The National Commission for Financial Markets reported that Moldova’s Parliament adopted a law establishing a regulatory framework for crypto-asset issuance, public offerings and services. The measure, approved in second reading on Aug. 24, applies to individuals and companies and aligns Moldova’s regime with European standards, advancing earlier work on Markets in Crypto-Assets Regulation implementation and virtual asset supervision. It classifies crypto-assets as utility and other tokens, asset-referenced tokens, or electronic money tokens. The commission will authorize and supervise most issuers, public offerings and crypto-asset service providers, while policing market abuse. The National Bank of Moldova will oversee electronic money tokens issued and traded by credit institutions and electronic money institutions. Service providers must be authorized, and public offerors must publish a white paper describing the asset, issuer, project, offer terms and risks. The law also requires clear customer disclosures, including warnings that crypto investments are not guaranteed, and provides withdrawal rights in specified cases. Asset-referenced token issuers must hold own funds of at least EUR 350,000 or one-quarter of the previous year’s fixed overheads, whichever is higher. Electronic money tokens must be redeemable at par, with related funds held in safe assets, and issuers must prepare recovery plans. Insider dealing, unlawful disclosure of inside information and market manipulation are prohibited and subject to fines. The law will take effect six months after publication in Moldova’s Official Gazette, after which providers may operate once authorized.

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