Moldova and Cryptocurrency

Moldova  Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

On February 15, 2018, the National Bank of Moldova issued a statement[442] recommending that Moldovans be as cautious as possible in deciding whether to invest in crypto-assets, given the technical characteristics of cryptocurrency, its high volatility, and the absence of any regulation that would protect investors.[443]

In Transnistria, a breakaway territory of Moldova, a law was passed on January 31, 2018, to legalize mining activities.[444] It provides for creation of free economic zones for mining purposes. The authorities of the self-proclaimed republic promise exemption from taxes, duty-free import and export of mining equipment, and assistance with energy supply.[445]

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in Moldova?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.


[442] Press Release, National Bank of Moldova, NBM Warns about High Risks of Investing in Cryptocurrencies (Feb. 15, 2018), http://www.bnm.md/ru/content/nbm-preduprezhdaet-chto-investicii-v-kriptovalyuty-predpolagayut-vysokie-riski (in Russian), archived at https://perma.cc/ZT9T-5X4Z.

[443] National Bank Warns Moldovans of Reckless Risks, Sputnik Moldova (Feb. 15, 2018), https://ru.sputnik.md/ economics/20180215/17319739/Nacbank-Moldova-preduprezhdaet-opasnosti-riski.html (in Russian), archived athttps://perma.cc/F5QW-4Q6C.

[444] Law of the Pridenstrovskaia Moldavskaia Respublika No. 39-3-VI of Feb. 9, 2018, on the Development of Information Blockchain Technologies in the Pridenstrovskaia Moldavskaia Respublika, available athttp://www.minjust.org/oo/Publication.nsf/805c7c76d1c2ddb8c2258213005be80f/1607b43c42a8b926c225822f00350545!OpenDocument(in Russian), archived at https://perma.cc/L4MA-T7S9.

[445] Will There Be a Circulation of Cryptocurrency in Transnistria?, Sputnik Moldova (Jan. 31, 2018), https://ru.sputnik.md/economics/20180215/17319739/Nacbank-Moldova-preduprezhdaet-opasnosti-riski.html (in Russian), archived at https://perma.cc/FQ64-54WD.

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