Articles

Draft Law on the Crypto-Asset Market in Moldova: License, Requirements

The Republic of Moldova has developed and published for public discussion a draft Law on the Crypto-Asset Market.

For the first time in the history of the Republic of Moldova, crypto businesses are receiving legal regulation and official status. This article analyzes the draft law: examining the key changes, legal risks, and practical consequences for business.

50–150K€ — Minimum capital for service providers 350K€ — Minimum capital for stablecoin issuers 15% — Maximum fine from legal entity turnover 6 months — Transition period after publication of the law

1. Is it currently legal to work with cryptocurrency in Moldova?

This is the first question clients ask. The answer is ambiguous — and that is precisely why the new law matters. Owning cryptocurrency in Moldova is not prohibited. Citizens may buy bitcoin, ether, and other digital assets.

Today the market operates in a "grey zone." Direct licensing does not exist, and activity is constrained by anti-money laundering legislation (Law No. 308/2017), currency regulation, and banking compliance requirements.

However, given the draft law, it is clear that the era of the unregulated crypto market in Moldova is coming to an end. The new law will inevitably increase business compliance costs. In return, it creates what Moldova previously lacked — clear regulation and legal certainty. And in business, certainty is often worth more than freedom from rules. The new law resolves exactly this tension. Finance Minister Andrian Candu: "We cannot simply ban cryptocurrencies. We are obliged to regulate them and clarify the rules." (on the Punctul pe AZi programme on TVR Moldova)

2. What the new law changes: from prohibition to licensing

The draft Law on the Crypto-Asset Market, developed by the Ministry of Finance and the National Bank of Moldova, fundamentally changes the approach. The law establishes a legal framework for the public offering and trading of crypto-assets, token issuance, and professional services — exchanges, custody, consulting, portfolio management.

For business this means: a legal path to working with cryptocurrency in Moldova now exists. Opening bank accounts, attracting investors, entering into contracts with European partners — all of this will become possible for authorized market participants.

Important for foreign companies: The law applies to activities carried out on the territory of the Republic of Moldova.

If your company is registered abroad (Estonia, Lithuania, Malta) but provides services to users in Moldova — the law applies to you in full.

The law is expected to be adopted by December 2026. Following publication in the Monitorul Oficial, a six-month transition period will begin. The law enters into force approximately in June 2027.

3. Who the law applies to — and who is exempt

The law applies to all those conducting activities in the field of crypto-assets on the territory of Moldova: residents and non-residents, natural and legal persons.

Exempt from requirements:

• Unique non-fungible tokens (NFTs)
• Traditional financial instruments (shares, bonds, derivatives)
• Bank deposits and insurance products
• Pension systems and social protection products
• National Bank operations within its monetary function
• Intra-group operations between parent and subsidiary companies

4. Three types of crypto-assets: what it means for business

The Moldovan law almost verbatim copies the classification from MiCA — a deliberate decision that will simplify matters for companies planning to operate in the European market.

Uniform terminology with European legislation is a genuine advantage. Companies planning to scale their business from Moldova to the EU or vice versa will work with the same legal concepts. This reduces legal risks in cross-border structures.

5. Which services will require a CASP license

CASP (Crypto-Asset Service Provider) — an authorized service provider. Without a NCFM license, none of the following activities may be conducted professionally in Moldova:

• Custody and management of crypto-assets on behalf of clients
• Operation of a trading platform — crypto exchanges, multi-dealer systems
• Exchange of crypto-assets for fiat money (MDL, EUR, USD)
• Exchange of crypto-assets for other crypto-assets
• Execution of orders on behalf of clients
• Placement of crypto-assets — participation in ICO/IEO
• Reception and transmission of orders on behalf of clients
• Investment advisory services for crypto-assets
• Portfolio management of crypto-assets
• Transfer of crypto-assets on behalf of clients

6. Capital requirements: specific figures

The capital requirements indicated reflect the current draft of the law and may be refined during the adoption process and in secondary legislation by the NCFM and NBM.

Legal nuance: In addition to minimum capital, a CASP must at all times hold prudential guarantees of no less than the greater of: the category threshold or ¼ of fixed costs for the previous year. The NCFM may require an increase of up to 20% above the standard.

7. White Paper: this is no longer a marketing brochure

Any public offering of crypto-assets requires a White Paper — a rigorous legal document akin to a securities prospectus. If in the ICO era of 2017 this was a colorful PDF full of promises, it is now a document for which the issuer bears full responsibility for every word.

Important: unlike the classical securities market, the White Paper is not subject to prior approval by the regulator. The law's model is not approval but disclosure: the regulator only receives a notification, and full responsibility for the document's content lies with the issuer.

When a White Paper is not required: the offering is addressed to fewer than 150 persons, or the volume does not exceed 1,000,000 EUR over 12 months, or buyers are exclusively qualified investors. The law also provides for other cases where White Paper and public offering requirements do not apply (e.g., free token distributions, network maintenance rewards, or limited ecosystems).

Retail investors have the right to withdraw from a transaction within 14 days without explanation and without penalty fees.

8. Daily operational obligations of providers

Protection of client funds Client assets and money are held separately from the company's assets and are not used in its interests. Violating this principle is a direct path to criminal liability.

AML/KYC and financial monitoring Full compliance with Law No. 308/2017. Implementation of KYC and KYB policies, transaction monitoring under Travel Rule, mandatory reporting of suspicious transactions.

Transparency and conflicts of interest Publication of pricing and fee policies. Mandatory disclosure of the carbon footprint of each crypto-asset. Written policy for identifying and managing conflicts of interest. Management members must meet professional reputation and qualification requirements.

IT security and wind-down plan Reliable IT systems, disaster recovery plan. Each CASP is required to develop an orderly wind-down plan in the event of market exit or license revocation.

9. Prohibition of insider trading and market manipulation

For crypto-assets admitted to trading, the law introduces rules analogous to those of the traditional securities market. Expressly prohibited:

• Trading using insider (privileged) information
• Unauthorized disclosure of insider data to third parties
• Wash trading, creation of false trading signals, artificial price fixing
• Dissemination of knowingly false information affecting asset value

Issuers are required to immediately publish privileged information. Deferring disclosure is only permitted in strictly limited circumstances with notification to the NCFM.

10. Fines and sanctions: specific amounts from the law

The "whichever is higher" principle applies. In addition to administrative liability, the law expressly provides for criminal liability under the Criminal Code of Moldova.

License revocation and a fine of up to 15% of annual turnover is not a warning. It is an existential threat to any crypto business.

The specific amounts of sanctions and the procedure for their application will be definitively determined in the final version of the law and in regulators' secondary legislation.

11. How the Moldovan law differs from MiCA: an honest comparison

The law is a partial transposition of EU Regulation 2023/1114 (MiCA). The key word is "partial." This is simultaneously the document's strength and its risk.

What aligns with MiCA Three-tier asset classification, mandatory White Paper, capital requirements (50K–150K EUR), prohibition of market manipulation, authorization system, AML/KYC and Travel Rule requirements.

Key difference: no passporting MiCA gives CASPs "passporting" rights: obtaining a license in one EU country allows operation across all 27. The Moldovan license is valid only in Moldova. Separate authorization will still be required to access the EU market.

Risk of "partial transposition": many critically important details — especially prudential requirements for ART/EMT issuer reserve composition — are left to secondary legislation by the NBM and NCFM, which has yet to be developed. The law may be adopted, but without clear regulatory guidance it will be impossible to launch a legal stablecoin. The regulatory rulemaking of the NBM and NCFM will need to be monitored closely — the critical details will be found there.

12. Taxation of cryptocurrencies in Moldova

The Law on the Crypto-Asset Market does not directly regulate taxation. However, it creates the basis for legally declaring income from crypto-assets.

According to the Finance Minister's statement, income from selling a crypto-asset at a price higher than the purchase price is taxed at a rate of 12% — like any other income of a resident natural person. For legal entities, income is included in the taxable base on general terms.

The detailed tax base for crypto-assets has not yet been set out in secondary legislation. This section will be updated following publication of the relevant regulations.

13. Timeline: when everything takes effect

APRIL 2026 — Draft published, public discussion. The Ministry of Finance and NBM presented the draft. The document has been submitted to the Government for approval.

DECEMBER 2026 (PLAN) — Parliamentary adoption, publication in the Monitorul Oficial. The six-month transition period begins from publication. NBM and NCFM develop secondary legislation.

~JUNE 2027 — Law enters into force. Acceptance of CASP authorization applications. Existing operators must either obtain a license or cease operations.

NOW — Optimal time for preparation. Legal audit, compliance strategy, document preparation. Those who start now will be first to market.

14. FAQ: answers to key questions

1. Can a crypto business be opened in Moldova now? No. Until the law enters into force, the provision of professional crypto services in Moldova is prohibited by Law No. 308/2017. CASP authorization applications may only be submitted after the law and NCFM secondary legislation are adopted.

2. Is a Moldovan license required if the company is registered, for example, in Estonia? Yes, if you are actually providing services to users in Moldova. The law applies to any persons conducting activities on the territory of the country, regardless of place of registration.

3. Are NFTs regulated by the new law? NFTs (unique non-fungible tokens) are formally excluded from the law's scope. However, this exclusion is not absolute: if a token in fact possesses fungibility characteristics or is used as an investment instrument, it may be reclassified as a regulated crypto-asset.

4. When will it be possible to apply for CASP authorization? After the law enters into force (~June 2027) and the NCFM's secondary legislation is adopted. Based on experience from similar jurisdictions (Estonia, Lithuania), the application review procedure takes 3 to 6 months.

5. How much does CASP authorization in Moldova cost? State fee amounts have not yet been established. Based on Estonian and Lithuanian experience, total costs (state fee, legal support, development of AML/KYC policies) range from 10,000 to 30,000 EUR depending on the service category.

6. Does a Moldovan license grant the right to operate in the EU? No. Moldovan CASP authorization is valid only on the territory of Moldova. Separate authorization in one of the EU member states will be required to access the EU market.

7. Will it be possible to pay with bitcoin in Moldovan stores? The law does not provide for the use of crypto-assets as a means of payment on the territory of Moldova. The national currency remains the Moldovan leu, and crypto-asset settlements are in practice limited by existing currency and financial regulation.

8. What happens if operations continue without a license after the law enters into force? Administrative fines, forced cessation of activities, and criminal liability. This is precisely why preparation for authorization should begin well in advance.

15. Business checklist: what to do right now

Legal analysis

• Determine whether current activities fall within the scope of the law
• Verify that no applicable exceptions exist (NFTs, intra-group operations)
• Determine the CASP category (1, 2, or 3) for your business model in Moldova

Capital and finance

• Check share capital against category requirements
• Assess ¼ of fixed costs as an alternative threshold
• Prepare a recapitalization plan if necessary

Compliance and AML

• Audit and adapt AML/KYC policies for Moldova
• Verify Travel Rule compliance
• Appoint or hire a compliance officer

Authorization documentation

• Draft the Program of Operations
• Develop a conflicts of interest management policy
• Prepare a business continuity plan and an orderly wind-down plan
• If applicable — begin preparing the White Paper

The draft Law on the Crypto-Asset Market is the infrastructure solution the market has been waiting for. It opens access to banking services, removes barriers to attracting investors, and creates predictable rules.

Companies that begin preparing before the law enters into force will be in a fundamentally better position: they will enter the market already authorized — while competitors are still working through the requirements. The six-month transition period is sufficient for document preparation — but not for building a system from scratch.

The main risk for business right now is not the law itself, but the illusion that "it is too early to prepare."

In practice, it is precisely during the transition period that the market takes shape: some participants enter with a ready structure and license, others — with questions and lost time.

Ready for CASP authorization?

Legitimus.md supports IT projects, fintech companies, and crypto projects: from legal audit and compliance strategy to preparing the document package for NCFM authorization.

office@legitimus.md | legitimus.md

This material is for informational purposes only and does not constitute legal advice. For an assessment of your specific situation, please contact the specialists at Legitimus.md. https://www.legitimus.md/ro/reservation