory framework.

Key Pillars

Primary Regulator: The Albanian Financial Supervisory Authority (Autoriteti i Mbikëqyrjes Financiare - AMF/AFSA) is the primary regulator, responsible for supervising and regulating DLT-based financial markets, issuing licenses, and implementing by-laws under the DLT Law.
Core Compliance Requirements: AML/CFT regulations apply to services involving virtual assets, as mandated by Law No. 9917/2008 and amendments, aligning with the DLT Law.
Licensing/Registration Requirements: The AMF has approved a licensing regime for cryptocurrency exchanges and other service providers like third-party custodian wallet providers. However, as of late 2022, no entities had applied for or received licenses to operate DLT-based financial services within Albania under the new law.

Landmark Laws

Law No. 66/2020 'On Financial Markets Based on Distributed Ledger Technology' (DLT Law): Adopted on May 21, 2020, and effective from September 1, 2020. This law regulates the issuance of digital tokens and virtual currencies (including ICOs), the licensing, monitoring, and supervision of entities operating in DLT-based financial markets, activities related to trading and storage of digital tokens and virtual currencies, and requirements for digital token agents, innovative service providers, and automated collective investment undertakings.
Law No. 9917/2008: Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations are applicable to services involving virtual assets, as mandated by Law No. 9917/2008 and amendments aligning with the DLT Law.

Considerations

Cryptocurrencies are not legal tender in Albania, not issued or guaranteed by any central bank or public authority.
The Bank of Albania (BSH) has warned about high volatility, risks associated with unlicensed platforms, lack of consumer protection mechanisms, and potential for use in illicit activities.
Albania is under increased monitoring by the FATF concerning AML/CFT measures.
As of late 2022/early 2023, there were no domestically licensed DLT-based financial service providers.
Specific taxation for cryptocurrency-related income was planned to start in 2023, with a 15% capital gains tax for private individuals.

Notes

Albania was one of the early adopters in Europe of a comprehensive regulatory framework specifically for cryptocurrencies and DLT.
Despite the legal framework, no entities had applied for or received licenses to operate DLT-based financial services within Albania as of late 2022.
The Bank of Albania (BSH) has issued several warnings to the public regarding the risks associated with cryptocurrencies.
Albania remains under increased monitoring by the FATF (on the 'grey list') concerning its broader AML/CFT measures.
Albania planned to introduce specific taxation for cryptocurrency-related income starting in 2023.

Detailed Explanation

Albania's approach to retail cryptocurrency trading is classified as Allowed-Regulated. This status is primarily governed by **Law No. 66/2020

Summary Points

**Retail Cryptocurrency Trading Status in Albania: Summary**

**I. Overall Regulatory Status:**

*   **Allowed-Regulated:** Retail cryptocurrency trading is permitted but subject to specific laws, regulations, and oversight.

**II. Key Regulatory Bodies and Their Roles:**

*   **Albanian Financial Supervisory Authority (AMF/AFSA):**
    *   Primary regulator for DLT-based financial markets.
    *   Responsible for:
        *   Issuing licenses to DLT entities (e.g., exchanges, custodians).
        *   Monitoring and supervising licensed entities.
        *   Implementing by-laws related to the DLT Law.
*   **Bank of Albania (Banka e Shqipërisë - BSH):**
    *   Issues public warnings about the risks associated with cryptocurrencies.
    *   Advises citizens to be cautious and invest through licensed financial institutions.

**III. Important Legislation and Regulations:**

*   **Law No. 66/2020 "On Financial Markets Based on Distributed Ledger Technology" (DLT Law):**
    *   Cornerstone of Albania's cryptocurrency regulatory framework.
    *   Effective from September 1, 2020.
    *   Regulates:
        *   Issuance of digital tokens and virtual currencies (including ICOs).
        *   Licensing, monitoring, and supervision of DLT entities.
        *   Trading and storage of digital tokens and virtual currencies.
        *   Requirements for digital token agents, innovative service providers, and automated collective investment undertakings.
*   **Law No. 9917/2008 (and amendments):**
    *   Governs Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
    *   Applies to services involving virtual assets.

**IV. Requirements for Compliance:**

*   **Licensing:** Entities operating in DLT-based financial markets (e.g., exchanges, custodians) require a license from the AMF.
*   **AML/CFT Compliance:** Services involving virtual assets must comply with AML/CFT regulations.
*   **Taxation:** Income from crypto transactions or mining is subject to taxation.
    *   Corporate income if part of a business.
    *   15% capital gains tax for private individuals.

**V. Notable Restrictions or Limitations:**

*   **Lack of Domestically Licensed Service Providers:** As of late 2022/early 2023, no entities had applied for or received licenses to operate DLT-based financial services within Albania.
*   **Reliance on International Platforms:** Due to the lack of domestic providers, retail trading activity often occurs through international platforms, which may not be supervised by Albanian authorities.
*   **Bank of Albania Warnings:** The BSH has issued warnings highlighting the risks associated with cryptocurrencies, including:
    *   High volatility and potential for financial loss.
    *   Cryptocurrencies are not legal tender and are not guaranteed by any central bank.
    *   Lack of consumer protection mechanisms like deposit insurance.
    *   Risks associated with unlicensed exchange platforms.
    *   Potential for use in illicit activities like money laundering.

**VI. Recent Developments or Changes:**

*   **DLT Law (Law No. 66/2020) Adoption:** Albania was an early adopter of a comprehensive regulatory framework for cryptocurrencies.
*   **AMF Licensing Regime Approval (2022):** The AMF approved regulations concerning capital adequacy for DLT entities, licensing for digital token agents, and a specific licensing regime for cryptocurrency exchanges.
*   **Planned Cryptocurrency Taxation (2023):** Albania planned to introduce specific taxation for cryptocurrency-related income, including a 15% capital gains tax for individuals.
*   **FATF Grey List:** Albania remains under increased monitoring by the FATF concerning its broader AML/CFT measures.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Albania

Topic: Retail_Trading_Status

Description: Assessment of the legal permissibility for individual citizens and residents in Albania to buy, sell, and hold cryptocurrencies, including details on the regulatory environment (e.g., KYC/AML requirements, official warnings).

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Albania has established a specific legal and regulatory framework for cryptocurrencies and activities related to Distributed Ledger Technology (DLT), making the status Allowed-Regulated. While individual citizens and residents are permitted to buy, sell, and hold cryptocurrencies, the sector is subject to specific laws, regulations, and oversight, although the practical implementation regarding licensed domestic service providers appears to be lagging.

Legal Framework:
The cornerstone of Albania's approach is Law No. 66/2020 "On Financial Markets Based on Distributed Ledger Technology" (DLT Law), adopted on May 21, 2020, and effective from September 1, 2020 [2, 15, 22]. This law makes Albania one of the early adopters in Europe of a comprehensive regulatory framework specifically for cryptocurrencies and DLT [2, 15]. The DLT Law aims to regulate various aspects, including [2, 15, 20]:
* The issuance of digital tokens and virtual currencies (including Initial Coin Offerings - ICOs).
* The licensing, monitoring, and supervision of entities operating in DLT-based financial markets (e.g., exchanges, custodians, agents).
* Activities related to the trading and storage of digital tokens and virtual currencies.
* Requirements for digital token agents, innovative service providers, and automated collective investment undertakings.

Regulatory Oversight:
The Albanian Financial Supervisory Authority (Autoriteti i Mbikëqyrjes Financiare - AMF/AFSA) is the primary body responsible for supervising and regulating these markets under the DLT Law [2, 3, 10, 20]. The AMF is tasked with issuing licenses and by-laws to implement the DLT Law. In late 2021 and mid-to-late 2022, the AMF approved regulations concerning capital adequacy for DLT entities, licensing for digital token agents, and a specific licensing regime for cryptocurrency exchanges [2, 3, 10, 12]. These licenses cover different types of DLT exchanges (e.g., crypto-only, crypto-fiat, digital securities) and other service providers like third-party custodian wallet providers [3, 20].

Status for Individuals:
The existence of this regulatory framework implies that engaging with cryptocurrencies is legally permitted for individuals, subject to the rules established. There are no specific laws banning Albanian citizens or residents from buying, selling, or holding cryptocurrencies [3, 15]. Cryptocurrencies are reportedly used for investment purposes by individuals in the country [15]. Furthermore, international cryptocurrency exchanges are accessible and used by Albanians [14, 23].

Implementation Gap and Warnings:
Despite the legal framework being in place since 2020 and the licensing regime being approved in 2022, multiple reports up to late 2022 indicated that no entities had actually applied for or received licenses to operate DLT-based financial services (like exchanges or custody) within Albania under the new law [2, 6, 7, 13, 14, 16, 21]. This suggests a gap between the regulatory structure on paper and the presence of domestically regulated service providers. Consequently, much of the retail trading activity likely occurs through international platforms that may not be supervised by Albanian authorities.

The Bank of Albania (Banka e Shqipërisë - BSH) has issued several warnings to the public regarding the risks associated with cryptocurrencies [4, 8, 11, 17, 18]. These warnings highlight:
* High volatility and the risk of significant financial loss [4, 11].
* The fact that cryptocurrencies are not legal tender, not issued or guaranteed by any central bank or public authority [2, 11, 18, 21].
* The lack of consumer protection mechanisms like deposit insurance [4, 11].
* Risks associated with unlicensed or unknown exchange platforms [4].
* Potential for use in illicit activities like money laundering due to anonymity [4].
The BSH advises citizens to be cautious and invest savings through licensed and supervised financial institutions [4, 8]. These are cautionary notices rather than prohibitions on individual participation.

AML/CFT and Taxation:
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations are applicable to services involving virtual assets, as mandated by Law No. 9917/2008 and amendments aligning with the DLT Law [3, 15]. Albania remains under increased monitoring by the FATF (on the 'grey list') concerning its broader AML/CFT measures [3].
Furthermore, Albania planned to introduce specific taxation for cryptocurrency-related income starting in 2023. Draft legislation proposed that income from crypto transactions or mining would be taxed as corporate income if part of a business, and subject to a 15% capital gains tax for private individuals [3, 5, 7, 9, 16]. The intention to tax these activities further confirms their recognized and permitted (though regulated) status.

Conclusion:
Retail cryptocurrency trading in Albania is Allowed-Regulated. A comprehensive legal framework (Law 66/2020) exists, designating the AMF as the regulator and mandating licensing for service providers. Individuals are permitted to trade and invest. However, the practical landscape is marked by official warnings about risks from the central bank and a notable lack of domestically licensed service providers as of late 2022/early 2023 reports, meaning users often rely on international platforms. AML/CFT rules apply, and specific taxation measures were planned, reinforcing the regulated nature of the activity.

3. Relevant Excerpts/Summaries from Sources:

On the Legal Framework (Law 66/2020): "Albania became one of the first countries in Europe to adopt a regulatory framework for cryptocurrencies on 21 May 2020 – i.e. Law no. 66/2020 on 'DLT-based Financial Markets' (DLT Law). This law is applicable to all activities and subjects that perform their activity on financial markets based on Distributed Ledgers Technology (DLT) in and/or from the Republic of Albania." [15] / "Through this paper, the goal is to analyze the law no. 66 of 2020 “For Financial Markets Based On Distributed Registry Technology", which makes Albania one of the States that adopts a certain regulation in the field of cryptocurrencies." [2]
On Regulation and Licensing: "In June 2022 the Albanian Financial Supervision Authority approved a licensing regime for cryptocurrency exchanges, a first for the region, strengthening a crypto law On financial markets based on distributed ledger technology passed in 2020." [3] / "The DLT Law regulates the issuance of Digital Tokens/Virtual currencies and the licencing, monitoring and supervision of entities that are engaged in the distribution, trading and custody of Digital Tokens and Virtual Currencies." [15]
On Lack of Licensed Entities (as of late 2022): "Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania." (Referencing status earlier in 2022) [7] / "Yet, to date, no such licensed entities are operating in Albania." (Published July 2022) [14] / "Deri tani, pranë Autoritetit të Mbikëqyrjes Financiare nuk ka mbërritur asnjë kërkesë për licencim në bazë të Ligjit nr. 66/2020..." (Translation: "Until now, no request for licensing based on Law no. 66/2020 has arrived at the Financial Supervisory Authority...") [6, 13]
On Bank of Albania Warnings: "The central bank of Albania has published a public notice warning potential investors against buying or adopting digital currencies like bitcoin... lists – in particular – five risks... volatility... unregulated and sometimes unknown exchangers... Open to cyberattacks... Anonymity could lead to illegal activities..." (March 2021) [4] / "The Bank of Albania has published a notice... warning consumers that cryptocurrencies are high-risk products and are unsuitable for investment... digital representation of a value that is neither issued nor guaranteed by a central bank, or public authority, and do not have the legal status of currency or money." [11, 18]
On Taxation: "Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency assets and investments. The government intends to begin imposing the levy in 2023... when the beneficiaries are private individuals, they will have to pay a capital gains tax of 15%." (July 2022) [7] / "Në ligjin e ri për tatimin mbi të ardhurat, përfshihen edhe kriptomonedhat... çdo person brenda Shqipërisë që merr para nga tregtimi i kriptove do të tatohet." (Translation: "The new income tax law also includes cryptocurrencies... any person within Albania who receives money from crypto trading will be taxed.") [5]

4. Source URLs:

[2] Jean Monnet Chair Elbasan - Legal Regulation of Virtual Currencies: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALKUoHRxS5QO2cbYjATtn2KGWFwGJ6oK8iLgk8abFiFqpOBuE2CDj6ZOES9bRshcK3cuH0oPkMOt1jL_mLr5vz4HeOb__3T9PsNct6PY-aiFEFxyLVdhfe6mXHGKeEelppKqYlAzNf3WPgjlJLNuXDLpCDt_OOsyubjY3fj4OGmz3tzXk4= (Note: Academic paper, likely referencing official sources)
[3] BitOK - Overview of Crypto Regulations in Albania: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALiPriviT0fs2yYyA5dsdUvkvUKAV5Y1mSTe3uptl0JF3Y8IpEPdPL_FEGMj0D6AOq51x3PxTeeXGVGUC2ip-eJ9MD8ExVPVfE7Zdn6jtwDg5lS7h2Bbhb2RVGjQOCAb5k=
[4] CCN.com - Albanian Central Bank Issues Warning (2021): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAImgfJTvrpFABIZ0H4ostZ-8LP2D6OrTWVQXYurpyRoXagB0PeLZl_KGJbibl_Hv5vfhActdILvmtFKLfLxfo1HLtptHmIV38z0gaC21d8szRnQhiMaJKPXMeBLmsKGQDdBrKuFiDIcvexCH8vx8ttqgtmwkYjFvWPL6r9OTYrFoYo=
[5] Gazeta Si - New Albanian tax law includes cryptocurrencies: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK5y_ZAlUuV7oS_WW12Dy_DtJp7S1OSWSDz-AWuhNKond9A-Zor09Xd31P5ujzj9duKbOOOEtEN8QN2JVTbveXXiPcpe9CdKexmq0fL2e-FN7n_YLaAOqVkAOeHV08d2SpeE0mzGmGP-ym8w3pdnfKMWtSm3IoaCJaT7X7sGlGGSJchzl6X_sdWTVN_65emQSloAzhCyjmBHhc= (Albanian News Source)
[6] Sinjali - How 'illegal' crypto mining works in Albania: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALt9X3AK9GLNooBe6JHPvCz8izT4QEhmAhK12ET0NO6ebPuD5AcWR8sP3n0nVe0E-U9b0IVcMqC0OCoaq0y8X3yVw1gkA0e1kmnDTX7Ug0aSvvvb9H-po_MIGB3gX9rovNM64lEe0Qoz6LEM5HiAs6XsAzvY_dKdXwqYoWk49xl7nSacfOtsQ== (Albanian/Kosovan News Source)
[7] Fiscal Requirements - Albania expected to adopt crypto tax legislation (2022): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKpg0vaOC9gDNih-_2ofE51JklXZTxuP0JiMV462zzgJDlhFnytKAQDW9qGbY6K7b_9WTPuMIY3r8YpvhP3eYU6W_vzUp3HRrYUQ0e0mZJ6g4GpLzQjlfzgsuPwM3OenQ0p6U4=
[8] Cointelegraph - Albanian Central Bank Issues Bitcoin Warning (2017): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNkQ5DiWVzJPU90ccvyvWdBXnMNxhHHjDkQU4pX-_VxR1KoWGvqgsHHFyhO4ampe_sUpTowgyj7uCrBK1uV3pCRik8NjhTF9hCpFnrlJhV9gpB8VDXC1bYQLUAxQ166b5iHUSK7WIShWgtfLGqkBOpFcyxHgtc-QfxMu5_MOW_qmurg7pfH965xImi6hwr6b_Xm-194wCikGRtKrA8Xcrp
[9] Scan TV - Albania imposes crypto tax: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL6y_vHeiZ881V0koGQv1AtQAomOJxzPUPLAGdP3jWpGMu1SNtqu_Xx00kRR3ytPDIF9ZeQsMu9HYHDVZOzOc1gp6HcKp0IT6AJvghQcHWvoEzvTVbJROuWH8IjWrEOlY2bYCIpgh7Mca47q9TMuZwZxrfu009mFl3_Ftgh92GnnhpxkU0CyMVKAP0pZm_c4bhCkb9AMAE5GjhOOrp-EAy-FgUkTX5qfrzfZP3suvkxzyQ5TPODCJZEcEo3v6maQ7m0I8uEykLqiQ== (Albanian News Source)
[10] Euractiv - Albania ploughs ahead with crypto exchange regulation (Oct 2022): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAISJBPtxrUyOPx1ldblyP-tMwJWoadvktM9xB7InnTTVxm49cti83ZaCKDvBiNImFFGPM9EeWThYJSKeD_nbbwdbdIyfH2ABMcmWiDsiViMxoiWsvFRUjwq4IwrzOSVbYmZRxYofD0YkCzUpe8uRZ_PCAzYPfyYywSWM5SmPcFCVwQGZ-1QTU6P7rMc4u7EmL_z_GU-sOAhZg1_5w6GFC6maA==
[11] Telegrafi - Bank of Albania: Beware of cryptocurrencies: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK-KbgmjdV-k9d3oOgb1_A8m8OIyz9wuFxE-8MVh2Gn1HYimDQFsJo5xzYE7pEWsLIPm4QS1Kr9Oya1jrEVWhMf3kVay2H0U3-qI3eoB3Q8yEJhsZ4WV7KIkEKcCbnAbJjzSJMMFqI3AHEwjsbj4LmnBwAEwD_-LA== (Kosovan News Source, reporting BSH notice)
[12] Shufti Pro - Albanian FSA Approves Crypto Licensing Regime (Oct 2022): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK1oI4fRvzUpAsYPXOGC_Z1-Ubnor88zlT9CEAwHB9nTTzTbHfy5Ewcm-NmYp6sg_ajtUZTi0IRxtGxQuVJy_sCd470hyp1E0p8qGsarMUykXpPFEuiKvlX0j6ZXo28aG8t0Flrvucac_5Hx-W3lKn4f2s3P4ZaRDVRc1pPC-aR4HDVn-PbNdb-tpG7umv2Z96Fmn5TNKJde-7PZQ==
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[14] The Journal of The British Blockchain Association - DLT Roadmap for Albania (July 2022): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALymHGroZxY7reABU8runDmS843SLGhWZdQFb-qta7XSzLgpzZp8wItpgnOmkOSd6ZTRpL84HdWXfbNM50B2-P9AUwUaTEjqn-pwx5lsZu519X-wssJ920dOcz8B_YR90VDSEpFBPtOwKJESiJ_vNVVKet6OyDUYiu2sdXu002ZcUlOPLnckqxKl2ze3Zis10RcyVh2g3Y6v4D_js62BhB7JKm1k9J9jxrtMshFl2lI-hwru9KRtV6OWzhRaGTjl_A= (Academic Journal)
[15] Multilaw - Albania - DLT and cryptocurrencies: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL5q2bAekK1Ar1OGNahBs40pjxlYA2agLxgmvnYHnufnSnN-2T7QPf6lgxVSTEJkDcFTMQxUJxWWYePCbDxtwWuw2YF1BUyrxv2dUs2-XyI1HqeClL1dmtXytwwAygH-O4xIUDpKPJ5QHRMAQFDSU7SWwIjWUuJ9gDZXytdaZqlJHjoc5_VFXJZYFHRgKMnnFr0UnyGeVfd0tD8DKrvCcRHfLK31WmN-V0oOrIfn4Z3bAC2xJq4zNsnLg== (Legal Network Contributor)
[16] Shqiptarja.com - From 2023, crypto mining/transactions taxed at 15% (July 2022): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI3AlSMfyra-Xd01offBviG_Z_Zi4SmLSe2-Iv3_4bBFCyNxx5hk526I_o8S1qov6hkpCc1GeghqR3btqlST-W5IvRxuWwa2jBlG1YvekMKWdILJHWSHxxu9GTSYi4E1wUy19cFMjmjR4Lom9yNrMbott7KKqgO2WCgYVPD5JqpZnwuN5yu_aZ8QXLjioSsefdNONcEj6OASBh2c5DU3mOVXyIdHWGWAkdomNvuCB1ZpHE9lOIDYooul4ehJa7kE0wtYxZi53K_AWKX79JZFVVdcZAJdFJns2LKgkQ= (Albanian News Source)
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[18] Telegrafi - Bank of Albania: Beware of cryptocurrencies (Duplicate of 11): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALWfJK4HrLCEcmc7JxpYABJj05xZ1WkI_-D4qb4gqsVKSTydA8vbP3L8wWcz9aO1aQhfpwRRQn_vwQ3KDDvE6g-7rwI45-Cv4zvD1UOMrOX5N3dS5J652FoM788dACXHNWI7qGBmryPoOl054v9dr7cQc2OUl5tvf2Ts7o9ybb4iR_rY4Zb
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[22] Manimama Law Firm - Status of Cryptocurrency and Tokens in Albania: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIDeMSSh7gzkjTkG600hyU0CoDk5-VnFGKBZIlwq4XuvDo5sViKRFxd9979LNb9oTkH-L0-q60p_e8b55OQHh3rfomjdyZzj_11toXgRWR35eA5emqCqKEF6VmJ8X8O3IjF1MAsc7-HXCdzroxgJsB5s79gi1fJOrwY
[23] Bitget Guide - How to buy Bitcoin(BTC) in Albania: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIWmZwpP4QbLwMIJG8DMx0c1vB8dGA4jyZhTrRvyZMsBrmTgGvvHgc8b8WIyotZcthKVRuplbgcYKU6a1JAtZ19dBM0cUD0xVmiKc2BPjchJ6s0KAef8OJOLF5CTvrvNkz5dhdj8d0x (Crypto Exchange Website)

(Disclaimer: URLs provided by the search tool may lead to archived versions or require navigation. Primary sources like the official websites of Banka e Shqipërisë or AMF should be consulted for the most definitive and current information, though direct links to specific crypto regulations were not prevalent in the top search results.)

**Report: Retail Cryptocurrency Trading Status in Albania**

**Topic: Retail_Trading_Status**

**Description:** Assessment of the legal permissibility for individual citizens and residents in Albania to buy, sell, and hold cryptocurrencies, including details on the regulatory environment (e.g., KYC/AML requirements, official warnings).

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**1. Current Status:** `Allowed-Regulated`

**2. Detailed Narrative Explanation:**

Albania has established a specific legal and regulatory framework for cryptocurrencies and activities related to Distributed Ledger Technology (DLT), making the status `Allowed-Regulated`. While individual citizens and residents are permitted to buy, sell, and hold cryptocurrencies, the sector is subject to specific laws, regulations, and oversight, although the practical implementation regarding licensed domestic service providers appears to be lagging.

**Legal Framework:**
The cornerstone of Albania's approach is **Law No. 66/2020 "On Financial Markets Based on Distributed Ledger Technology" (DLT Law)**, adopted on May 21, 2020, and effective from September 1, 2020 [2, 15, 22]. This law makes Albania one of the early adopters in Europe of a comprehensive regulatory framework specifically for cryptocurrencies and DLT [2, 15]. The DLT Law aims to regulate various aspects, including [2, 15, 20]:
*   The issuance of digital tokens and virtual currencies (including Initial Coin Offerings - ICOs).
*   The licensing, monitoring, and supervision of entities operating in DLT-based financial markets (e.g., exchanges, custodians, agents).
*   Activities related to the trading and storage of digital tokens and virtual currencies.
*   Requirements for digital token agents, innovative service providers, and automated collective investment undertakings.

**Regulatory Oversight:**
The **Albanian Financial Supervisory Authority (Autoriteti i Mbikëqyrjes Financiare - AMF/AFSA)** is the primary body responsible for supervising and regulating these markets under the DLT Law [2, 3, 10, 20]. The AMF is tasked with issuing licenses and by-laws to implement the DLT Law. In late 2021 and mid-to-late 2022, the AMF approved regulations concerning capital adequacy for DLT entities, licensing for digital token agents, and a specific licensing regime for cryptocurrency exchanges [2, 3, 10, 12]. These licenses cover different types of DLT exchanges (e.g., crypto-only, crypto-fiat, digital securities) and other service providers like third-party custodian wallet providers [3, 20].

**Status for Individuals:**
The existence of this regulatory framework implies that engaging with cryptocurrencies is legally permitted for individuals, subject to the rules established. There are no specific laws banning Albanian citizens or residents from buying, selling, or holding cryptocurrencies [3, 15]. Cryptocurrencies are reportedly used for investment purposes by individuals in the country [15]. Furthermore, international cryptocurrency exchanges are accessible and used by Albanians [14, 23].

**Implementation Gap and Warnings:**
Despite the legal framework being in place since 2020 and the licensing regime being approved in 2022, multiple reports up to late 2022 indicated that **no entities had actually applied for or received licenses** to operate DLT-based financial services (like exchanges or custody) within Albania under the new law [2, 6, 7, 13, 14, 16, 21]. This suggests a gap between the regulatory structure on paper and the presence of domestically regulated service providers. Consequently, much of the retail trading activity likely occurs through international platforms that may not be supervised by Albanian authorities.

The **Bank of Albania (Banka e Shqipërisë - BSH)** has issued several warnings to the public regarding the risks associated with cryptocurrencies [4, 8, 11, 17, 18]. These warnings highlight:
*   High volatility and the risk of significant financial loss [4, 11].
*   The fact that cryptocurrencies are not legal tender, not issued or guaranteed by any central bank or public authority [2, 11, 18, 21].
*   The lack of consumer protection mechanisms like deposit insurance [4, 11].
*   Risks associated with unlicensed or unknown exchange platforms [4].
*   Potential for use in illicit activities like money laundering due to anonymity [4].
The BSH advises citizens to be cautious and invest savings through licensed and supervised financial institutions [4, 8]. These are cautionary notices rather than prohibitions on individual participation.

**AML/CFT and Taxation:**
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations are applicable to services involving virtual assets, as mandated by Law No. 9917/2008 and amendments aligning with the DLT Law [3, 15]. Albania remains under increased monitoring by the FATF (on the 'grey list') concerning its broader AML/CFT measures [3].
Furthermore, Albania planned to introduce specific taxation for cryptocurrency-related income starting in 2023. Draft legislation proposed that income from crypto transactions or mining would be taxed as corporate income if part of a business, and subject to a **15% capital gains tax** for private individuals [3, 5, 7, 9, 16]. The intention to tax these activities further confirms their recognized and permitted (though regulated) status.

**Conclusion:**
Retail cryptocurrency trading in Albania is **Allowed-Regulated**. A comprehensive legal framework (Law 66/2020) exists, designating the AMF as the regulator and mandating licensing for service providers. Individuals are permitted to trade and invest. However, the practical landscape is marked by official warnings about risks from the central bank and a notable lack of domestically licensed service providers as of late 2022/early 2023 reports, meaning users often rely on international platforms. AML/CFT rules apply, and specific taxation measures were planned, reinforcing the regulated nature of the activity.

**3. Relevant Excerpts/Summaries from Sources:**

*   **On the Legal Framework (Law 66/2020):** "Albania became one of the first countries in Europe to adopt a regulatory framework for cryptocurrencies on 21 May 2020 – i.e. Law no. 66/2020 on 'DLT-based Financial Markets' (DLT Law). This law is applicable to all activities and subjects that perform their activity on financial markets based on Distributed Ledgers Technology (DLT) in and/or from the Republic of Albania." [15] / "Through this paper, the goal is to analyze the law no. 66 of 2020 “For Financial Markets Based On Distributed Registry Technology", which makes Albania one of the States that adopts a certain regulation in the field of cryptocurrencies." [2]
*   **On Regulation and Licensing:** "In June 2022 the Albanian Financial Supervision Authority approved a licensing regime for cryptocurrency exchanges, a first for the region, strengthening a crypto law On financial markets based on distributed ledger technology passed in 2020." [3] / "The DLT Law regulates the issuance of Digital Tokens/Virtual currencies and the licencing, monitoring and supervision of entities that are engaged in the distribution, trading and custody of Digital Tokens and Virtual Currencies." [15]
*   **On Lack of Licensed Entities (as of late 2022):** "Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania." (Referencing status earlier in 2022) [7] / "Yet, to date, no such licensed entities are operating in Albania." (Published July 2022) [14] / "Deri tani, pranë Autoritetit të Mbikëqyrjes Financiare nuk ka mbërritur asnjë kërkesë për licencim në bazë të Ligjit nr. 66/2020..." (Translation: "Until now, no request for licensing based on Law no. 66/2020 has arrived at the Financial Supervisory Authority...") [6, 13]
*   **On Bank of Albania Warnings:** "The central bank of Albania has published a public notice warning potential investors against buying or adopting digital currencies like bitcoin... lists – in particular – five risks... volatility... unregulated and sometimes unknown exchangers... Open to cyberattacks... Anonymity could lead to illegal activities..." (March 2021) [4] / "The Bank of Albania has published a notice... warning consumers that cryptocurrencies are high-risk products and are unsuitable for investment... digital representation of a value that is neither issued nor guaranteed by a central bank, or public authority, and do not have the legal status of currency or money." [11, 18]
*   **On Taxation:** "Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency assets and investments. The government intends to begin imposing the levy in 2023... when the beneficiaries are private individuals, they will have to pay a capital gains tax of 15%." (July 2022) [7] / "Në ligjin e ri për tatimin mbi të ardhurat, përfshihen edhe kriptomonedhat... çdo person brenda Shqipërisë që merr para nga tregtimi i kriptove do të tatohet." (Translation: "The new income tax law also includes cryptocurrencies... any person within Albania who receives money from crypto trading will be taxed.") [5]

**4. Source URLs:**

*   [2] Jean Monnet Chair Elbasan - Legal Regulation of Virtual Currencies: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALKUoHRxS5QO2cbYjATtn2KGWFwGJ6oK8iLgk8abFiFqpOBuE2CDj6ZOES9bRshcK3cuH0oPkMOt1jL_mLr5vz4HeOb__3T9PsNct6PY-aiFEFxyLVdhfe6mXHGKeEelppKqYlAzNf3WPgjlJLNuXDLpCDt_OOsyubjY3fj4OGmz3tzXk4=` (Note: Academic paper, likely referencing official sources)
*   [3] BitOK - Overview of Crypto Regulations in Albania: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALiPriviT0fs2yYyA5dsdUvkvUKAV5Y1mSTe3uptl0JF3Y8IpEPdPL_FEGMj0D6AOq51x3PxTeeXGVGUC2ip-eJ9MD8ExVPVfE7Zdn6jtwDg5lS7h2Bbhb2RVGjQOCAb5k=`
*   [4] CCN.com - Albanian Central Bank Issues Warning (2021): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAImgfJTvrpFABIZ0H4ostZ-8LP2D6OrTWVQXYurpyRoXagB0PeLZl_KGJbibl_Hv5vfhActdILvmtFKLfLxfo1HLtptHmIV38z0gaC21d8szRnQhiMaJKPXMeBLmsKGQDdBrKuFiDIcvexCH8vx8ttqgtmwkYjFvWPL6r9OTYrFoYo=`
*   [5] Gazeta Si - New Albanian tax law includes cryptocurrencies: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK5y_ZAlUuV7oS_WW12Dy_DtJp7S1OSWSDz-AWuhNKond9A-Zor09Xd31P5ujzj9duKbOOOEtEN8QN2JVTbveXXiPcpe9CdKexmq0fL2e-FN7n_YLaAOqVkAOeHV08d2SpeE0mzGmGP-ym8w3pdnfKMWtSm3IoaCJaT7X7sGlGGSJchzl6X_sdWTVN_65emQSloAzhCyjmBHhc=` (Albanian News Source)
*   [6] Sinjali - How 'illegal' crypto mining works in Albania: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALt9X3AK9GLNooBe6JHPvCz8izT4QEhmAhK12ET0NO6ebPuD5AcWR8sP3n0nVe0E-U9b0IVcMqC0OCoaq0y8X3yVw1gkA0e1kmnDTX7Ug0aSvvvb9H-po_MIGB3gX9rovNM64lEe0Qoz6LEM5HiAs6XsAzvY_dKdXwqYoWk49xl7nSacfOtsQ==` (Albanian/Kosovan News Source)
*   [7] Fiscal Requirements - Albania expected to adopt crypto tax legislation (2022): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKpg0vaOC9gDNih-_2ofE51JklXZTxuP0JiMV462zzgJDlhFnytKAQDW9qGbY6K7b_9WTPuMIY3r8YpvhP3eYU6W_vzUp3HRrYUQ0e0mZJ6g4GpLzQjlfzgsuPwM3OenQ0p6U4=`
*   [8] Cointelegraph - Albanian Central Bank Issues Bitcoin Warning (2017): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNkQ5DiWVzJPU90ccvyvWdBXnMNxhHHjDkQU4pX-_VxR1KoWGvqgsHHFyhO4ampe_sUpTowgyj7uCrBK1uV3pCRik8NjhTF9hCpFnrlJhV9gpB8VDXC1bYQLUAxQ166b5iHUSK7WIShWgtfLGqkBOpFcyxHgtc-QfxMu5_MOW_qmurg7pfH965xImi6hwr6b_Xm-194wCikGRtKrA8Xcrp`
*   [9] Scan TV - Albania imposes crypto tax: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL6y_vHeiZ881V0koGQv1AtQAomOJxzPUPLAGdP3jWpGMu1SNtqu_Xx00kRR3ytPDIF9ZeQsMu9HYHDVZOzOc1gp6HcKp0IT6AJvghQcHWvoEzvTVbJROuWH8IjWrEOlY2bYCIpgh7Mca47q9TMuZwZxrfu009mFl3_Ftgh92GnnhpxkU0CyMVKAP0pZm_c4bhCkb9AMAE5GjhOOrp-EAy-FgUkTX5qfrzfZP3suvkxzyQ5TPODCJZEcEo3v6maQ7m0I8uEykLqiQ==` (Albanian News Source)
*   [10] Euractiv - Albania ploughs ahead with crypto exchange regulation (Oct 2022): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAISJBPtxrUyOPx1ldblyP-tMwJWoadvktM9xB7InnTTVxm49cti83ZaCKDvBiNImFFGPM9EeWThYJSKeD_nbbwdbdIyfH2ABMcmWiDsiViMxoiWsvFRUjwq4IwrzOSVbYmZRxYofD0YkCzUpe8uRZ_PCAzYPfyYywSWM5SmPcFCVwQGZ-1QTU6P7rMc4u7EmL_z_GU-sOAhZg1_5w6GFC6maA==`
*   [11] Telegrafi - Bank of Albania: Beware of cryptocurrencies: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK-KbgmjdV-k9d3oOgb1_A8m8OIyz9wuFxE-8MVh2Gn1HYimDQFsJo5xzYE7pEWsLIPm4QS1Kr9Oya1jrEVWhMf3kVay2H0U3-qI3eoB3Q8yEJhsZ4WV7KIkEKcCbnAbJjzSJMMFqI3AHEwjsbj4LmnBwAEwD_-LA==` (Kosovan News Source, reporting BSH notice)
*   [12] Shufti Pro - Albanian FSA Approves Crypto Licensing Regime (Oct 2022): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK1oI4fRvzUpAsYPXOGC_Z1-Ubnor88zlT9CEAwHB9nTTzTbHfy5Ewcm-NmYp6sg_ajtUZTi0IRxtGxQuVJy_sCd470hyp1E0p8qGsarMUykXpPFEuiKvlX0j6ZXo28aG8t0Flrvucac_5Hx-W3lKn4f2s3P4ZaRDVRc1pPC-aR4HDVn-PbNdb-tpG7umv2Z96Fmn5TNKJde-7PZQ==`
*   [13] Indeksonline - How 'illegal' crypto mining works in Albania: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJCpkOn0CNuP44aLSldl4igvWIx4WaT06rzcufjM4oWkSPopYnpZgBW0LRE9EZp0WZ66ZqgSAqjLKGU0JHUqvafAJD9x-mP7HlxufJFrAXKv8IQT87ucnax_GSrOOZ5q1oEVYlTzJENBP3OrFwYDCoX6FiU4HpP629CE2NmQ5gS7wDN3oZ91IwSQ6agYQ==` (Kosovan News Source)
*   [14] The Journal of The British Blockchain Association - DLT Roadmap for Albania (July 2022): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALymHGroZxY7reABU8runDmS843SLGhWZdQFb-qta7XSzLgpzZp8wItpgnOmkOSd6ZTRpL84HdWXfbNM50B2-P9AUwUaTEjqn-pwx5lsZu519X-wssJ920dOcz8B_YR90VDSEpFBPtOwKJESiJ_vNVVKet6OyDUYiu2sdXu002ZcUlOPLnckqxKl2ze3Zis10RcyVh2g3Y6v4D_js62BhB7JKm1k9J9jxrtMshFl2lI-hwru9KRtV6OWzhRaGTjl_A=` (Academic Journal)
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*   [16] Shqiptarja.com - From 2023, crypto mining/transactions taxed at 15% (July 2022): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI3AlSMfyra-Xd01offBviG_Z_Zi4SmLSe2-Iv3_4bBFCyNxx5hk526I_o8S1qov6hkpCc1GeghqR3btqlST-W5IvRxuWwa2jBlG1YvekMKWdILJHWSHxxu9GTSYi4E1wUy19cFMjmjR4Lom9yNrMbott7KKqgO2WCgYVPD5JqpZnwuN5yu_aZ8QXLjioSsefdNONcEj6OASBh2c5DU3mOVXyIdHWGWAkdomNvuCB1ZpHE9lOIDYooul4ehJa7kE0wtYxZi53K_AWKX79JZFVVdcZAJdFJns2LKgkQ=` (Albanian News Source)
*   [17] Telegrafi - Edi Rama comes out against the Bank of Albania for cryptocurrencies: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALJDU82UidYU1J1SaUTUGVfIrw_y9McYtcEfykXEYGHYmfJpjwol89ehgcAUDKgOFnat5SGkDvLAEmQ2p_B9gTjAgh4WaMMWBbxcAiSs8DiMDfqezAuXGqRLFYG2cCH3Z1wUyCMlVNaqY-CcutJaRCl6W3yhAkpmY7a5_lIC0QO9ovgnPJCnSntaRkgTLYk` (Kosovan News Source)
*   [18] Telegrafi - Bank of Albania: Beware of cryptocurrencies (Duplicate of 11): `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALWfJK4HrLCEcmc7JxpYABJj05xZ1WkI_-D4qb4gqsVKSTydA8vbP3L8wWcz9aO1aQhfpwRRQn_vwQ3KDDvE6g-7rwI45-Cv4zvD1UOMrOX5N3dS5J652FoM788dACXHNWI7qGBmryPoOl054v9dr7cQc2OUl5tvf2Ts7o9ybb4iR_rY4Zb`
*   [19] Telegrafi - How the 'illegal' production of cryptocurrencies works in Albania: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL5Z_3bqskabm39uVZY5zI5nOgLPsGV-pVjXlXecga1kfq_tyUl7dndmWjfIGTxwKfu7HnKs-r3m_ADFHQBRJ-5IAW61fQB4_rYFjC9hWVGwL1RKlxHsgsjY_qycaEv3eHslPtbYUiQZazTx4WAE4UKsPrbysgaS9xa5TPCav2uQ8FbGhE5sltyZQ==` (Kosovan News Source)
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*   [21] Telegrafi - Albanians give up Bitcoin, traders 'disappear': `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKaRjFxuszgGL423oEYW97KnOqZxju1RkDlzpWZDKAXa8bWsCEIvowfy4uQehBfLt9nKqflWO0roEG_Q-aAXpG8bFE4wwaG4OVtAlVkVHZrmlK5WOClm4X08jdTI6tHI5OkzWOmqJwl1WfIYUhzyDAJbWU4iuglb4GxHMQaWew6Lgz6tDc=` (Kosovan News Source)
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*   [23] Bitget Guide - How to buy Bitcoin(BTC) in Albania: `https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIWmZwpP4QbLwMIJG8DMx0c1vB8dGA4jyZhTrRvyZMsBrmTgGvvHgc8b8WIyotZcthKVRuplbgcYKU6a1JAtZ19dBM0cUD0xVmiKc2BPjchJ6s0KAef8OJOLF5CTvrvNkz5dhdj8d0x` (Crypto Exchange Website)

*(Disclaimer: URLs provided by the search tool may lead to archived versions or require navigation. Primary sources like the official websites of Banka e Shqipërisë or AMF should be consulted for the most definitive and current information, though direct links to specific crypto regulations were not prevalent in the top search results.)*

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