The Committee for Economy, Industry, Entrepreneurship and Trade has held a public hearing on the Draft Law on cryptoassets, during which it was discussed what should be changed in this law.
The member of the Committee for Economy, Mimoza Kusari-Lila, said that the purpose of this draft law is to regulate the licensing, authorization and supervision of operators that carry out activities related to the emission, distribution, trading and storage of cryptoassets.
In addition, Kusari Lila emphasized that, among other things, this law aims to regulate the conditions and criteria for transparency during the issuance and trading of cryptoassets on trading platforms.
"This law aims to regulate the licensing, authorization and supervision of operators that carry out activities related to the emission, distribution, trading and storage of cryptoassets. Then the conditions of operation and organization of operators in the field of issuance, trading and storage of cryptoassets. Conditions and criteria for transparency during the issuance and trading of cryptoassets on trading platforms. Rules for the protection of consumers related to the services of operators related to the issuance, trading, exchange and storage and consulting services related to cryptoassets. Sanctions in cases of abusive practices", said Kusari Lila.
Lawyer Vyrtyt Ibrahimaga said that the first draft was more complete than the current one. He said that the preliminary draft foresees very detailed provisions regarding authorization and licensing.
In addition, Ibrahimaga did not consider it appropriate to transfer the issue part to the authorization part, for which he proposed that the issue should be transferred to the license.
"The preliminary draft foresees very detailed provisions regarding authorization and licensing. Provisions and conditions are foreseen in which cases the operators must fulfill which conditions to obtain an authorization and a license... Criteria that are very important for transparency and investors who want to come here because they want to know which are the authorization and operation criteria. Since they have been removed, they should be regulated by by-laws, but with by-laws, transparency is reduced and the trend is also in Kosovo's legislation that administrative acts are drafted in a very democratic way... I consider that it is unnecessary to remove them... I think not it is correct that the part of the emission has passed to that of the authorization, the emission must pass to the license because it is subject to the procedures of how it is emitted", said Ibrahimaga.
Regarding the latter, Kusari Lila affirmed that there is room for change.
Meanwhile, during the discussions, Arianit Duraku from the company "Kaktus" also spoke.
Regarding the prohibition of money laundering or other illegal ways, Duraku asked in what ways such a thing will be monitored by the Central Bank of Kosovo.
"For the prohibition of money laundering or all other ways that are not legal, if the Central Bank is planning such a draft, how can you monitor such a thing and prevent it knowing that Kosovo does not have Bitcoin is still legal," said Duraku.
For this, Kusari Lila said that the origin of the money, the origin of the acquired funds, the origin of the profit and their reinvestment remain the subject of a specialized institution within the Republic of Kosovo.
Meanwhile, the representative of CBK, Ervin Mala, said that the Central Bank will have the role and responsibility for the licensing, authorization and monitoring of all operators and those who will deal with cryptocurrencies.
"The Central Bank will now have the role and responsibility for the licensing, authorization and monitoring of all operators and those who will deal with cryptocurrencies", said Mala.
While, regarding the questions and changes that can be made in this draft law, the member of this commission from the Alliance for the Future of Kosovo, Pal Lekaj said that since Kosovo is new in this direction, the laws and regulations must be standardized.
He said that the government should monitor the money so that these are not made illegally.
"Since Kosovo is a beginner in this direction and as far as cryptoassets or cryptocurrencies are global, we must definitely communicate and standardize the laws and regulations in question. When it comes to money, or digital money, cryptoassets, we have to license them, control them, and I don't think anyone else has any competence except the Central Bank of Kosovo, because it monitors the banking system, transactions and licenses them. both the banking system and the banks, but in this respect also cryptoassets... The state as a state and the government as the government must monitor money and must monitor it so that these are not done illegally. There should be no laundering of this nature and terrorism should not be financed", stressed Lekaj. / CP