The crypto-assets market law: what it means for you

Yes. Holding crypto-assets has never been prohibited for individuals, and the new law introduces no restriction in this regard. What the law regulates is who is allowed to offer crypto-asset-related services (exchange, custody, trading platforms) and under what conditions. For you, as a user, the main change is that once the law takes effect, service providers operating in Moldova will need to be authorized and supervised by the National Commission for Financial Markets (CNPF).

Three things. You'll be able to check whether a platform is authorized in Moldova, in the register kept by the CNPF. Authorized platforms will be required to give you clear, complete information (prices, fees, risks) and not mislead you. And you'll have official channels to file a complaint against an authorized provider, with the CNPF. The law doesn't require you to do anything extra if you simply hold or trade crypto on your own.

The crypto-assets market law doesn't regulate taxation. According to public statements from the Ministry of Finance, the positive difference between the selling price and the purchase price is treated as personal income and taxed at the general rate of 12%. The detailed rules (how the acquisition cost is calculated, how to declare it) are still to be set out in separate regulations. [TO BE CONFIRMED: update once the Ministry of Finance publishes the rules.] For your specific situation, consult an accountant or the State Tax Service.

In certain cases, yes. If you're a retail buyer purchasing crypto-assets directly from the issuer as part of a public offering, you have the right to withdraw within 14 calendar days, at no cost and without giving a reason, and your money is refunded. The right doesn't apply if the crypto-asset is already admitted to trading on a platform at the time of purchase, nor to ordinary purchases on a trading platform, where the price is set by the market.

For authorized providers, the supervisory authority is the National Commission for Financial Markets (CNPF). Providers are required to have a complaint-handling procedure, keep client assets separate from their own, and meet prudential requirements (minimum capital, insurance). If a platform isn't authorized in Moldova, the law's protection doesn't apply to you, which is why checking the CNPF register matters. If you've been scammed, see our guide in the Scams section.

No. Crypto-assets aren't covered by the Deposit Guarantee Fund or any investor-compensation scheme. The law requires issuers to state this explicitly in each crypto-asset's white paper. You can lose the entire amount invested, and the law doesn't change that risk: it only requires you to be informed, and the provider to be honest.

Only legal entities authorized by the CNPF as crypto-asset service providers. The law lists the regulated services: custody and administration of crypto-assets, operating a trading platform, crypto–money and crypto–crypto exchange, order execution, placing crypto-assets, receiving and transmitting orders, advice, portfolio management, and transfer services. Authorization requires a registered office in Moldova, minimum capital depending on the service, management with a good reputation, and anti-money-laundering procedures under Law No. 308/2017.

A white paper is the document an issuer must publish before publicly offering a crypto-asset or requesting its admission to trading. It describes the project, the rights and obligations attached to the crypto-asset, the technology used, and the risks. It must be written in Romanian, notified to the CNPF, cannot contain promises about future value, and must clearly state that the asset isn't guaranteed. For you, as a buyer, it's the document to read before buying a new token.

Yes. The law applies to anyone who issues, publicly offers, or provides crypto-asset services on the territory of the Republic of Moldova, regardless of where they're registered. A foreign platform that actively targets customers in Moldova falls under the law and needs authorization. The exception is when a customer in Moldova requests the service on their own initiative, without the platform having promoted itself here.

The law provides for warnings, suspension or withdrawal of authorization, bans on operating in the field, and fines. For individuals, fines can reach millions of euros; for legal entities, tens of millions of euros or up to 15% of annual turnover, depending on the severity of the breach. Providing services without authorization and market abuse (price manipulation, use of privileged information) are among the most heavily penalized. [TO BE CONFIRMED: exact amounts from the published text.]

Both, with different roles. The National Commission for Financial Markets regulates, authorizes, and supervises the issuance and trading of crypto-assets and the activity of service providers, and prevents market abuse. The National Bank of Moldova (BNM) is responsible for e-money tokens, those whose value is tied to an official currency, because these are closer to electronic money and the payment system.

The law divides crypto-assets into: e-money tokens (value tracks a single official currency, for example the leu or the euro), asset-referenced tokens (value tracks one or more assets: currencies, commodities, other crypto-assets), and other crypto-assets, the category that includes Bitcoin, Ethereum, and most well-known coins. The rules are stricter for the first two categories, because they promise stability. NFTs (unique, non-fungible assets) don't fall under the law.

The law is a partial transposition of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), adopted by Moldova under the Association Agreement. The definitions, categories, and types of services are taken over almost verbatim, which means a company authorized in Moldova will work with the same concepts as one in the EU. It doesn't mean, however, that a Moldovan authorization is automatically valid in the EU, or vice versa.