Albania is reportedly considering crypto regulations in a bid to attract investment opportunities in the country as well as become a regional hub.
Prime Minister Edi Rama has said that the crypto market can present a lot of opportunities for Albania. As one of the poorest European countries, investment in the industry could help to boost its economy. Rama is also hoping to make Albania a hub for investors interested in getting involved, reports the Tirana Times. He said:
As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development.
At present, the government is mulling the regulatory framework. However, if the results are satisfactory, Rama said the government will also advertise Albania’s “willingness to become a hub.” It remains to be seen how and when Albania will reach a decision. Yet, an affirmative will illustrate the country’s eagerness to maintain pace with the rest of the industry as it goes forward.
Last week, the Financial Action Task Force (FATF) revealed that it would be releasing its guidelines for crypto regulation. The Paris-based financial watchdog is expected to launch them by June 2019. Such a move shows that regulators are beginning to take the market seriously even if it does go against the decentralized nature of it.
Investor Interest Rises
It’s no longer a case of financial institutions ignoring the market.
With rising interest being seen from institutional investors, Wall Street firms are realizing the impact of it. As a result, several are considering the option of launching crypto custody services. These include the likes of JPMorgan, Goldman Sachs, and Northern Trust.
Fidelity Investments has become the first to launch a crypto custody service for Bitcoin and Ether. Aimed at institutional investors, the trusted asset management firm may produce the jump start for others to follow suit.
Abigail P. Johnson, CEO and chair of Fidelity Investments, said of the announcement:
Our goal is to make digitally-native assets, such as Bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.
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