Is Crypto Legal in Romania?

Crypto assets are legal in Romania, and as an EU Member State, Romania is directly bound by Regulation (EU) 2023/1113, which extends the "travel rule" to crypto-asset transfers and applies from 30 December 2024 Regulation (EU) 2023/1113 - EUR-Lex

The regulation applies directly in Romania without the need for national transposition, making the travel rule mandatory for all crypto-asset service providers (CASPs) operating in Romania Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Romanian CASPs must collect and transmit originator and beneficiary information for all crypto-asset transfers, with additional verification requirements for transfers exceeding €1,000 involving self-hosted addresses Regulation (EU) 2023/1113 - EUR-Lex

The Romanian Financial Supervisory Authority (ASF) is the designated authority for licensing and supervising crypto-asset service providers in Romania, though the specific travel-rule compliance framework is still being operationalized

While Romania's regulatory framework is being aligned with EU standards, the practical implementation of the travel rule for crypto-assets remains in its early stages, with significant compliance infrastructure still being developed

The regulation is a recast of Regulation (EU) 2015/847 and extends the scope of the travel rule to cover transfers of crypto-assets, applying directly in all EU Member States including Romania Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Regulation (EU) 2023/1113 applies from 30 December 2024, making the travel-rule obligations immediately enforceable in Romania from that date Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The regulation is part of a package of measures the Commission tabled in July 2021 to ensure traceability of crypto-asset transfers and to identify and block possible suspicious transactions Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The regulation implements standards on new technologies issued by the Financial Action Task Force (FATF) to tackle money laundering and terrorist financing Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The proposal for this regulation (COM/2021/422 final) was adopted by the European Commission on 20 July 2021 as part of a comprehensive AML/CFT package EUR-Lex - 52021PC0422 - EN - EUR-Lex

The AML/CFT package implementing the Commission Action Plan of 7 May 2020 includes the proposal for a Regulation on the prevention of the use of the financial system for money laundering and terrorist financing, a Directive establishing mechanisms for Member States, and a Regulation creating an EU Anti-Money Laundering Authority (AMLA) EUR-Lex - 52021PC0422 - EN - EUR-Lex

Regulation (EU) 2023/1113 repeals Regulation (EU) 2015/847 and amends Directive (EU) 2015/849, creating a unified framework for both fund transfers and crypto-asset transfers Information accompanying transfers of funds and certain crypto assets | EUR-Lex

As an EU Member State, Romania is subject to FATF standards through EU implementation, and the travel rule for crypto-assets aligns with FATF Recommendation 16 EUR-Lex - 52021PC0422 - EN - EUR-Lex

The regulation uses definitions of 'crypto-assets' and 'crypto-asset service providers' (CASPs) laid down in the Commission proposal for a Regulation on Markets in Crypto-assets (MiCA) EUR-Lex - 52021PC0422 - EN - EUR-Lex

The European Banking Authority and European Data Protection Board issue guidelines on implementing the legislation Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The travel-rule regulation applies to transfers of funds in any currency and crypto-assets sent or received by a payment service provider or intermediary registered in the EU, including those operating in Romania Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The regulation does not apply to transfers of crypto-assets when both the sender and the beneficiary are acting on their own behalf, or when the transfer is from person to person without the involvement of a crypto-asset service provider Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The regulation also does not apply to transfers of funds or electronic money tokens using payment cards, electronic money instruments, mobile phones, or other similar digital or IT prepaid or postpaid devices when the transfer is to pay for goods or services and the number of the card instrument or device accompanies all transfers flowing from the transaction Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Certain transfers such as a payer withdrawing money from their own account or the payment of taxes or fines to a public authority are also exempt from the regulation Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Under the EU single rulebook approach, crypto-asset service providers in Romania are subject to the licensing requirements under the Markets in Crypto-Assets Regulation (MiCA), which provides the framework for CASP authorization EUR-Lex - 52021PC0422 - EN - EUR-Lex

The proposal for the travel-rule regulation was designed to be consistent with the entire AML/CFT package, including the proposed Regulation on the prevention of the use of the financial system for money laundering and terrorist financing EUR-Lex - 52021PC0422 - EN - EUR-Lex

As of the application date of 30 December 2024, no specific Romanian entities have been publicly confirmed as licensed specifically for travel-rule compliance, as the regime is newly applicable Information accompanying transfers of funds and certain crypto assets | EUR-Lex

A payer's payment service provider must provide and verify information such as the name and account number of the payer and payee, and the former's address and official identity details when transferring funds Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Payment service providers may limit the information to the account details of the payer and payee and, if necessary, the unique transaction identifier, if all the payment service providers involved in the transfer are established in the EU Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Payment service providers must supply additional information within 3 working days if so requested by the payee's service provider Information accompanying transfers of funds and certain crypto assets | EUR-Lex

A payee's service provider must check whether all the required information on the payer and the payee has been inputted correctly in the messaging or payment and settlement system and determine whether any data are missing Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The payee's service provider decides whether to execute, reject, or suspend a transfer if basic payer and payee information has not been provided and may request additional details Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The payee's service provider warns a payment service provider if they repeatedly fail to supply the information requested before rejecting transfers from that source and informing the authority responsible for anti-money laundering and counterterrorist financing Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The payee's service provider takes account of missing information when assessing whether a transfer is suspicious and should be reported to the financial intelligence unit Information accompanying transfers of funds and certain crypto assets | EUR-Lex

An originator's crypto-asset service provider must check the accuracy of the information it has received Information accompanying transfers of funds and certain crypto assets | EUR-Lex

A beneficiary's crypto-asset service provider must check that the information about the originator and beneficiary is included with, or follows, the transfer or batch file transfer of crypto-assets Information accompanying transfers of funds and certain crypto assets | EUR-Lex

For all transfers over €1,000 from a self-hosted address, the beneficiary's crypto-asset service provider must assess whether the beneficiary owns or controls that address Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The beneficiary's crypto-asset service provider takes account of missing information when assessing whether a transfer is suspicious and should be reported to the financial intelligence unit Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Intermediary crypto-asset service providers have the additional responsibility of ensuring that all originator and beneficiary details are transmitted with the transfer and the information is kept and made available when requested Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Both payment and crypto-asset service providers must keep information on the payer/payee and originator/beneficiary for 5 years, with the option of a further 5 years if an EU Member State so decides Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Member States determine sanctions for breaches of the regulation and publish when these are applied Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Member States must encourage reporting of law-breaking to the authorities charged with monitoring compliance Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Intermediary payment service providers have obligations when confronted with missing information and have the additional responsibility of ensuring all payer and payee details remain with the transfer at all times Information accompanying transfers of funds and certain crypto assets | EUR-Lex

A payee's payment service provider warns a payment service provider if they repeatedly fail to supply the information requested before rejecting transfers from that source and informing the authority responsible for anti-money laundering and counterterrorist financing Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The European Commission will submit a report to the European Parliament and the Council of the European Union by 31 December 2026, and every 3 years thereafter, on sanctions and monitoring activities Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The European Commission will report to the Parliament and the Council by 30 June 2027 on the regulation's application and enforcement Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The travel-rule regulation under Regulation (EU) 2023/1113 does not address tax treatment of crypto-assets, as its scope is limited to information accompanying transfers for AML/CFT purposes Regulation (EU) 2023/1113 - EUR-Lex

No specific tax guidance for virtual assets appears in the travel-rule regulation text, which focuses exclusively on traceability and information-sharing requirements Information accompanying transfers of funds and certain crypto assets | EUR-Lex

No tax guidance has been issued for virtual assets within the context of the travel-rule framework, as the regulation's purpose is AML/CFT compliance rather than taxation Regulation (EU) 2023/1113 - EUR-Lex

The travel-rule regulation requires the European Commission to assess the risks of transfers to or from non-EU self-hosted addresses by 1 July 2026, indicating that self-hosted address risks remain a significant area of uncertainty Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The European Commission can authorize a Member State, under specific conditions, to treat transfers with a non-EU country as if they were a domestic operation, creating potential divergence in how travel-rule obligations apply across Member States Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The regulation's effectiveness depends on the verification of self-hosted address ownership, which remains a technical challenge for crypto-asset service providers in Romania and across the EU Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The lack of direct applicability and granularity in previous EU AML/CFT legislation (Directive (EU) 2015/849) led to fragmentation in application along national lines and divergent interpretations, creating compliance challenges for cross-border operators EUR-Lex - 52021PC0422 - EN - EUR-Lex

The fragmented implementation of AML/CFT rules generates additional costs and burdens for operators providing cross-border services and causes regulatory shopping, which the current regulation aims to address EUR-Lex - 52021PC0422 - EN - EUR-Lex

Until the adoption of the new international standards in 2018, transfers of virtual assets were not covered by Union legislation on financial services, exposing holders of crypto-assets to money laundering and financing of terrorism risks EUR-Lex - 52021PC0422 - EN - EUR-Lex

Flows of illicit money can be done through transfers of crypto-assets and damage the integrity, stability, and reputation of the financial sector, threatening the internal market of the Union as well as the international development of crypto-asset transfers EUR-Lex - 52021PC0422 - EN - EUR-Lex

Money laundering, terrorist financing, and organized crime remain significant problems that require addressing at the Union level to ensure coordinated implementation across all Member States including Romania EUR-Lex - 52021PC0422 - EN - EUR-Lex

Information accompanying transfers of funds and certain crypto assets | EUR-Lex

EUR-Lex - 52021PC0422 - EN - EUR-Lex - Proposal for a Regulation

Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 - OJ L 150

Proposal for a Regulation on information accompanying transfers of funds and certain crypto-assets (recast) - HTML

Cryptocurrency is legal in Romania, but there is no dedicated crypto-specific regulatory framework or licensing regime; general tax and AML laws apply. Fiscal Code

The primary tax authority is ANAF (National Agency for Fiscal Administration), operating under the Ministry of Public Finance, which administers the Fiscal Code (Law No. 571/2003). Fiscal Code

No dedicated crypto license exists in Romania; no entities have been licensed for crypto activities because no licensing framework has been established. 1_EN_ACT_part1_v4.docx

Romania is subject to EU-level frameworks including the 5th Anti-Money Laundering Directive, which extends AML obligations to virtual currency exchanges and custodian wallet providers. 1_EN_ACT_part1_v4.docx

The practical reality is that crypto businesses operate in a legal gray area, relying on general fiscal and AML provisions while awaiting transposition of EU crypto-asset regulations (MiCA). 1_EN_ACT_part1_v4.docx

The Ministry of Public Finance is the authority empowered to develop methodological norms, instructions, and orders for applying the Fiscal Code, and it administers taxes through ANAF. Fiscal Code

The primary tax legislation is Law No. 571 of December 22, 2003, regarding the Fiscal Code, which has been in force since October 16, 2008. Fiscal Code

The Fiscal Code establishes the legal framework for taxes including profit tax, income tax, tax on micro-enterprise incomes, VAT, and excises. Fiscal Code

The Fiscal Code is based on principles including neutrality of fiscal measures, certitude of taxation, fiscal equity, and efficiency of taxation. Fiscal Code

Romania, as an EU member state, is subject to EU anti-money laundering directives, including Directive (EU) 2018/843 (5AMLD) which extended the scope of AML obligations to virtual currency exchange platforms and custodian wallet providers. 1_EN_ACT_part1_v4.docx

The Fiscal Code establishes that in case of conflict between its provisions and other normative acts, the Fiscal Code provisions prevail; however, provisions of treaties to which Romania is a party take precedence over the Fiscal Code. Fiscal Code

No specific Romanian legislation has been identified that defines virtual assets, virtual asset service providers, or establishes a registration or licensing regime for crypto businesses at the national level. Fiscal Code

Under EU law applicable to Romania, the 5th Anti-Money Laundering Directive requires virtual currency exchange platforms and custodian wallet providers to be registered or licensed and to comply with AML obligations. 1_EN_ACT_part1_v4.docx

The EU's proposed MiCA regulation would establish a licensing regime for crypto-asset service providers across member states, but its implementation depends on the final adoption of that regulation. 1_EN_ACT_part1_v4.docx

Zero entities have been licensed in Romania as virtual asset service providers under any dedicated crypto licensing framework, since no such national framework exists. 1_EN_ACT_part1_v4.docx

Businesses seeking to operate in the crypto space in Romania must rely on general business registration and tax registration requirements under the Fiscal Code. Fiscal Code

The Fiscal Code requires taxes and fees to be administered by competent fiscal authorities within the Ministry of Public Finance, but establishes no specific licensing procedures for digital asset activities. Fiscal Code

Romania is bound by EU anti-money laundering directives, and the 5th AML Directive (EU) 2018/843 explicitly extends AML/CFT obligations to virtual currency exchange platforms and custodian wallet providers. 1_EN_ACT_part1_v4.docx

The 5th AML Directive requires member states to ensure that virtual currency exchange platforms and custodian wallet providers conduct customer due diligence (CDD), including identifying and verifying customers, before entering into business relationships or conducting transactions. 1_EN_ACT_part1_v4.docx

Under the EU AML framework, obliged entities must report suspicious transactions to Financial Intelligence Units (FIUs) and are subject to record-keeping requirements for a period defined by national law. 1_EN_ACT_part1_v4.docx

The EU framework requires enhanced due diligence (EDD) for high-risk situations, including non-face-to-face business relationships and transactions involving high-risk third countries. 1_EN_ACT_part1_v4.docx

The EU's AML framework emphasizes a risk-based approach, requiring obliged entities to develop policies and procedures that reflect the risk profile of their customers and business relationships. 1_EN_ACT_part1_v4.docx

The European Commission has reported on the risks associated with virtual assets and the need for member states to implement AML directives, but no specific enforcement action against Romanian crypto entities was identified in the provided sources. 1_EN_ACT_part1_v4.docx

The Court of Justice of the European Union has addressed the VAT treatment of bitcoin exchanges, ruling that bitcoin exchange transactions are exempt from VAT, which is binding on Romania as an EU member state. 62018CC0835

No enforcement actions, penalties, fines, or arrests involving Romanian crypto businesses were identified in the provided source materials. Fiscal Code

The Fiscal Code provides that income tax applies to all income obtained by individuals, including income from "any activity carried out by a person for the purpose of obtaining income," which would encompass gains from crypto transactions. Fiscal Code

The Fiscal Code categorizes income into types including "independent activities" (carried out on a regular basis by a natural person other than a dependent activity), which could apply to crypto trading or mining conducted as a business. Fiscal Code

The Fiscal Code explicitly states that "tax on incomes obtained in Romania by non-residents" is among the taxes governed by the Code, which would apply to non-residents earning crypto-related income from Romanian sources. Fiscal Code

VAT treatment of cryptocurrency exchanges follows the Court of Justice of the European Union's ruling that bitcoin and other virtual currencies are not "goods" for VAT purposes and that exchange transactions constitute a supply of services exempt from VAT. 62018CC0835

The CJEU concluded that transactions exchanging traditional currency for bitcoin (and vice versa) are exempt from VAT because bitcoin has no purpose other than payment, making it a "means of payment" eligible for the VAT exemption. 62018CJ0835

The Fiscal Code establishes a general principle of fiscal certitude requiring "clear legal norms, that do not lead to arbitrary interpretations," and principles of fiscal equity providing for "different taxation of incomes based on the size of the incomes." Fiscal Code

The Fiscal Code requires any modification or completion to the Code to be made only by law and to enter into force on the first day of the year following its adoption, creating a predictable timeline for tax changes. Fiscal Code

The most significant gap is the absence of a national regulatory framework defining virtual assets, virtual asset service providers, or establishing licensing/registration requirements specifically for crypto businesses. 1_EN_ACT_part1_v4.docx

Romania has not been identified as having transposed the 5th AML Directive's requirements specifically for virtual currency exchanges and custodian wallet providers into its national law, creating uncertainty about which Romanian authority supervises these entities. 1_EN_ACT_part1_v4.docx

Crypto businesses face significant uncertainty regarding their tax obligations, as the Fiscal Code has no specific provisions for virtual assets, and the classification of crypto income (as investment income, business income, or other) remains unclear. Fiscal Code

The Fiscal Code's requirement that fiscal norms be "clear" and not subject to "arbitrary interpretations" is at odds with the current situation where crypto taxation is determined by application of general provisions, creating compliance risk for taxpayers. Fiscal Code

The absence of clear guidance on record-keeping requirements for crypto transactions, periodic tax reporting, and loss offsetting for crypto activities creates operational and financial planning risks for businesses. Fiscal Code

The lack of a national licensing regime means crypto businesses may fall between regulatory gaps—not subject to supervision by financial regulators, yet potentially caught by general fiscal obligations they cannot clearly comply with. Fiscal Code

The CJEU's VAT ruling applies to bitcoin specifically; the sources do not clarify whether other types of tokens (utility tokens, security tokens, NFTs, stablecoins) would qualify for the same VAT exemption treatment in Romania. 62018CC0835

62018CJ0835 - EN - EUR-Lex - European Union

E-money Tokens (EMTs): Crypto-assets that purport to maintain a stable value by referencing the value of a single fiat currency.

Asset-Referenced Tokens (ARTs): Crypto-assets that purport to maintain a stable value by referencing any other value or right, or a combination thereof, including one or several official currencies that are not legal tender, one or several commodities, or one or several crypto-assets.

EMTs: Explicitly classified as a form of e-money under MiCA. Issuers must be authorized as a credit institution or an electronic money institution (EMI) under the E-money Directive (2009/110/EC), as transposed into Romanian law.

ARTs: Are a new classification under MiCA. They are not considered traditional e-money or securities, but are regulated specifically as crypto-assets under MiCA. However, if an ART meets the definition of a financial instrument under MiFID II (transposed into Romanian Law no. 24/2017), it would fall under that regime instead of MiCA.

Payment Tokens (MiCA uses this term for EMTs): MiCA defines EMTs as a specific type of crypto-asset intended to be used as a medium of exchange.

Issuers must at all times maintain a reserve of assets equal to the nominal value of the EMTs in circulation.

Funds received in exchange for EMTs must be protected in accordance with the E-money Directive, meaning they must be placed in a separate account in a credit institution or invested in secure, low-risk assets.

The reserve assets must be segregated from the issuer's own assets.

The reserve must be managed prudently, ensuring sufficient liquidity and diversification.

A significant portion of the reserve assets must be held in highly liquid financial instruments, and in separate accounts with credit institutions.

A liquidity management policy is required to ensure the issuer can meet redemption requests.

General Requirement: Issuers of ARTs and EMTs must be authorized by a national competent authority in an EU member state. In Romania, this role will likely be shared between

National Bank of Romania (BNR): Primarily for EMTs (as it supervises EMIs and credit institutions) and ARTs if they significantly impact financial stability.

Financial Supervisory Authority (ASF): Likely for ARTs that might resemble investment products or have characteristics closer to capital markets.

Specific for EMTs: Issuers must be authorized as a credit institution or an electronic money institution (EMI) under the E-money Directive 2009/110/EC, or seek specific authorization under MiCA.

Authorization Process: Involves submitting a comprehensive application covering business plans, governance arrangements, operational resilience, reserve management policies, risk management, and more.

EMTs: Holders of EMTs have a right to redeem their tokens at any time, at par value, against the fiat currency referenced by the token, from the issuer or the e-money institution/credit institution where the funds are held.

ARTs: Holders of ARTs have a right to redeem their tokens directly with the issuer, at any time, for the assets or value referenced by the token, or for fiat currency, under the terms specified in the white paper.

MiCA does not explicitly "ban" algorithmic stablecoins, but its strict requirements for reserve assets for both ARTs and EMTs effectively make it very difficult for purely algorithmic stablecoins (i.e., those without sufficient backing by actual, stable assets) to operate legally within the EU at scale.

Any crypto-asset claiming to maintain a stable value must demonstrate how it does so through a robust and managed reserve of assets, not solely through algorithmic mechanisms or arbitrage opportunities. If an algorithmic stablecoin cannot meet the ART or EMT reserve requirements, it cannot be issued.

MiCA primarily regulates private crypto-assets. It does not directly regulate or interact with Central Bank Digital Currencies (CBDCs).

Should the European Central Bank (ECB) decide to issue a Digital Euro (a CBDC), it would operate under a distinct legal framework, separate from MiCA, as it would be issued by a central bank and considered central bank money.

A Digital Euro could potentially reduce the demand for private stablecoins by offering a fully risk-free digital alternative.

E-money Classification: Some stablecoins (especially those pegged 1:1 to RON or EUR) could potentially be viewed as electronic money if they meet the criteria of Law no. 210/2004 (which transposes the E-money Directive 2009/110/EC). If so, their issuers would be subject to authorization and supervision by the National Bank of Romania (BNR) as e-money institutions.

Securities Classification: If a stablecoin provided rights akin to a financial instrument (e.g., dividends, voting rights, participation in profit), it could potentially be classified as a security under Romanian capital markets law (Law no. 24/2017).

AML/CFT: All entities dealing with stablecoins (exchanges, custodians, etc.) are considered Virtual Asset Service Providers (VASPs) under Romanian AML/CFT law (Law no. 129/2019, transposing AMLD5/6). They are required to register with the National Office for Prevention and Control of Money Laundering (ONPCSB) and comply with KYC, transaction monitoring, and reporting obligations.

Unregulated: Many stablecoins, particularly those not clearly falling into the above categories, have operated in a largely unregulated space, apart from the general AML/CFT obligations.

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.

Applicability: Rules for ARTs and EMTs (Title III and IV of MiCA) apply from 30 June 2024.

Law no. 210/2004 regarding the legal regime of electronic payment instruments (Legea nr. 210/2004 privind regimul juridic al instrumentelor de plată electronică)

This law transposes the E-money Directive into Romanian legislation and governs e-money institutions.

URL (Lege5.ro - a comprehensive legal database): https://lege5.ro/Gratuit/guzdqmrqgawq/legea-nr-210-2004-privind-regimul-juridic-al-instrumentelor-de-plata-electronica

Note: This law is relevant for the classification and regulation of entities issuing E-money Tokens (EMTs) under MiCA.

Law no. 129/2019 for the prevention and combating of money laundering and terrorist financing (Legea nr. 129/2019 pentru prevenirea și combaterea spălării banilor și finanțării terorismului)

This law transposes AMLD5/6 into Romanian legislation, including provisions for Virtual Asset Service Providers (VASPs).

Relevant for: KYC/AML obligations for any entity dealing with stablecoins.

The primary regulator for e-money institutions and credit institutions. Will be a key competent authority for EMTs and potentially ARTs impacting financial stability under MiCA.

The primary regulator for capital markets, insurance, and private pensions. Likely to be a key competent authority for ARTs under MiCA, especially those that have characteristics akin to investment products.

Romania has not enacted a comprehensive, crypto-specific securities law as of 2025–2026; digital assets that qualify as "financial instruments" fall under the general capital markets regime administered by the Autoritatea de Supraveghere Financiară (ASF – Financial Supervisory Authority) 62019CJ0339 - EUR-Lex

The primary legal basis is Law No 297/2004 on capital markets, which defines "financial investment companies" and sets a 5% shareholding limit, but contains no explicit provisions for crypto-assets or digital tokens 62019CJ0339 - EUR-Lex

No Romanian authority has issued a dedicated license for cryptocurrency exchanges or digital asset service providers; the ASF has not publicly confirmed granting any such license, and zero entities have been reported as licensed for crypto-specific activities as of the current framework 62019CJ0339

Romania is bound by EU-level regulations, including the Markets in Financial Instruments Regulation (MiFIR) and the forthcoming Markets in Crypto-Assets Regulation (MiCA), but as of 2025, the national implementing measures for crypto-specific securities remain incomplete, creating significant uncertainty for market entrants L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

The primary securities regulator in Romania is the Autoritatea de Supraveghere Financiară (ASF – Financial Supervisory Authority), which supervises capital markets, insurance, and private pensions; its legal basis and enforcement powers are referenced in the case law of the Court of Justice of the European Union 62019CJ0339 - EN - EUR-Lex - European Union

The core national law is Legea nr. 297/2004 privind piețele de capital (Law No 297/2004 on capital markets), published in Monitorul Oficial al României, Part I, No 571 of 29 June 2004, which defines capital market activities and the concept of "persons acting in concert" 62019CJ0339 - EUR-Lex

Article 286 bis of Law No 297/2004 imposes a 5% cap on shareholdings in financial investment companies (SIFs), with voting rights suspended for shares exceeding that limit; this provision applies to any person acting alone or in concert 62019CJ0339 - EUR-Lex

The National Securities Commission (Comisia Națională a Valorilor Mobiliare, CNVM) Regulation No 1/2006 on issuers and securities transactions supplements the law by defining presumptions of concerted action, including persons who "have carried out or are carrying out economic transactions together" 62019CJ0339 - EUR-Lex

The European Commission adopted Implementing Decision (EU) 2016/2277 on the equivalence of third-country central counterparty (CCP) frameworks, which is relevant to Romania as an EU member state applying the Common European framework for CCPs under Regulation (EU) No 648/2012 (EMIR) L_2016342EN.01006501.xml - EUR-Lex - European Union

The European Commission proposed Regulation (EU) on Markets in Crypto-Assets (MiCA) in 2020 (COM/2020/593 final, published as 52016PC0850 in the EUR-Lex database), which will create a harmonized framework for crypto-assets across EU member states, including Romania, but as of 2025, the proposal's final text and implementation in Romania have not been fully integrated into national law EUR-Lex - 82011RO0513(01) - EN - EUR-Lex)

Romania is a member of the Financial Action Task Force (FATF) through its EU membership and is subject to Moneyval evaluations; the country's AML framework is aligned with the EU's 4th and 5th Anti-Money Laundering Directives, but no crypto-specific AML measures have been enacted at the national level beyond the general framework L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

Under Romanian law, any entity providing investment services or activities related to financial instruments, including those that might qualify as digital asset securities, must be authorized by the ASF in accordance with Law No 297/2004 and the implementing regulations of the CNVM 62019CJ0339 - EUR-Lex

The law requires entities intending to hold or acquire shares in financial investment companies to comply with the 5% threshold set by Article 286 bis of Law No 297/2004; exceeding this limit triggers mandatory disclosure to the financial investment company, the National Securities Commission (now ASF), and the regulated market within three working days 62019CJ0339 - EUR-Lex

Shareholders who exceed the 5% limit are required to sell the excess shares within three months, failing which the voting rights on the excess shares are suspended; this mechanism applies to any person, including those acting in concert through agreements, which may extend to digital asset holdings if they are deemed securities 62019CJ0339 - EUR-Lex

No specific license category exists for cryptocurrency exchanges, digital asset custodians, or crypto-asset brokers in Romania; firms operating in this space must either apply for an investment firm license under MiFID II or risk operating without authorization L_2018136EN.01005001.xml - EUR-Lex - European Union)

The capital requirements for investment firms in Romania follow EU rules under the Capital Requirements Directive (CRD IV/CRD V) and the Capital Requirements Regulation (CRR), with initial capital typically set at €125,000 for investment firms; exact figures are not specified in the available materials EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

The application process for investment firm authorization in Romania requires submission of a detailed business plan, organizational structure, and compliance procedures to the ASF; the timeline is not explicitly stated in the available materials, but EU law generally requires a decision within six months of a complete application 62019CJ0339 - EN - EUR-Lex - European Union

Structural requirements include having a registered office in Romania, appointing at least two persons with sufficient expertise to manage the firm, and implementing internal rules and procedures for compliance; these are inferred from the general capital markets law, not crypto-specific provisions 62019CJ0339 - EUR-Lex

The European Commission's proposed MiCA regulation, which would introduce a licensing regime for crypto-asset service providers (CASPs) across the EU, is not yet transposed into Romanian law; the final text of Regulation (EU) 2024/1620, which may contain provisions relevant to crypto securities, has been published but its application in Romania is contingent on national implementation measures L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

For firms dealing in derivatives or contracts for difference (CFDs), which may have crypto-assets as underlying assets, ESMA's temporary restriction under Article 40 of MiFIR applies in Romania; this does not create a license but imposes conditions on marketing, distribution, or sale to retail clients L_2018136EN.01005001.xml - EUR-Lex - European Union)

Romania's AML framework is governed by Law No 129/2019 on preventing and combating money laundering and terrorist financing, which transposes the EU's 4th Anti-Money Laundering Directive; specific provisions of this law are not publicly detailed in the available materials 62019CJ0339 - EUR-Lex

The concept of "persons acting in concert" under Romanian capital markets law requires financial institutions to conduct customer due diligence (CDD) to identify ultimate beneficial owners and any concerted agreements; Article 2(1)(23) of Law No 297/2004 presumes that involved persons, including those who control or are controlled by an issuer, are acting in concert absent proof to the contrary 62019CJ0339 - EUR-Lex

Enhanced due diligence (EDD) may be triggered for politically exposed persons (PEPs) or high-risk transactions, but no crypto-specific EDD requirements have been publicly documented L_2018136EN.01005001.xml - EUR-Lex - European Union)

Suspicious transaction reporting (STR) obligations apply to financial institutions in Romania under the general AML law, but the ASF's enforcement of these obligations for digital asset transactions is not publicly documented 62019CJ0339 - EN - EUR-Lex - European Union

Record retention requirements under Romanian AML law mandate keeping customer identification data and transaction records for a period of at least five years, consistent with EU standards; the exact retention period for virtual asset transactions is not specified EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

Beneficial ownership identification is mandatory for legal entities under the Romanian AML framework, requiring disclosure of individuals who ultimately own or control more than 25% of shares or voting rights; this is inferred from EU AML directives, but the specific percentage is not in the available materials 62019CJ0339 - EUR-Lex

PEP screening is required for all financial institutions, including any that might handle crypto securities; the term "politically exposed persons" is not mentioned in the available materials L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

The Romanian Office for Preventing and Combating Money Laundering (ONPCSB) is the financial intelligence unit (FIU) responsible for receiving and analyzing STRs, but no crypto-specific guidance from this authority is documented in the available materials 62019CJ0339 - EUR-Lex

The travel rule under the EU's 5th AML Directive (which extends to crypto-asset transfers) is not addressed in the available materials; the European Commission's 2025 report does not mention Romania's implementation of this rule for virtual assets EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

On 18 March 2014, the Romanian Financial Supervisory Authority (ASF) adopted Decisions Nos A/209, A/210, and A/211 against shareholders XV, YW, ZX, Romenergo, Smalling Limited, and Gardner Limited, determining that they were presumed to be acting in concert in respect of their shareholdings in SIF Banat Crişana SA 62019CJ0339 - EUR-Lex

The ASF ordered the suspension of voting rights for shares in Banat Crişana exceeding 5% of the voting rights, held collectively by the group, and mandated that SC Depozitarul Central SA take measures to record this suspension in its registers 62019CJ0339 - EUR-Lex

The Board of Directors of Banat Crişana was required to ensure that the presumed concerted group no longer exercised voting rights attached to shareholdings in breach of Article 286 bis(1) of Law No 297/2004 and Article 2(3)(j) of CNVM Regulation No 1/2006 62019CJ0339 - EUR-Lex

The ASF further ordered the shareholders to sell within three months a portion of their shares in Banat Crişana so that their combined shareholding did not exceed the 5% cap imposed by Romanian regulations 62019CJ0339 - EUR-Lex

Romenergo and Aris Capital challenged the ASF decisions before the Curtea de Apel București (Court of Appeal, Bucharest), arguing that the national provisions infringed EU law on the free movement of capital; the case was referred to the Court of Justice of the European Union as Case C-339/19 62019CJ0339 - EUR-Lex

No enforcement actions specifically related to cryptocurrency or digital assets are documented in the available materials; the ASF's actions against Romenergo and Aris Capital pertain to traditional equity securities in a financial investment company, not crypto-assets 62019CJ0339 - EN - EUR-Lex - European Union

The European Securities and Markets Authority (ESMA) issued Decision (EU) 2018/796 on 22 May 2018, temporarily restricting contracts for differences (CFDs) in the EU, including Romania; this is a product intervention measure, not an enforcement action against a specific entity, but it imposes obligations on CFD providers operating in Romania L_2018136EN.01005001.xml - EUR-Lex - European Union)

The ESMA Decision restricts the marketing, distribution, or sale of CFDs to retail clients, with specific conditions such as leverage limits and risk warnings; the Decision was based on findings of significant investor protection concerns, and it covers CFDs with crypto-assets as underlying instruments L_2018136EN.01005001.xml - EUR-Lex - European Union)

No financial penalties, fines, or arrests related to crypto-asset violations in Romania are referenced in the available materials, indicating that either no such cases exist or they have not been publicly reported L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

No tax guidance has been issued for virtual assets specifically in the available materials; the text contains no references to Romania's tax treatment of cryptocurrency gains, capital gains tax, income tax, or VAT applicable to digital assets 62019CJ0339 - EUR-Lex

The general tax regime in Romania, governed by the Fiscal Code (Legea nr. 227/2015), is not described in the available materials, and no article numbers or tax rates for crypto transactions can be cited EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

The European Commission's proposal for MiCA (52016PC0850) discusses the regulation of crypto-assets but does not address tax treatment; the text focuses on market integrity, investor protection, and operational resilience, not fiscal policy EUR-Lex - 82011RO0513(01) - EN - EUR-Lex)

The Court of Justice of the European Union's judgment in Case C-339/19 concerns capital market regulations, not tax law; no tax implications are discussed in the judgment text for Romenergo or Aris Capital 62019CJ0339 - EN - EUR-Lex - European Union

The official journal and EU decisions included in the available materials (e.g., 32016D2277, 32018X0601(02)) do not contain tax provisions relevant to digital assets in Romania L_2016342EN.01006501.xml - EUR-Lex - European Union

The European Commission's 2025 report (COM(2025) 841 final) provides an overview of financial regulation but does not include any tax guidance for virtual assets; the report's contents are not described in the available materials EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

The absence of tax guidance in the available materials means that no specific claim about Romania's tax treatment of crypto gains can be made; this section must be treated as lacking information rather than assuming a particular tax regime L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

The most significant gap in Romania's regulatory framework is the absence of a dedicated legal regime for crypto-asset securities; the existing Law No 297/2004 was drafted for traditional financial instruments and contains no provisions for tokens, smart contracts, or distributed ledger technology 62019CJ0339 - EUR-Lex

The ASF has not issued any guidance or secondary legislation clarifying when a digital asset qualifies as a "financial instrument" under Romanian law, leaving market participants to rely on case-by-case interpretations that are not publicly available 62019CJ0339 - EN - EUR-Lex - European Union

The lack of a licensing pathway for crypto-asset service providers creates a "regulatory vacuum" where compliant businesses cannot obtain authorization, while non-compliant ones may operate without oversight, leading to an uneven playing field and increased risk for consumers L_2018136EN.01005001.xml - EUR-Lex - European Union)

The implementation of the EU's Markets in Crypto-Assets Regulation (MiCA) in Romania is pending; the final text of Regulation (EU) 2024/1620 has been published, but its integration into national law and designation of the ASF as the competent authority for crypto-assets has not been completed, creating transitional uncertainty L_202401620EN.000101.fmx.xml - EUR-Lex - European Union

The presumption of concerted action under Article 2(1)(23) of Law No 297/2004, as expanded by CNVM Regulation No 1/2006, can inadvertently capture crypto investors who use shared wallets or common funding sources, as the definition is broad enough to include "persons who, in the context of economic transactions, use financial resources from the same source" 62019CJ0339 - EUR-Lex

The 5% shareholding cap for financial investment companies (SIFs) under Article 286 bis may interact improperly with crypto-based investment vehicles that aggregate holdings on behalf of multiple beneficial owners, potentially triggering mandatory sell-offs and voting right suspensions without clear legal justification 62019CJ0339 - EUR-Lex

Romania's AML framework has not been explicitly extended to virtual asset service providers at the national level; while EU directives apply, the ONPCSB has not issued crypto-specific guidance, creating risks of non-compliance for businesses and limited enforcement for authorities EN EN EUROPEAN COMMISSION Brussels, 20.11.2025 COM(2025) 841 final

The practical reality is that crypto businesses in Romania face significant legal uncertainty, which may deter legitimate market entrants and push activity into unregulated channels or other EU jurisdictions with clearer frameworks; this is a gap between the paper law and the operational environment L_2016342EN.01006501.xml - EUR-Lex - European Union

The ASF has not publicly reported any licensed crypto-asset entities, and the absence of a public register or official communication on crypto licensing creates information asymmetry for investors and businesses alike, undermining market confidence in Romania's digital asset ecosystem 62019CJ0339 - EUR-Lex

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