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Albania is the third country in Europe after Malta and France to pass a law regulating cryptocurrencies, but the IMF raises concerns that these virtual assets increase the risk of money laundering.
Igli Tola, economics expert, thinks that the concern is justified in the conditions when about 40% of the cash flow circulates outside the banks:
“The concern is right. When we have trouble controlling cash flow and making financial transparency, this makes it even more difficult with cryptocurrencies that have one of the characteristics of anonymity and you can not track them”.
Although the law has been approved for a year, the AFSA does not yet have any licensing requirements, making the market continue to operate illegally:
“I think that it is easier for businesses to circulate privately and illegally, because they do not trust the institutions. And secondly, because in this way transaction costs would increase, which is the main reason why cryptocurrencies are moving in the market, due to very low costs“.
Albania has suffered a deterioration in international money laundering reports. MoneyVal, an institution of the European Commission, has placed the country on the gray list, while the Basel Index, an important indicator for money laundering, has lowered Albania to 72nd place out of 110 countries on the list.
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