How to Buy Crypto and Bitcoin in Albania

Albania has embraced cryptocurrency, being one of the first European countries to regulate it, in May 2020. With a clear legal framework and a licensing regime for cryptocurrency exchanges, buying crypto in Albania is straightforward. 

The Albanian government has also implemented taxes on cryptocurrency income. The new regulations, which were passed by the Albanian Parliament include a 15% capital gains tax for individuals, classifying business-related crypto income as business income for tax purposes. 

Crucially, buying, selling, and swapping crypto is not considered illegal in Albania, which opens various avenues for convenience and security, enabling seamless participation in the crypto market with the backing of a regulated environment.

In this guide, we explore how Albanian-based enthusiasts can buy Bitcoin and other cryptocurrencies on CEX.IO, a popular and regulated exchange platform.

A Step-by-Step Guide: How to Buy Crypto in Albania

CEX.IO provides multiple avenues for Albanian-based enthusiasts to obtain Bitcoin, as well as other 200+ vetted assets, catering to all experience levels. 

Crypto-savvy participants can acquire crypto through Spot Trading, utilizing our user-friendly charts and real-time price analysis. 

On the other hand, those looking to avoid trading complexities can directly purchase crypto through Instant Buy. This functionality allows eligible users to seamlessly acquire crypto by connecting their credit and debit cards, or any other payment method supported in their jurisdiction, with the mobile or web crypto wallet, courtesy of CEX.IO. 

Below, we outline the steps for obtaining crypto through Instant Buy: 

1. Create an account following the on-page instructions. 
2. Complete the verification process to unlock full functionality on CEX.IO, including higher withdrawal limits and access to a broader range of trading features.
3. Navigate to Instant Buy from the dashboard or under the Products menu.
4. Specify the fiat currency you wish to use for purchasing crypto. Remember, CEX.IO currently supports EUR, USD, and GBP. 
5. Choose the cryptocurrency you wish to obtain from the list of vetted assets.  
6. Enter the amount of fiat you want to allocate to acquiring crypto. Alternatively, you can choose from predefined allotments.
7. Select your preferred funding method and follow the on-screen instructions to complete the crypto acquisition process. 

For mobile experience, eligible participants from Albania can download and install our dedicated crypto payment app. This application, compatible with both iOS and Android operating systems, facilitates the convenient management of user cryptocurrency portfolios from any location. Here are the steps to buy crypto through the CEX.IO app: 

1. Download the app from your iOS or Android store. 
2. Install the app following the in-app instructions. 
3. Launch the app and sign in using your credentials. 
4. Navigate to the designated Wallet section and locate the Buy function. 
5. Within the Buy section, select your preferred cryptocurrency from the list of available assets. 
6. Choose your preferred payment gateway for funding your purchase. 
7. Enter your desired purchase amount or choose from a predefined cryptocurrency package.
8. Complete the transaction following the in-app instructions.  

Disclaimer: While CEX.IO strives to offer a user-friendly platform for Albanian cryptocurrency enthusiasts, regulatory restrictions may limit the availability of certain payment methods. To ensure a smooth experience, we encourage all Albania-based customers to verify which payment methods are supported on our platform before attempting any purchases. CEX.IO remains committed to continually expanding its supported funding methods to better serve our global user base.

How to exchange crypto in Albania

Beside buying and selling crypto, eligible users from Albania can participate in other services within the CEX.IO ecosystem. Those looking to expand their portfolios at potentially more favorable market conditions can explore Spot Trading.  

This functionality allows enthusiasts to trade acquired assets against other crypto or fiat currencies. For instance, eligible participants can trade *Bitcoin (BTC) against Ethereum (ETH), Tether (USDT), and Dogecoin (DOGE). 

For users seeking a simpler way to diversify their crypto holdings, CEDEX offers a convenient alternative. This functionality empowers users to seamlessly swap crypto assets without the complexities of order book trading.

*While CEX.IO offers a comprehensive selection of cryptocurrencies, the availability of trading pairs (i.e., the ability to trade one cryptocurrency directly for another) can vary. We recommend reviewing our latest list of supported trading pairs on Spot Trading before initiating any crypto swaps or trades.

Legal Framework and Regulations in Albania

Unlike other countries, Albania has established a legal framework for cryptocurrencies with Law No. 66/2020, "On Financial Markets Based on Distributed Registry Technology." This law regulates the issuance and trading of digital currencies and tokens and requires any business dealing with cryptocurrency to obtain a license.

Local Crypto-Exchanges

When it comes to local exchanges, the licensing process is overseen by two government agencies: the Financial Supervision Authority (AMF) and the National Agency of Information Society (AKSHI). There are different licenses available depending on the specific cryptocurrency activity, such as exchange trading or custodial services.

To obtain a license, applicants must meet general and specific criteria established by the law. This includes submitting an application with supporting documentation that proves qualifications, financial stability, and adherence to anti-money laundering regulations. 

Additionally, there is a minimum initial capital requirement for certain licenses, such as the third-party portfolio custodian license.

Once licensed, businesses are required to pay an annual fee to AMF and AKSHI. The specific amount of this fee is determined by separate regulations.

International Exchanges

As for international exchanges, Albania-based customers can register on any platform that complies with international regulations.

A prime example of a reputable exchange platform for Albanian crypto enthusiasts is CEX.IO. Our platform allows Albanian residents to register and trade crypto using *supported fiat currencies. 

More importantly, Albanian-based participants can confidently choose CEX.IO due to our commitment to international financial compliance. 

This translates to two key benefits: CEX.IO holds multiple money transmitter licenses, authorizing our platform to operate in a wide range of jurisdictions, including Albania. These licenses ensure that CEX.IO adheres to the financial regulations and standards set by different regions, including Albania's requirements established by Law No. 66/2020. 

Additionally, CEX.IO goes beyond just holding licenses. We actively adhere to both international and local financial regulations. This ensures we meet the necessary legal requirements to operate in Albania, providing peace of mind for Albanian users. 

By choosing our exchange, Albanian crypto enthusiasts can participate in the cryptocurrency market with the confidence of knowing they're using a platform that adheres to international compliance standards and meets Albanian regulations. 

*Please remember we currently do not support Albanian Lek (ALL). As mentioned previously, eligible customers from Albania can choose between EUR, USD, and GBP when purchasing crypto on CEX.IO.

FAQs

Is it legal to buy cryptocurrency in Albania?

Yes, Albania-based enthusiasts can legally buy, sell, trade, and exchange crypto on locally and internationally licensed and regulated exchanges, including CEX.IO.

Is Albania a crypto-friendly country?

Albania's legal framework for cryptocurrencies, established by Law No. 66/2020, aims to promote responsible development in this financial sector. This means the country is trying to create a regulated environment that supports innovation while protecting crypto consumers and maintaining economic stability. 

Does Albania pay tax on crypto?

Yes, Albania has implemented Law No. 29/2023, "On income tax," effective since 2023. This new tax framework, outlined in the latest tax bill, mandates that any income generated by Albanian residents and businesses through cryptocurrency transactions or mining activities will be subject to income tax.