Officialization of Cryptocurrencies in the Republic of Moldova: Opportunity or Risk for Financial Stability?

Abstract

The accelerated evolution of financial technologies and digital assets has generated systemic transformations at the global level, putting states in front of the need to choose between innovation and stability. In the Republic of Moldova, the phenomenon of cryptocurrencies remains partially regulated, operating in a legislative "gray area" that balances between economic potential and financial integrity risks. The paper aims to analyze the duality of the officialization of cryptocurrencies in the Republic of Moldova, assessing the impact of this process on financial stability and substantiating a regulatory integration strategy based on international good practices. The research is based on a qualitative approach, using the comparative analysis of regulatory models from Canada and Estonia, the method of monetary and legal risk synthesis, as well as a case study on cross-border intermediation mechanisms used by domestic fintech entities. The results indicate that, although the authorities maintain a conservative attitude, the local market has developed adaptation solutions through international intermediation (e.g. the BPay model through the jurisdiction of Canada), operating under strict prudential limits (50,000 MDL/month). The analysis reveals that phased regulation can convert the risks of evasion and money laundering into opportunities for tax transparency and attracting investment. The author concludes that the officialization of cryptocurrencies in the Republic of Moldova is appropriate only under conditions of rigorous alignment with the European MiCA and DAC 8 standards. The implications of the study suggest the need to reform Law 308/2017, clearly define assets in the tax code and establish reporting obligations for issuers, thus ensuring a sustainable balance between digital modernization and the resilience of the national financial system. CZU: 336.747.5:347.73(478); GEL: E42, G28