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By:
Mehmet Krasniqi
- June 13, 2021 22:00
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The increase in the use of cryptocurrencies in Kosovo has prompted institutions to act to regulate the operation of this global industry through the law.
Transfers of digital currencies are not currently registered in our country, as long as their users do not pay tax to the state for this activity.
Triggered by these two issues and especially by the reports of illegal use of electricity in the north of the country, the Parliamentary Commission has started the procedures for the drafting of the Draft Law on Cryptocurrencies.
"Every economic activity must fulfill its obligations to the state. Who can tell me today how much tax they pay, who can tell me what industry is being used, what is the technology, where is this coming from, are customs paid for this, are any other taxes paid. Everything must be certified, licensed and accredited", said the chairman of the Economy Committee, Ferat Shala.
As an initial step, the commission has requested a research about how this industry is regulated in the region and EU countries.
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The results of this research will help this initiative turn into law for this industry, which Shala calls a problematic challenge for the economy.
"Until there is no license, no legal basis, no administrative instruction, no other legal, economic act, how can we treat it as legal. So we are insisting and we will insist that the issue of cryptocurrencies is disciplined and institutionalized well or not at all", said Shala.
The expert in the field of cryptocurrency production, Milot Mehmeti, welcomes the start of the procedures for drafting the draft law, as he says that the benefits of this technology are numerous.
"All that the institutions need is to cooperate with the banks because each licensed exchange that is online and that we trade through them needs to be verified there as persons with identification documents and an address. So all you need is to identify the investors so that you can see who they are", said Mehmeti.
Under the conditions of minimal control by the state, Mehmeti, who is one of the users of cryptocurrencies, says that they cannot be used for money laundering.
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Around 10 are estimated to be the number of citizens who deal with cryptocurrencies in Kosovo
The Assembly has requested that the research focus on the practices of advanced countries so that this industry is in accordance with local and international money transfer laws and for the prevention of money laundering.
The categorization of cryptocurrencies and forms of taxation are also the subject of research.
