Moldova to Legalize Cryptocurrency in Line with EU MiCA Regulations

Moldova Announces Cryptocurrency Regulation

Moldova is set to adopt its first comprehensive cryptocurrency law by the end of 2026, according to statements made by Finance Minister Andrian Gavrilita. This regulation will align with the EU's MiCA framework, which aims to ensure proper oversight of the crypto industry.

The minister emphasized that the government is closely working with regulatory authorities to create a legislative framework that will allow citizens to hold and trade cryptocurrencies, although these digital assets will not be recognized as a means of payment. "We have the responsibility to regulate them, and citizens will have the right to hold these coins," stated Gavrilita.

This announcement comes over a year after the full implementation of the MiCA framework, which will take effect for cryptocurrency service providers on December 30, 2024. This initiative marks the first formal legislation regarding cryptocurrencies in Moldova, in a context where the central bank has issued numerous warnings about the volatility and money laundering risks associated with digital assets.

Despite uncertainties surrounding the precise details of the forthcoming law, Gavrilita noted that examples from countries like Estonia, which have a simple legislative framework, could serve as a model for Moldova. He also underscored the speculative nature of cryptocurrencies, stating: "I avoid the term investments when it comes to cryptocurrencies; I see them more as a speculative domain."