Draft law for digital tokens and virtual currency is approved

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May 3, 2020
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In the plenary session of May 21, 2020, the Assembly approved, among other things, the Draft Law “On financial markets based on distributed register technology”.

The draft law aims to regulate the entire infrastructure on the basis of which the technology “Distributed Ledger” works, the conditions for licensing, the activity of operators and stock exchanges and their supervision, the conditions for issuing digital tokens and virtual currencies and authorization from the competent authorities, terms and conditions for the trading of digital tokens and virtual currencies, providers of third-party custody services as well as the prevention of abusive practices in the market, which predict fines for violations of the provisions of the law.

The approving and adoption of the draft law is an important step in the application of new technologies, with the aim of subjecting digital tokens and virtual currencies together with the activities arising from them to the best standards. The use of DLT technology provides an economic advantage for the country.