Compliments Law, Public Discussion

She has said that this initiative is due to the need for the crypto-atet sector to be regulated to a mass.

This bill contains provisions that cover the licensing procedures of operators engaged in this market, the provisions for the body of operators in the market, the supervision of this market by institutions, protection of consumers, transparency of operation, and protection from abusive practices in the market. This bill, in addition to regulatory issues, aims to open the market for investments in the launch of crypto-ates trading and cryptic emissions. Regarding the release of cryptos we need to consult with some of the institutions present today before we include provisions that regulate the issue of emissions. This bill also paves the way for the creation of business profiles in the financial sector that connects with the technology of the distributed”, Kusari-Lila said.

She has announced that the bill envisions two licenses and a host of authorisations, where, according to her, the first licenses with this bill are both profiles, the agent's profile authorized for digital technology and the account of the innovative service provider.

According to her, these two services are aimed at providing quality in this sector and providing innovation in the distributed recording technology sector.

We'd rather have given up the authorizations, but the cryptova peace market is a speculating market and we've followed the pattern of European Union states in this regard. Licenses and authorizations will be open and will not be restricted, while authorizations are designed to be issued through simplified procedures in the form of authorization ARKEP”, she said.

She has stressed that this is only the preliminary presentation regarding the first draft that has been handed over to the working group, until it has added that after receiving comments from representatives of companies and institutions the same one will be forwarded to the government for comments.

After a month's term for the government, the draft returns to the Assembly, and for the same, there will be open debate with the parties between two readings where there are expected to be amendments and amendments to these drafts.

Representatives from the institutions have said they will submit their comments in writing and that they need time to analyse this draft.

Ilir Imer leader of the Department for Electronic Communication at ARKEP has demanded that the European Union's life bill be linked.

And what's important is, our demand as an institution is to go to that birth of the European Union... what in our preliminary assessment means this bill is seen as coming out of the current area of competencies that ARKEP has, so we need a little more time to see and see that everything has to go out on the right line. Even if ultimately the law is passed or the ARKEP is left with these responsibilities which it certainly has to be a challenge and it will require a little bit greater support so that we have resources which address these additional responsibilities of ARKEP as the” institution, he said.

Additional clarifications have also called for Sami Salihu from the Kosovo Tax Administration.

Some clarification would be good to give to paragraph 3, where exchanges are said to be obliged to report on a daily basis to the Tax Administration for any transaction that connects with crypto-assets and mentions two points, and that, in my opinion, are the financial intelligence unit rather than the Tax Administration. The tax administration all it needs is to make sure that it's the revenues made and calculated, that's to get the tax imposed on the income”, he said.

While Virtie Ibrahimi, the author of the first draft, has said that the draft is initial and that public discussion is needed about it for all acters.

I also need to state the commission's request not to create new institutions that have to oversee law enforcement. So we're also oriented right now in this direction and therefore there's also a need for public discussion with the institutions which the author will have the primat in implementing this law. That's why the debate is needed. Most states have a special authority for digital advancement or the advancement of society that is connected with information technology. This is a question that MPs will decide depending on the financial burden in fact and budgetary”, he said.

In July 2021, the Commission for Economics, Industry, Interventor, and Market formed the task force for the legislative initiative to draft the Kritowalta Bill.

Through this law, the license, authorisation and supervision of operators exercising activities in emissions, distribution, trade and protection of cryptos is intended.