Moldova's National Commission for Financial Markets approved and sent the Ministry of Finance two draft laws that would establish a framework for distributed ledger technology market infrastructures and strengthen securities issuance, investor protection and market abuse rules. Both proposals support Moldova's alignment with the European Union acquis. The DLT proposal would permit authorized investment firms, regulated market operators and central securities depositories to operate multilateral trading facilities, settlement systems or combined trading and settlement systems for tokenized shares, bonds and UCITS units. Operations would require special permission from the Commission and safeguards that achieve equivalent investor protection and market integrity outcomes. The second proposal would modernize prospectus and public offering rules, strengthen issuer transparency and notification duties, gradually raise investor compensation to the equivalent of EUR 20,000 and expand the legal and sanctions framework for preventing market abuse. The Commission also found that nonbank lender Moneda Credit breached consumer credit and protection laws, including through deficient disclosures, noncompliant contract terms and misleading calculations based on an interest rate different from the contractual rate. It prohibited the unfair commercial practices and separately opened a thematic inspection of Ecofinance Technologies covering credit cost limits, disclosures, distance contracts, ancillary services, insurance products and potential unfair practices.

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