CBK holds an informative workshop on the regulatory framework for licensing crypto-asset service providers

The Central Bank of the Republic of Kosovo (CBK) organized an informative workshop attended by representatives of institutions and stakeholders in the field of crypto-assets, focusing on the presentation of the regulatory framework for licensing crypto-asset service providers engaged in exchange activities. The Director of the Department for Supervision of Markets, MFIs, NBFIs, PIs, EMIs, and Crypto-Assets, Mr. Sokol Shasivari, opened the workshop by presenting the regulatory framework, outlining CBK’s supervisory expectations, and detailing the next steps in the licensing process.

CBK representatives emphasized that the regulation of this segment will be developed gradually and carefully, with the aim of integrating crypto-asset activities into a licensed and supervised environment, while preserving the country’s financial stability and, in particular, ensuring consumer protection.

The Regulation on Licensing of Crypto-Asset Service Providers, adopted by the CBK based on Law No. 08/L-295 on Crypto-Assets and aligned with the principles of the EU framework for Markets in Crypto-Assets (MiCA), lays the foundation for establishing a regulated and transparent crypto-asset market in Kosovo. It covers crypto-asset exchanges involving both fiat currencies (including ATMs) and other crypto-assets, within a clear legal and supervisory framework. This marks the first step toward licensing crypto-asset operators, to be followed by further regulatory developments aligned with the CBK’s Strategic Plan for the sustainable development of this sector.

During the workshop, the main elements of the framework were presented, including the following:

• Criteria for applying for, obtaining, and maintaining a license;
• Prudential requirements, including corporate governance and capital requirements;
• Obligations for transparency toward clients and for conduct with integrity and professionalism;
• Implementation of measures against money laundering and terrorist financing (AML/CFT); and
• Corrective and administrative measures applicable in cases of non-compliance with regulatory requirements.

The post-licensing phase was also addressed, during which crypto-asset operators will be subject to continuous supervision by the CBK, focusing on compliance with prudential standards and the protection of clients’ funds.

It was noted that this approach has been developed in consultation with other relevant national authorities and with the technical support of the International Monetary Fund (IMF), as part of efforts to strengthen the legal and supervisory framework in the field of crypto-assets.

In conclusion of this workshop, it was emphasized that the CBK remains committed to strengthening the legal and supervisory framework, safeguarding financial stability, and promoting the development of a sustainable crypto-asset market in Kosovo, ensuring transparency, market integrity, and consumer protection in line with the best European practices.