CBK, with the first framework for Crypto-Assets - "Starts the process towards gradual regulation and transparency"
The Central Bank of the Republic of Kosovo (CBK) has approved the Regulation on Licensing Crypto-Asset Service Operators. The drafting of this Regulation was carried out in consultation with the authorities responsible for this Law and in close cooperation with the International Monetary Fund (IMF), which contributed to this process.
The regulation lays the foundation for the creation of a regulated and transparent crypto-asset market in Kosovo. This marks the first step towards licensing crypto-asset operators in the country, and will be followed by further regulatory and supervisory developments in the framework of a gradual approach supported by IMF technical assistance, in line with the CBK strategy for the sustainable development of this sector.
The Regulation sets out the legal, regulatory and procedural requirements for the licensing and operation of crypto-asset exchange operators. It also sets out the criteria for application, obtaining and maintaining a license, corporate governance, capital requirements, safeguarding client funds, the obligation to act with honesty and professionalism, disclosure and transparency, measures against money laundering and terrorist financing, corrective and administrative measures and other important aspects.
Being a new area of regulation, the CBK will organize a conference to present the adopted legal framework, as well as the regulatory approach regarding crypto-assets, where interested parties will be informed in more detail about these developments.
In a press release, the CBK emphasizes that it remains committed to strengthening the legal and supervisory framework, maintaining financial stability, and promoting the development of a sustainable crypto-asset market in Kosovo, reflecting a prudent approach in accordance with European best practices.
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