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Mr. Lee Gibson Grant
DT Moldova Ltd.
372 Brighton Road,
ShorehamBySea, UK
Dear Mr. Gibson,
We hereby inform you that the National Bank of Moldova (hereinafter referred to as the NBM) has examined your letter of 21.12.2016 from the point of view of its competence and attributions and communicates to you the following.
1. Referring to the operation of a virtual exchange platform on the territory of the Republic of Moldova.
According to the Virtual Bank Opinion of 04 July 2014 issued by the European Banking Authority, the virtual currency defined as a digital representation of the value that is not issued or guaranteed by any central bank or public authority is not necessarily attached to a national currency, but is used by individuals or legal entities as a means of exchange and can be transferred, stored or transacted electronically (money alternative).
Please note that the virtual currency is not a form of electronic money within the meaning of Law no. 114 of 18.05.2012 on payment services and electronic money and it can not be qualified as "national currency" or "foreign currency" as defined in art. 3 of Law no.62 of March 21, 2008 on foreign exchange regulation.
Currently, there are no legal provisions for virtual currencies as well as activities related to their use, such as their storage, transfer and exchange, but we would like to draw attention to the fact that, in the absence of regulation and supervision of virtual currency schemes , their use presents numerous potential risks to users and participants in the scheme (merchants, exchange platforms, virtual wallet providers, etc.) as well as to ensure the integrity of the financial system, which pertains to the perimeter of central bank attributions.
According to the above, the actual activity of exchange of virtual coins does not require any authorization from the NBM, while the operation on the territory of the Republic of Moldova of an exchange platform between virtual coins, as well as between the virtual currency and the national currency / foreign currency may constitute characteristics the field of payment service provision or foreign exchange operations.
In the context of the above, in order to explain the exact nature of the operation of the platform, the NBM requests additional information on:
- the financial and information flow diagram of payments, indicating all participants in the payment transactions (payers, actual beneficiaries, intermediary participants) related to the platform's activity;
- the functionalities and services offered through it;
- observance of the provisions of Law no. 190 of 26.07.2007 on the prevention and combating of money laundering and terrorist financing, in the context of the planned activity to be carried out.
2. Concerning informing the general public about the potential risks associated with the use of virtual coins.
On July 10, 2017, the NBM published on its website a communique on the virtual currency and associated risks:
http://bnm.md/ro/content/moneda-virtuala-si-riscuri-asociate3. On the opportunity of NBM participation in blockchain technology initiatives / projects.
The NBM is aware of the potential of blockchain technology for the financial system, including payment systems, and at the moment it evaluates the opportunity for its representatives to participate in projects organized or supported by licensed banks in the country, with the aim of channeling initiatives and efforts to research and implement technology in areas the NBM's tasks.
Respectfully,
Sergiu CIOCLEA
Governor
