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:
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- Legal Issues Surrounding Cryptocurrency
- Cryptocurrency and Bankruptcy
- Cryptocurrency Transactions: Multi-Signature Arrangements Explained
- Cryptographic Hash Functions
- Distributed Ledgers The technology behind Blockchain brings business opportunities and legal complexities
- Hard and Soft Forks: A Detailed and Simplified Explanation of How Blockchains Evolve
- Hash Collisions Explained
- IRS Cryptocurrency Taxation: What you Need to Know in 2020
- Merkle Trees
- Mining Explained: A Detailed Guide on How Cryptocurrency Mining Works
- Preimage Resistance, Second Preimage Resistance, and Collision Resistance
- Quantum Supremacy’s Potential Impact on Cryptocurrencies
- SHA-256
- Smart Contracts
- The History of the Blockchain and Bitcoin
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Cryptographic Hash Algorithms: An Introduction
- Overview of the Most Common Cryptocurrencies
- Double-Spending Problem and Byzantine General’s Problem in Relation to Cryptocurrency
- IRS Cryptocurrency Taxation: What you Need to Know in 2020
- Permission and Permissionless Blockchains
- The Tor Network
- Turing Completeness and cryptocurrency
- Cryptography: Public Key Infrastructure (PKI)
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Decentralized Governance Mechanisms
- The Dark Web and the Deep Web
- The Most Common Cryptocurrencies
- Anti-Collusion | What Is Obfuscation?
- What Is Post-Quantum Cryptography?
Podcast:
Is cryptocurrency legal in Moldova?
Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
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[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.
