LAW OF THE REPUBLIC OF MOLDOVA

of August 24, 2026 No. 180

About the market of cryptoassets

The Parliament adopts this organic law.

This law partially shifts Regulations (EU) of the European parliament and Council 2023/1114 of May 31, 2023 about the markets of cryptoassets and modification of Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and the Directive 2013/36/EU and (EU) 2019/1937, published in the Official magazine of the European Union by L 150 of June 9, 2023, CELEX: 32023R1114, with the last changes made by Regulations (EU) of the European parliament and Council 2023/2869 of December 13, 2023.

Chapter I. Basic provisions

Article 1. Subject and purpose of the law

(This law establishes 1) and regulates:

a) requirements to public offer of cryptoassets (further – public offer) and to the admission of cryptoassets to the biddings on platform for trade in cryptoassets (further – admission to trading) as the cryptoassets other than tokens with binding to assets and tokens of electronic money, and tokens with binding to assets and tokens of electronic money, and also the requirement to service providers in the field of cryptoassets;

b) requirements to transparency and publication of information concerning release, public offer and admission to trading of cryptoassets;

c) requirements to issue of permission to service providers in the field of cryptoassets, to issuers of tokens with binding to assets, issuers of tokens of electronic money, supervision of such suppliers, and also to their functioning, the organization and management of them;

d) requirements to protection of holders of cryptoassets in case of release of cryptoassets, public offer and admission to trading of cryptoassets;

e) requirements to protection of clients of service providers in the field of cryptoassets;

f) measures for prevention of abuse of the insider information, illegal disclosure of the insider information and market manipulation of cryptoassets for the purpose of ensuring integrity of the corresponding markets.

(2) This law is directed to creation of the basic legal basis for development and proper, transparent and safe functioning of the market of cryptoassets, ensuring pro rata approach and increase in legal definiteness for issuers and service providers in the field of cryptoassets, protection of legitimate rights and interests of holders and investors, including by application of requirements for the prevention and anti-money laundering, for the purpose of preserving financial stability, stimulation of technology development and innovations in this market according to the European and international standards.

Article 2. Scope

(1) This law extends on the physical persons and legal entity of the Republic of Moldova, foreign physical persons and legal entities and persons without citizenship participating in release of cryptoassets, their public offer and admission to trading or providing services in the field of cryptoassets or performing the activities connected with cryptoassets in the market of cryptoassets in the Republic of Moldova.

(2) This law does not extend on:

a) persons providing services in the field of cryptoassets to only parent entities, own branches or other branches of the parent entities;

b) the liquidator or the managing director of process of insolvency operating during the procedure of insolvency, except for case when it is effective for the purposes of Article 44;

c) National Bank of Moldova when it is effective as body of implementation of monetary management according to provisions of Items and), g), i) parts (1) article 5 of the Law on National Bank of Moldova No. 548/1995 (further – the Law No. 548/1995);

d) bodies of the public power;

e) international and regional bodies, such as European Central Bank, European Investment Bank, European Financial Stability Facility and European mechanism of stability;

f) the public international organizations, including the International Monetary Fund and International settlements bank.

(3) This law does not extend to the unique cryptoassets which are not interchanged with other cryptoassets.

(4) This law does not extend to cryptoassets which concern to one or several of the following types:

a) financial instruments;

b) deposits, including the structured deposits, in the value determined by the legislation on the markets of financial instruments and investing activities;

c) money, except as specified, when they are recognized tokens of electronic money;

d) securitization line items within securitization according to the legislation governing the relations in the field of securitization;

e) the products of general insurance or life insurance belonging to the classes of insurance, stipulated by the legislation in the field of insurance or reinsurance activity or to the agreements or programs of reinsurance and retrocession provided by the relevant legislation;

f) the pension products falling under operation of the Law on the optional pension funds No. 198/2020 (further – the Law No. 198/2020) which main objective providing the investor with the income in case of retirement is recognized and which grant it the right to certain payments;

g) officially acknowledged systems of professional provision of pensions, including the professional pension funds falling under operation of the Law No. 198/2020;

h) individual pension products concerning which the regulatory base provides financial contribution from the employer and the employer or the worker cannot choose pension product or the service provider;

i) the all-European individual pension product, stipulated by the legislation about the all-European individual pension products;

j) social security systems, such as the state system of social insurance, the system of compulsory medical insurance, the public pension system and/or other systems of social protection provided by the national legal system.

(5) for the purposes of Item a) parts (the National commission on the financial market establishes 4) regulations of condition and criteria of reference of cryptoassets to financial instruments according to the legislation in the field of the capital market and the legislation on the markets of financial instruments and investing activities.

(6) the Payments and money transfers in national or foreign currency performed in connection with release of cryptoassets, public offer of cryptoassets, the admission of cryptoassets to the biddings implementation of the right to refusal, the redemption of cryptoassets in the cases provided by this law, or provision of services in the field of cryptoassets are performed, depending on circumstances, with observance of provisions of the Law on payment services and electronic money No. 114/2012 (further – the Law No. 114/2012), the Law on currency control No. 62/2008 (further – the Law No. 62/2008) and regulations on enforcement of the specified laws.

Article 3. Concepts

(1) for the purposes of this law the following concepts are applied:

1) the managing director of alternative investment fund (MDAIF) – in the value determined by the legislation on financial instruments and investing activities;

2) the address of the distributed register – the alphanumeric code identifying the address in the network using technology of the distributed register (DLT) or similar technology from which can be transferred and on which cryptoassets can arrive;

3) other states – the states, including state members of the European Union (EU) and state members of Organization for Economic Cooperation and Development (OECD), except for jurisdictions and autonomous regions included in lists of Group of development of financial measures of anti-money laundering (FATF) of jurisdictions of high risk and the jurisdictions which are under the strengthened monitoring in the list of the EU of the jurisdictions which are not cooperating for tax purposes, and in the list of the EU of the third countries having strategic shortcomings of the modes of the prevention and anti-money laundering and terrorism financing;

4) ensuring management of portfolios of cryptoassets – discretionary and individual management of the portfolios including one or several cryptoassets within the powers conferred by the client;

5) ensuring storage and administration of cryptoassets on behalf of clients – safe storage of cryptoassets or implementation on behalf of clients of control of cryptoassets or access facilities to such cryptoassets, including in the form of private cryptographic keys;

6) competent authority – The national commission on the financial market (further – the National commission) or National Bank of Moldova (further – National Bank) depending on the sphere of powers, stipulated in Clause 85;

7) the ATM for cryptoassets either crypto-ATM – physical or the online terminals allowing the service provider to perform in the field of cryptoassets mainly activities for provision of services for transfer of cryptoassets according to the subitem j) Item 52) this part;

8) the receiver – person to whom transfer of cryptoassets is intended;

9) the client – any physical person or legal entity to which the service provider in the field of cryptoassets provides services in the field of cryptoassets according to this law;

10) the account of cryptoassets – the count which is kept by the service provider in the field of cryptoassets on behalf of one or several physical persons or legal entities and can be used for implementation of transfers of cryptoassets;

11) cryptoasset – digital representation of cost or the right which can be translated and be stored in electronic format with use of technology of the distributed register or similar technology;

12) simultaneous purchase and sale at own expense – in the value determined by the legislation on the markets of financial instruments and investing activities;

13) personal data – in the value determined in Article 4 of the Marine life protection act of personal data No. 195/2024 (further – the Law No. 195/2024);

14) the deposit – in the value determined in article 2 of the Law on guaranteeing deposits in banks No. 160/2023 (further – the Law No. 160/2023);

15) the retail holder – any physical person acting for the purpose of, not connected with its business, economic, craft or professional activity;

16) the issuer – the physical person or legal entity issuing cryptoassets;

17) the issuer applicant – the issuer of tokens with binding to assets or tokens of electronic money which addresses for issue of permission to implementation of public offer of the corresponding cryptoassets or for their admission to trading;

18) execution of the orders connected with cryptoassets on behalf of clients – the conclusion on behalf of clients of purchase agreements or sale of one or several cryptoassets or about subscription on behalf of clients to one or several cryptoassets, including the conclusion of sales agreements of cryptoassets at the time of their public offer or admission to trading;

19) branch – in the value determined in article 3 of the Law No. 114/2012;

20) investment company – in the value determined by the legislation on financial instruments and investing activities;

21) money – means in the value determined in article 3 of the Law No. 114/2012;

22) provision of services on transfer of cryptoassets on behalf of clients – provision of services on transfer of cryptoassets on behalf of physical person or legal entity from one address of the distributed register on another or from one account of the distributed register on another;

23) the service provider in the field of cryptoassets – the legal entity whose professional activity is provision to clients of one or several services in the field of cryptoassets and who has permission to provision of services in the field of cryptoassets according to Article 53;

24) group – in the value determined in article 3 of the Law No. 114/2012;

25) the initiator – the person who is the account holder of cryptoasset which is conducted by the service provider in the field of cryptoassets, the address of the distributed register or the device allowing to store cryptoassets, and resolving transfer of cryptoassets from the corresponding account, the address of the distributed register or the device or, in the absence of such account, the address of the distributed register or the device, – the person giving the remittance order of cryptoassets or initiating such transfer;

26) credit institute – in the value used in the legislation in the field of banking activity;

27) payment organization – payment society in the value determined in article 3 of the Law No. 114/2012;

28) organization – the issuer of electronic money – the society issuing electronic money in the value determined in article 3 of the Law No. 114/2012;

29) financial instruments – in the value determined by the legislation on the markets of financial instruments and investing activities;

30) the online interface – any software, including the website, the Section of the website or application which is operated the offerer of cryptoassets or the service provider in the field of cryptoassets or from his name and serves for provision to holders of cryptoassets of access to the cryptoassets belonging to them, and clients – access to services in the field of cryptoassets;

31) the skilled investor – the professional client, in the value determined by the legislation on the markets of financial instruments and investing activities;

32) parent entity – in the value determined in article 3 of the Law No. 114/2012;

33) close ties – in the value determined by the legislation on the markets of financial instruments and investing activities;

34) the consensus mechanism – rules and procedures by means of which between nodes of DLT network consent concerning confirmation of the transaction is reached;

35) electronic money – in the value determined in article 3 of the Law No. 114/2012;

36) official currency – national currency (leu) in the value determined in article 3 of the Law on money No. 1232/1992, or foreign currency in the value determined in article 3 of the Law No. 62/2008;

37) node of technology of the distributed register or node of DLT network – the device or process which is part of network and contains the complete or partial copy of entries according to all transactions in the distributed register;

38) provision of consultations on cryptoassets – provision or development of personal recommendations to the client or consent to development of such recommendations about request of the client or at the initiative of the service provider in the field of cryptoassets providing consultations concerning one or several transactions with cryptoassets or use of services in the field of cryptoassets;

39) the offerer – physical person or legal entity or the issuer performing public offer of cryptoassets;

40) public offer – the message addressed to certain persons in any form and by all means, containing the sufficient information about conditions of the offer and the offered cryptoassets allowing potential holders to make the decision on acquisition of the corresponding cryptoassets;

41) management of platform for trade in cryptoassets – management of one or several multilateral systems which reduce or promote data of interests of the several third parties on purchase and sale of cryptoassets within such system and according to its rules that as a result leads to the conclusion of the agreement by exchange of cryptoassets for money or exchange of cryptoassets for other cryptoassets;

42) governing body – the body or bodies of the issuer, offerer of cryptoassets, person requesting the admission of cryptoassets to the biddings, or the service provider in the field of cryptoassets appointed according to the charter of the subject and the legislation applicable to the corresponding form of business to which powers by determination of strategy, the purposes and general activity of the subject, and also on implementation of supervision and control of process of adoption of decisions by it are assigned and which part persons who are actually leading activities of the subject are;

43) qualified participation – immediate or indirect possession by participation in the issuer of tokens with binding to the assets or the service provider in the field of cryptoassets constituting at least 10 percent of the capital or voting powers or allowing to have significant effect on management of the issuer of tokens with binding to assets or the service provider in the field of cryptoassets in whom there is the corresponding participation. Immediate and indirect possession is determined according to regulations of the National commission;

44) placement of cryptoassets – realization of cryptoassets to buyers from name or at the expense of the offerer or the party connected with the offerer;

45) the payment service provider – in value, the stipulated in Article 5 Laws No. 114/2012;

46) obtaining and transfer of the orders connected with cryptoassets on behalf of clients – obtaining on behalf of the order on purchase or sale of one or several cryptoassets or on subscription to one or several cryptoassets and transfer of the corresponding order to the third party for execution;

47) the distributed register – the information register in which records about transactions are kept, shared set of nodes of DLT network and synchronized between them by means of the consensus mechanism;

48) reserve of assets – set of the reserve assets providing right to claim against the issuer;

49) exchange of cryptoassets for other cryptoassets – the conclusion with clients of purchase agreements or sales of cryptoassets in exchange for other cryptoassets at the expense of equity;

50) exchange of cryptoassets for money – the conclusion with clients of purchase agreements or sales of cryptoassets in exchange for money at the expense of equity;

51) payment services – in value, the stipulated in Article 4 Laws No. 114/2012;

52) service in the field of cryptoassets – any of the following services and types of activity relating to any cryptoassets regulated by this law:

a) ensuring storage and administration of cryptoassets on behalf of clients;

b) management of platform for trade in cryptoassets;

c) exchange of cryptoassets for money;

d) exchange of cryptoassets for other cryptoassets;

e) execution of the orders connected with cryptoassets on behalf of clients;

f) placement of cryptoassets;

g) obtaining and transfer of the orders connected with cryptoassets on behalf of clients;

h) provision of consultations on cryptoassets;

i) ensuring management of portfolios of cryptoassets;

j) provision of services on transfer of cryptoassets on behalf of clients;

53) society on management of the organization of collective investment into securities (OKITsB) or society on management of OKITsB – in value, stipulated by the legislation in the field of investment funds;

54) department – separate division of the legal entity, in value, stipulated in Article 240 Civil codes No. 1107/2002, performing activities of credit institute, Central Securities Depository, investment company, operator of the market, society for management of OKITsB managing alternative investment funds, payment organization, the insurance company, organization – the issuer of electronic money or organization of professional provision of pensions;

55) technology of the distributed register or DLT – the technology providing functioning and use of the distributed registers;

56) token of electronic money – the type of cryptoassets intended for maintenance of stable cost by binding to the cost of official currency;

57) token with binding to assets – the cryptoasset type other than token of electronic money intended for maintenance of stable cost by binding to other cost or other right or to their combination, including to one or several official currencies;

58) utilitarian token – the cryptoasset type intended only for ensuring access to the goods or service provided by his issuer;

59) transfer of cryptoassets – any transaction which purpose is transfer of cryptoassets from the address of the distributed register, from the account of cryptoassets or from other device allowing to store cryptoassets, to other address, other account of cryptoassets or other device, performed by at least one service provider in the field of cryptoassets acting on behalf of the initiator or the receiver irrespective of whether the initiator and the receiver are the same person and whether are the service provider in the field of cryptoassets of the initiator and the service provider in the field of the receiver's cryptoassets the same person.

(2) Competent authorities depending on the sphere of powers established according to Article 85, can adopt regulations on enforcement of this law which disaggregate technical elements, criteria of application, the procedure, formats and methods of submission of the reporting relating to the concepts provided by part (1), including taking into account market development and technological tendencies, without change, restriction or expansion of content of the concepts used in this law.

Chapter II. The cryptoassets other than tokens with binding to assets or tokens of electronic money

Article 4. Public offers of the cryptoassets other than tokens with binding to assets or tokens of electronic money

(1) Person can perform public offer of the cryptoasset other than token with binding to assets or token of electronic money, only if it:

a) is the legal entity founded in form of business of limited liability company or joint-stock company and registered in the Republic of Moldova or the legal entity registered in other state;

b) constituted the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 6;

c) notified on the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 8;

d) published the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 9;

e) in appropriate cases prepared marketing messages concerning the corresponding cryptoasset according to Article 7;

f) in appropriate cases published marketing messages concerning the corresponding cryptoasset according to Article 9;

g) fulfills requirements to offerers, stipulated in Article 14.

(2) Provisions of Items b), c), d) and f) parts (1) are not applied to one of the following public offers of the cryptoassets other than tokens with binding to assets or tokens of electronic money:

a) to the public offer addressed to less than 150 physical persons or legal entity of the Republic of Moldova or any other state (on each state) provided that such persons act on its own behalf;

b) to public offer of cryptoasset which total cost within 12 months from the moment of initiation of the offer, does not exceed 1 000 000 euros (in the leevy equivalent calculated using the official rate of the Moldovan leu established by National Bank) or equivalent cost in cryptoassets;

c) to the public offer of cryptoasset addressed to exclusively skilled investors provided that the cryptoasset can be in ownership only of such skilled investors.

(3) This Chapter is not applied to public offers of the cryptoassets other than tokens with binding to assets or tokens of electronic money, in the following cases:

a) the cryptoasset is offered free of charge;

b) the cryptoasset is created automatically as remuneration for maintaining the distributed register or confirmation of transactions;

c) the offer belongs to the utilitarian token providing access to the existing goods or the operating service;

d) the holder of cryptoasset has the right to use it only in exchange for goods and services in limited network of dealers based on contractual agreements with the offerer.

(4) for the purposes of Item a) parts (3) the cryptoasset is not recognized offered free of charge if in exchange for it buyers provide to the offerer the personal data or assume liability to present them or if the offerer earns from potential holders of cryptoasset reward, the commission or any other material or intangible benefits in exchange for this cryptoasset.

(5) If during any 12-month period from the moment of the beginning of primary public offer total cost of public offer of cryptoasset under the circumstances specified in Item d) parts (3), 1 000 000 euros (in the leevy equivalent calculated using the official rate of the Moldovan leu established by National Bank of Moldova exceed), the offerer sends to the National commission the notification in which the offer is described and the bases on which this offer is exempted from application of this Chapter based on Item d) parts are given (3). The national commission considers the notification within 20 working days from the date of its obtaining. During consideration the National commission can request the additional information, explanations or documents from the offerer and establishes the term of their representation which cannot exceed 20 working days from the date of sending an inquiry. The term of consideration stops from the date of sending an inquiry before receipt of the requested information, explanations or documents. In case of establishment of discrepancy of activities to criteria of release from the obligation provided for limited network according to Item d) parts (3), the National commission based on the specified notification makes properly motivated decision and notifies on it the offerer.

(6) the Releases provided by parts (2) and (3), do not extend to offerers – the legal entities registered in other states and intending to perform public offer of the cryptoasset other than token with binding to assets or token of electronic money and also if the offerer or other person acting on behalf of the offerer in any message declares intention to request admission to trading of the cryptoasset other than token with binding to assets or token of electronic money.

(7) Receipt of permission of the service provider in the field of cryptoassets according to Article 53 is not required for ensuring storage and administration of cryptoassets on behalf of clients or for provision of services on transfer of cryptoassets concerning cryptoassets to which public offer release according to part (3), except for the following cases extends:

a) there is other public offer of the same cryptoasset to which the corresponding release does not extend; or

b) the offered cryptoasset is admitted to trading on trade platform.

(8) If the public offer of the cryptoasset other than token with binding to assets or token of electronic money, belongs to the utilitarian token providing access to yet not existing goods or the services which are not operating yet, the term of public offer specified in the white book of cryptoassets shall not exceed 12 months from the date of publication of the white book of cryptoassets.

(9) Any subsequent public offer of the cryptoasset other than token with binding to assets or token of electronic money, is recognized separate public offer to which requirements of part (1) are applied, without prejudice to possible application of requirements of part (2) or (3) to this subsequent public offer.

(10) the subsequent public offer of the cryptoasset other than token with binding to assets or token of electronic money, does not require creation of the additional white book of cryptoassets if the white book of cryptoassets was published according to Articles 9 and 12 and person responsible for its creation gives the written consent to its use.

(11) If concerning public offer of the cryptoasset other than token with binding to assets or token of electronic money, there is no obligation on publication of the white book of cryptoassets according to part (2) or (3), but the white book of cryptoassets nevertheless is constituted on voluntary basis, provisions of this Chapter are applied.

Article 5. Admission to trading of the cryptoassets other than tokens with binding to assets or tokens of electronic money

(1) Person can request admission to trading of the cryptoasset other than token with binding to assets or token of electronic money, only if corresponds to the following conditions:

a) is the legal entity founded in form of business of limited liability company or joint-stock company and registered in the Republic of Moldova or the legal entity registered in other state;

b) constituted the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 6;

c) notified on the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 8;

d) published the white book of cryptoassets in relation to the corresponding cryptoasset according to Article 9;

e) in appropriate cases prepared marketing messages concerning the corresponding cryptoasset according to Article 7;

f) in appropriate cases published marketing messages concerning the corresponding cryptoasset according to Article 9;

g) fulfills requirements to persons requesting admission to trading, stipulated in Article 14.

(2) If in the cases provided by this law, the cryptoasset is admitted to trading at the initiative of the operator of trade platform without publication of the white book according to the procedure, stipulated in Clause 9, the operator of the specified trade platform shall observe the requirements provided by part (1).

(3) In departure from part (1) person requesting admission to trading of the cryptoasset other than token with binding to assets or token of electronic money, and the operator of the corresponding trade platform can sign the written agreement according to which the operator of trade platform observes everything or part of the requirements provided by Items b) – g) parts (1).

(4) In the written agreement provided by part (3), accurately it is specified that person requesting admission to trading shall provide to the operator of trade platform all information necessary for accomplishment by this operator of the requirements provided by Items b) – g) parts (1), depending on circumstances.

Article 6. Content and form of the white book of the cryptoassets other than tokens with binding to assets or tokens of electronic money

(1) the White book of cryptoassets contains the following information which is in detail stated in annex 1:

a) information on the offerer or person requesting admission to trading;

b) information on the issuer if the issuer differs from the offerer or person requesting admission to trading;

c) information on the operator of trade platform in cases when he constitutes the white book of cryptoassets;

d) cryptoasset project information;

e) information on public offer of cryptoasset or its admission to trading;

f) information on cryptoasset;

g) information on the rights and obligations connected with cryptoasset;

h) information on basic technology;

i) information on risks;

j) information on the main negative effects for climate and other negative effects for the environment connected with the consensus mechanism used for release of cryptoasset.

(2) In cases when the white book of cryptoassets is constituted by person which is not specified in Items a) – c) part (1), in it information on person who constituted the white book of cryptoassets and the reason of its creation by this person is specified.

(3) All information specified in part (1), shall be reliable, clear and not mislead. The white book of cryptoassets shall not contain essential omissions and shall be provided in form, compressed and available to understanding.

(4) the White book of cryptoassets shall contain accurate and noticeable specifying of the following content on the first page:

"This white book of cryptoassets is not approved by the National commission on the financial market or other competent authorities of the Republic of Moldova. The offerer of cryptoasset bears complete responsibility for the content of this white book of cryptoassets.".

(5) If the white book of cryptoassets is constituted by person requesting admission to trading or the operator of trade platform, in the specifying provided by part (4), instead of the reference to the offerer the reference to person requesting admission to trading or to the operator of trade platform is given.

(6) the White book of cryptoassets shall not contain any approvals of rather future cost of cryptoasset, except for the specifying provided by part (7).

(7) the White book of cryptoassets contains accurate and unambiguous specifying that:

a) the cryptoasset can lose the cost in parts or in full;

b) the cryptoasset is not always subject to transfer;

c) the cryptoasset can be illiquid;

d) if the public offer belongs to utilitarian token, such utilitarian token to appear it can is impossible to exchange for the goods or service promised in the white book of cryptoassets, especially in case of unsuccessful development of the project or its termination;

e) the cryptoasset is not guaranteed by schemes of compensation to investors according to the Law No. 171/2012;

f) the cryptoasset is not guaranteed by schemes of guaranteeing deposits according to the Law No. 160/2023.

(8) the White book of cryptoassets contains the statement of governing body of the offerer, person requesting admission to trading or the operator of trade platform. In such statement placed after the specifying provided by part (4), proves to be true that the white book of cryptoassets conforms to the requirements established by this Chapter and, for information which is available for governing body, information provided in it is reliable, clear, not misleading, at the same time the white book does not contain the omissions capable to influence its content.

(9) the White book of cryptoassets contains the summary placed after the statement specified in part (8), in which in a condensed form and the available nontechnical language states key information on public offer of cryptoasset or on intention to get its admission to trading. The summary shall be the lung for understanding which are drawn up on the page in format, accurate and available to perception, with use of font of the readable size. The summary of the white book of cryptoassets contains the proper data on characteristics of the corresponding cryptoasset allowing potential holders of cryptoasset to make reasoned decision.

The summary contains the prevention according to which:

a) the summary should be considered as introduction to the white book of cryptoassets;

b) in case of adoption of any decision on acquisition of cryptoasset the potential holder should be guided by the white book of cryptoassets in general, and not just summary;

c) the public offer of cryptoasset is not the offer of financial instruments or the invitation to acquire financial instruments and any such offer or the invitation can be made only by means of the prospectus or other documents of the offer according to the applicable legal base;

d) the white book of cryptoassets is not the prospectus in the value provided by the Law No. 171/2012, or other document of the offer according to the legal base of the Republic of Moldova.

(10) In the white book of cryptoassets date of the notification on it and table of contents are specified.

(11) the White book of cryptoassets is constituted in Romanian.

(12) the White book of cryptoassets shall be available in machine-readable format.

(13) the National commission adopts the regulations on enforcement of this law establishing requirements and/or technical standards for standard forms, formats and templates for the purposes of part (12).

(14) the National commission adopts the regulations on enforcement of this law establishing requirements and/or technical standards for content, methodology and procedure for representation specified in Item j) parts (1) the data concerning the indicators of stability connected with negative effects for climate and other negative effects for the environment. In case of development of the requirements specified in this part and/or technical standards the National commission considers different types of the mechanisms of consensus used for confirmation of transactions with cryptoassets, structure of the incentives provided by them, energy use, including energies from renewable sources, and natural resources and also formation of waste and emissions of greenhouse gases. The national commission updates such requirements and/or technical standards taking into account technological changes and changes in the field of regulation.

Article 7. The marketing messages concerning the cryptoasset other than token with binding to assets or token of electronic money

(1) Any marketing messages concerning public offer of the cryptoasset other than token with binding to assets or token of electronic money, or the admission of such cryptoasset to the biddings conform in total to the following requirements:

a) marketing messages are accurately designated as such;

b) information containing in marketing messages is reliable, clear and not misleading;

c) information containing in marketing messages corresponds to information containing in the white book of cryptoassets containing in the white book of cryptoassets if according to Articles 4 or 5 creation of the white book of cryptoassets is required;

d) in marketing messages the fact of publication of the white book of cryptoassets, the address of the web page of the offerer, person requesting admission to trading or the operator of trade platform for the corresponding cryptoasset, and also phone number and the e-mail address for communication with the corresponding person accurately is specified;

e) marketing messages contain accurate and noticeable specifying of the following content: "This marketing message on cryptoassets was not checked and did not affirm the National commission on the financial market or other competent authorities of the Republic of Moldova. The responsibility for the content of this marketing message on cryptoassets is born only by the offerer.".

(2) If the marketing message is prepared by person requesting admission to trading or the operator of trade platform, in specifying, stipulated in Item e) parts (1), instead of the reference to the offerer the reference to person requesting admission to trading or to the operator of trade platform is given.

(3) In cases when according to Article 4 or 5 the white book of cryptoassets is required, distribution of marketing messages before publication of the white book of cryptoassets is not allowed. It does not limit possibility of the offerer, person requesting admission to trading or the operator of trade platform to hold events for market sounding.

(4) the National commission performs powers according to observance established in part (1) requirements for marketing messages.

Article 8. Notification on the white book of cryptoassets and marketing messages

(1) the Offerers, persons requesting admission to trading or operators of trade platforms for the cryptoassets other than tokens with binding to assets or tokens of electronic money, notify the National commission on the white book of cryptoassets.

(2) the Notification on marketing messages goes the National commission on its request if the specified messages are addressed to potential holders of the cryptoassets other than tokens with binding to assets or tokens of electronic money.

(3) the Notification on the white book of cryptoassets specified in part (1), does not require the advance approval of the white book of cryptoassets or the related marketing messages before their publication.

(4) the Notification on the white book of cryptoassets specified in part (1), is followed by the explanation of the reasons for which it is not necessary to recognize the cryptoasset described in the white book of cryptoassets:

a) cryptoasset to which operation of this law according to part (4) Article 2 does not extend;

b) token of electronic money; or

c) token with binding to assets.

(5) the Notification about specified in parts (1) and (4) documents goes the National commission not later than 20 working days before publication of the white book of cryptoassets.

(6) Together with the notification specified in part (1), the offerers and persons requesting admission to trading of the cryptoassets other than tokens with binding to assets or tokens of electronic money inform the National commission on expected start date of public offer or expected date of admission to trading, and also on any change of the corresponding date.

(7) the National commission within 20 working days from the date of receipt of the notification provided by part (1), checks completeness of the white book of cryptoassets, and also availability of all data and documents which shall be attached to it and to the notification according to this Article, Article 6 and regulations of the National commission. If the National commission determines that the white book of cryptoassets or the adequate notice are incomplete due to the lack of data or documents, it without delay, but no later than the termination of the next working day, informs on it, depending on circumstances, the offerer, person requesting admission to trading or the operator of trade platform and term for submission of missing data or documents which cannot exceed 20 working days from the date of sending an inquiry establishes. Before the expiration of the specified term current of the term provided by part (5), stops by law. The national commission can send to the offerer or the notifying person additional requests for the purpose of amendment or refining of the received data, however such requests do not attract suspension of the term provided by part (5). After receipt of all necessary data and establishment of completeness of the white book of cryptoassets and the adequate notice the National commission informs the notifying person on it. If does not provide the notifying person the requested information or documents at the scheduled time and there are no bases for recovery of the passed term, the National commission states silent refusal of the notification and informs on it the notifying person. Information provided after the expiration of fixed term is not considered within the adequate notice. The message on completeness of the white book of cryptoassets and the adequate notice is not approval of the white book of cryptoassets, does not confirm the accuracy, reliability or not misleading nature of information containing in it and does not exempt responsible persons from liability provided by this law.

(8) the National commission within five working days from the date of the message on completeness of the notification includes in the register of cryptoassets provided by part (1) Articles 95, information specified in parts (1), (2) and (4), information on expected start date of public offer or expected date of admission to trading, and also on any change of the corresponding date.

(9) based on part (4) Article 95 the National commission places the white book of cryptoassets in the register of cryptoassets before start date of public offer or admission to trading.

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