The Web Marketing Festival, organized by Search On Media Group, hosted more than 100 events and 600 speakers, welcoming guests from all over the world, including Nicola Gratteri, Alan Friedman, Irama, Pif, Pupi Avati, Giuliano Pisapia, Andrea Scanzi, Mattia Stanga, Giorgia Soleri, Linda Sarsour, the humanoid robot iCub3, and Sophia.

Three special hosts presented the event: Diletta Leotta, Russian presenter Natasha Stefanenko, and Ukrainian actress Anna Safroncik.

We met the founder, Cosmano Lombardo, who also officially announced the partnership with Albania Economia Magazine for the WMF International Roadshow Albania, scheduled for February 2023.

L'articolo Cosmano Lombardo: The World’s Largest Digital Innovation Festival Comes to Albania proviene da Albania Economia.

Mario Tonucci’s column on the Fintoken Act

The “Mario Tonucci Column”. The renowned lawyer and Founder of Tonucci & Partners launches his new contribution to Albania Economia with an in-depth analysis of the FINTOKEN ACT, a pioneering piece of legislation that places Albania at the centre of international attention.

Tonucci & Partners Albania

Tonucci & Partners Albania is currently one of the most highly recognised international law firms for the quality of its legal services in Albania.
The Firm started its activity in Albania in 1995 and is recognised among the leading law firms in the country, providing clients with professional services that meet the highest international standards.
Tonucci & Partners has offices in Tirana, Rome, Bucharest, Milan, Padua, Prato, Trieste, Naples and Foggia.
The law and consulting firm is ranked among the Top 100 law firms worldwide according to Forbes Italy.

References

Tonucci & Partners Albania was selected by the World Bank as exclusive legal advisor to the Albanian Government for the privatisation of major state-owned companies operating in strategic sectors, including oil and gas (Armo, Albpetrol), mining (Albchrome, Albaker) and telecommunications (AMC and Albtelecom).
The Firm has also actively contributed to the drafting of some of Albania’s most important laws, including the 1998 Constitution and the Albanian Customs Code.
The EU PHARE Commission and the Albanian Government selected Tonucci & Partners Albania as legal advisor and coordinator for reforms aimed at improving economic legislation in Albania.
The Firm supervised and coordinated a team of more than 50 international professionals specialised in nine different areas of law for the revision of existing economic legislation.
Tonucci & Partners Albania has also assisted the Italian Embassy in Albania, the European Commission Delegation in Albania and the OSCE in several legislative reform projects.

Clients and Services

Individuals, associations, small and medium-sized enterprises starting their international expansion journey, as well as large multinational companies, financial institutions, banks, government organisations and public bodies, rely on the Firm for legal assistance and professional consultancy regarding their activities in Albania and international transactions.

Tonucci & Partners Albania provides a broad range of legal services in commercial and corporate law, including:

• company incorporation and shareholders’ agreements;
• due diligence activities;
• legal opinions;
• mergers and acquisitions;
• assistance in negotiations and drafting of contracts, including joint ventures and cooperation agreements;
• energy and utilities;
• natural resources;
• environmental law;
• antitrust;
• telecommunications;
• multimedia and information technology;
• privacy and data protection;
• real estate and construction;
• intellectual property;
• employment and immigration law;
• tax law;
• administrative law, particularly in public procurement and tenders;
• civil law;
• international law;
• assistance with foreign investments in Albania and EU funds (IPA).

Tonucci & Partners Albania has consolidated experience in arbitration and litigation and is authorised to represent clients before all Albanian courts.

Active Member of International Business Organisations

Tonucci & Partners Albania is an active member of several international business organisations, including Confindustria Albania, the Italian Chamber of Commerce in Albania (C.C.I.A.), the Foreign Investors Association of Albania (F.I.A.A.), the American Chamber of Commerce in Albania (AM.CHAM) and the British Chamber of Commerce in Albania (ABCCI).

The FINTOKEN Act, a pioneering legislation that places Albania at the centre of international attention

By Mario Tonucci

I am pleased to present the opening of a new specialised desk established by Tonucci & Partners in a highly innovative field, following the approval by the Albanian Parliament of a pioneering legislative framework that places the country at the centre of international attention.
Among the recent legislative developments that deserve particular attention due to the investment and development opportunities they may create, both today and in the near future, the Law No. 66/2020 “On Financial Markets based on Distributed Ledger Technology” (the so-called “FINTOKEN Act”) certainly represents a significant milestone.
The main objective of the FINTOKEN Act is to create economic benefits for the country through the use of Distributed Ledger Technology (DLT), while ensuring maximum investor protection through clear and comprehensive rules.
In general terms, the new FINTOKEN Act regulates:

• the issuance of digital tokens and/or virtual currencies;
• the procedures and requirements for obtaining licences;
• the monitoring and supervision of legal entities engaged in the distribution, trading and custody of digital tokens and/or virtual currencies;
• the activities of Digital Token Agents;
• the activities of Innovative Service Providers;
• automated collective investment companies.

In particular, the FINTOKEN Act establishes the different types of licences required to operate within this sector and defines the powers of the authorities responsible for monitoring and supervising licensed legal entities.
The competent authorities identified by the law are the Albanian Financial Supervisory Authority (AFSA) and the National Agency for Information Society (NAIS).
The following licences are provided:

Digital Token Agent Licence

Issued by AFSA, this licence allows the provision of assistance and consultancy services related to financial aspects of digital assets.

Centralised and Decentralised Stock Exchange DLT Licence

Issued jointly by AFSA and NAIS, this licence allows companies to operate as DLT-based exchanges.
The licence is divided into three categories:
Category “A” – allows the trading of “digital service tokens”, “digital payment tokens” and/or “digital asset tokens”, according to the definitions provided by the FINTOKEN Act.
Category “B” – allows the trading of FIAT currencies and/or virtual values together with digital service, payment and asset tokens, in addition to the activities permitted under Category “A”.
Category “C” – allows the trading of “digital securities tokens”, in addition to the activities permitted under Category “B”.
Within centralised or decentralised DLT exchanges, depending on the specific technological security measures adopted, the activity of Margin Trading may also be carried out, as defined by the FINTOKEN Act.

Innovative Service Provider Licence

Issued by NAIS, this licence covers the provision of innovative services supporting investors, particularly regarding technological aspects.

Third-Party Portfolio Custodian Licence

Issued jointly by AFSA and NAIS.

Automated Collective Investment Company Licence

Issued by NAIS.

To obtain a licence under the FINTOKEN Act, an Albanian legal entity must be established as a joint-stock company, meet the minimum share capital requirements provided by the law and comply with both general and specific conditions related to the requested licence.
The licensing procedures must be completed within 60 calendar days from the submission of the application and the completion of the required supporting documentation, according to the provisions of the FINTOKEN Act.
Licences remain valid indefinitely from the date of approval by the competent authority, unless revoked or voluntarily renounced. A licence cannot be transferred to third parties without prior written approval from the relevant authority.
Among the general obligations imposed on licence holders, particular attention should be given to the obligation to pay annual fees to AFSA and NAIS according to their respective competencies.
Licence holders must also operate in compliance with anti-money laundering and counter-terrorism financing regulations and must adopt procedures aimed at preventing potential conflicts of interest.
Once licensed, the entity must be registered in the relevant public register in order to legally carry out its activities.

Digital Token Offerings: STO and ICO

Chapter IV of the FINTOKEN Act introduces specific rules for digital token and/or virtual currency offerings by issuers registered in Albania, creating the conditions for an alternative source of financing for new businesses, particularly companies that may face difficulties in raising capital through traditional financing methods.
The FINTOKEN Act regulates the following types of offerings:

• Security Token Offerings (STO) – offerings of digital security tokens;
• Initial Coin Offerings (ICO) – initial offerings of digital tokens and/or virtual currencies.

STOs with a total planned issuance value below €1 million are exempt from the obligation to publish a full prospectus.
For ICOs, the law requires the publication of an offering presentation document (Whitepaper) when the total planned issuance value exceeds €8 million.
The issuer, through the TD Agent, must submit an application to AFSA for authorisation of STO or ICO offerings. AFSA must respond within 60 days from the submission of the application.

Market Protection, Taxation and New Opportunities for Investors

The FINTOKEN Act introduces specific provisions aimed at preventing market abuse and unlawful conduct related to market manipulation.
In particular, the law establishes rules regarding:

• • reporting obligations;
  • the definition of “inside information” and the prohibition of trading based on privileged information;
  • sanctions for the unlawful disclosure of inside information.

The sanctions provided by the law include financial penalties, administrative measures such as the suspension or revocation of licences, as well as the application of provisions contained in the Albanian Criminal Code or other national legislation in cases where violations constitute criminal offences.
Finally, the FINTOKEN Act expressly establishes that individuals and legal entities carrying out activities under this law are subject to the taxation system currently in force in the Republic of Albania.
In this regard, it should be noted that Albania offers a particularly competitive tax framework, with:

• • • corporate profit tax up to 15%;
    • a reduced profit tax rate of 5% for software production and development activities;
    • capital income tax at 8%;
    • VAT at 20% (reduced to 6% in specific sectors).

International Interest in Albania’s FINTOKEN Act

A recent webinar organised by Tonucci & Partners focused on the opportunities created by this innovative legislation.
The event, entitled “New Investment Opportunities in Albania: Cryptocurrencies, Blockchain and Financial Markets in Light of the New FINTOKEN Act”, was held in October 2020 with the support of Confindustria Albania and in cooperation with the Embassy of Italy in Tirana and the Government of the Republic of Albania.
The webinar brought together a panel of leading international experts to discuss the impact of the new regulatory framework and the potential opportunities for investors and companies operating in the digital economy.
Considering the strong interest and the absolute innovation of the FINTOKEN Act at European level, Tonucci & Partners Albania immediately decided to make its specialised expertise available to interested operators through the creation of a dedicated Blockchain and Cryptocurrency Desk.
he Desk is led by Attorney Neritan Kallfa, assisted by Attorney Ervin Bano.
The team also benefits from the valuable collaboration of Prof. Attorney Alessandro Del Ninno and Attorney Massimo Simbula, internationally recognised experts in the fields of new technologies, electronic communications and data protection.
The Desk provides specialised legal assistance to companies, investors and institutions interested in exploring opportunities related to blockchain technologies, digital assets, cryptocurrencies and the regulatory framework introduced by the Albanian FINTOKEN Act.

By Mario Tonucci

The Desk can be contacted via email at: tirana@tonucci.com

L'articolo The Fintoken Act: Albania at the Centre of International Attention for Blockchain and Digital Assets proviene da Albania Economia.

Minister Shalsi, your ministry is one of the most innovative in the European landscape. What are its specific responsibilities?

First of all, thank you for the opportunity to give this interview. I would not necessarily call it an innovative ministry, but rather an unusual or distinctive one. This is certainly due to the fact that, as a government, we are aware of the support that entrepreneurship needs, sometimes even from the institutions themselves.

The government has undertaken a series of profound reforms, including the crucial reform of the judicial system. Under these circumstances, while it may seem paradoxical that a government minister defends entrepreneurship against the government itself, the results speak for themselves: our work has resolved numerous issues and challenges, initiated processes, and suggested institutional, procedural, and legal changes.

In our daily work, we not only stay very close to businesses, but we also monitor and analyze all their complaints, requests, and suggestions addressed to public institutions, along with the nature of these grievances. By identifying these complaints, we realized that even seemingly minor issues can reveal a major problem affecting not just a single company but an entire sector. Therefore, no complaint goes unanswered.

With the construction and proper functioning of the judicial system, the further strengthening of other institutions, and the continuous improvement of the entrepreneurial climate in the country, we hope that in the near future this ministry can change its name from the Ministry for the Protection of Entrepreneurship to the Ministry for the Development of Entrepreneurship.

I imagine you collaborate with all foreign countries present in Albania. Which Italian organizations, however, do you interact with most?

The primary task of the Minister of State for the Protection of Entrepreneurs is to maintain constant contact with entrepreneurs. The Italian system—through the Italian Embassy in Tirana, Confindustria Albania, and the Italian Chamber of Commerce—is consistently involved in discussions, meetings, and work processes within the Ministry.

In my daily work, I hold a series of meetings with entrepreneurs both at my office and at their companies, as well as with trade associations. I have met a large number of Italian investors operating in Albania, visiting the environments where they carry out their activities.

I have a very special relationship with Confindustria Albania because when I first launched the call “Don’t just bring me the problems, but also your ideas on how they should be solved”, Confindustria was the first to respond. This association proposes and presents concrete solutions to the problems encountered by their member companies. Since it is not necessary to “knock on” the Ministry’s offices, the representatives of these associations are very present, and I have the opportunity to thank them for the suggestions, comments, and observations they sometimes present to us.

In your opinion, what are the most promising business opportunities for Italian companies looking to invest in Albania?

Italy is the leading foreign player in the Albanian market, and the figures speak for themselves. Italy and Albania, as two friendly and partner countries, maintain a very positive trade balance that grows day by day. This is demonstrated not only by the high number of Italian tourists visiting Albania each year, but above all by the increasing presence of Italian companies in the country.

Beyond its favorable geographic position, Albania offers many opportunities for foreign investors, including sustainable economic growth, incentives for strategic investors, a young and educated population, and competitive taxation.

Among the sectors prioritized for investment in Albania and of interest to Italian entrepreneurs, I can mention: energy, tourism, agriculture, manufacturing, aquaculture, and innovation. The latter is attracting growing attention, as we aim to keep pace with European Union countries. Numerous new initiatives are contributing to this sector, creating tech hubs, innovation hubs, and new incubators to launch the innovation ecosystem.

As a Ministry, we have undertaken the initiative to draft legislation on incentives and the development of innovative start-ups, which should stimulate the innovation sector in Albania. Another important law is the “Distributed Ledger Technology-Based Financial Markets” bill (commonly known as the blockchain law), aimed at integrating Albania with cryptocurrency markets and regulating the digital market in the country, opening new avenues for our economy.

Do you think Italy could benefit from a Ministry dedicated to the Protection of Entrepreneurs? Would you recommend it to your Italian colleagues?

At first, when I introduced myself as Minister, I often encountered surprise from foreigners, since a ministry like mine does not exist in most other countries.

However, after numerous interactions with Italian entrepreneurs—explaining my daily work, visiting their companies, analyzing their challenges—most of them agree that a similar ministry would also be valuable in Italy.

It is important to understand that if a government is not in constant, close, and meaningful contact with the business community, and does not involve entrepreneurs in consultations or in addressing challenges, there is a high risk that the government’s initiatives will fail.

The exact name of such a ministry could vary, but the core principle—staying closely connected to the heartbeat of business—is a crucial factor in ensuring a government’s success.

L'articolo Minister Eduard Shalsi: welcome, Italy! proviene da Albania Economia.

Tonucci & Partners was founded in the early 1990s as the ambitious project of an Italian law firm with an international vocation and a particular focus on Eastern Europe. Today the firm has offices in Italy (Rome, Milan, Padua, Florence, Prato, Naples, Foggia), Romania (Bucharest), Serbia (Belgrade) and Albania (Tirana).

Albania Economia interviewed Mario Tonucci.

Tonucci & Partners was a pioneer in establishing offices in Eastern Europe. How did your presence in Albania begin?

We began our professional activity in Albania in 1995. The “EU PHARE” Commission and the Albanian Government selected Tonucci & Partners as legal consultant and coordinator for reforms and improvements to Albania’s economic legislation.

We supervised and coordinated a team of international professionals, specialized in nine different areas of law, working on amendments to existing economic legislation and its alignment with European standards. We actively participated in drafting some of the most important Albanian laws, including the 1998 Constitution and the Albanian Customs Code.

The firm was also selected by the World Bank as exclusive legal adviser to the Albanian Government for the privatization of major state-owned enterprises operating in strategic sectors such as oil, gas, mining and telecommunications.

We regularly assist foreign embassies in Albania and have served as consultants to the OSCE on several legislative reform projects in the country.

We are also proud to be active members of the Foreign Investors Association of Albania, as well as the Italian, British and German Chambers of Commerce in Albania and Confindustria Albania.

Why is it advantageous to invest in Albania today?

Albania is a very dynamic, young and rapidly developing country with a stable political and legal framework. Over the years it has maintained steady economic growth and solid macroeconomic stability.

Its geographic position in the south-western Balkans,

the availability of skilled yet cost-competitive labor, a favorable tax regime, and the fact that Albania obtained EU candidate status in 2014 make the country particularly attractive to investors, especially Italian ones who wish to access not only the Albanian market but also the wider Balkan and European markets.

In recent years, the Albanian Government has implemented a series of structural reforms aimed at improving the business climate and attracting foreign investment, particularly from large international groups that had previously lost interest in the country.

We already mentioned the reform of the judicial system, which aims to create an efficient and reliable system capable of supporting sustainable socio-economic development and facilitating integration into the European space.

The Albanian regulatory framework has been designed to create a favorable investment climate, offering significant guarantees to foreign investors, whether individuals or companies.

Albania is an open economy with liberalized trade and ensures equal treatment between foreign and domestic investors.

Special benefits are granted for strategic investments, defined by law based on several criteria such as investment size, job creation and sectoral economic priorities.

Moreover, the procedures for registering new companies are relatively simple and fast. The establishment and registration of a limited liability company—the most common corporate form in Albania—can generally be completed within 48 hours.

What are the main challenges from a business perspective?

Albania’s fiscal policy is subject to frequent changes by the executive branch, which often introduces modifications in a discretionary manner and not always following thorough consultations with relevant stakeholders.

Another area that could be improved is transparency in public procurement, although it must be acknowledged that significant progress has been made in this regard.

Despite recent reforms, there is still some degree of discretion exercised by public authorities—particularly tax authorities—which can create uncertainty and occasionally lead to unequal treatment of taxpayers.

There are still some challenges, but the country’s progress toward EU integration is pushing the government to address structural issues more seriously and to seek positive solutions.

Which sectors look most promising in the coming years?

Several sectors of the Albanian economy show strong development potential, including agriculture, tourism, renewable energy, mining, oil and gas, and manufacturing.

The Albanian Government has placed particular importance on developing the tourism industry. The new tourism law—focused on the standardization of hospitality structures and tourism guides—along with its support package, offers various incentives to investors in the sector, especially those interested in developing high-quality hotel and resort facilities rated four or five stars and associated with internationally recognized brands.

Albania also offers significant opportunities in agriculture, thanks to its favorable climate and low rural labor costs. Traditional farming methods mean that Albanian fruits, vegetables, meat and dairy products are produced with very few artificial additives, chemicals or pesticides.

This positions Albania to potentially become one of the world’s leading producers and exporters of high-quality organic food for regional, European and North American markets.

The agri-food sector is a significant part of the Albanian economy, accounting for about 20% of GDP and employing 46% of the national workforce. In recent years, substantial investments have been made and the sector’s added value has steadily increased.

In particular, the Albanian Government is planning major investments in the irrigation and drainage system, including not only the rehabilitation of canals but also the modernization of the entire infrastructure.

L'articolo Mario Tonucci: Albania, a land of opportunity proviene da Albania Economia.