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

Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (OJ L 150, 9.6.2023, pp. 1–39) is the primary legal instrument governing travel-rule requirements for crypto-assets in Romania Regulation (EU) 2023/1113 - EUR-Lex

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

An originator's crypto-asset service provider must ensure that all transfers are accompanied by details of the originator and the beneficiary, such as their names, distributed ledger address, and crypto-asset account numbers 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

For all transfers over €1,000 from a self-hosted address, the originator's crypto-asset service provider must verify whether the self-hosted address is owned or controlled by the originator 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

The beneficiary's crypto-asset service provider must ensure that the transfer of crypto-assets from a self-hosted address can be individually identified 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 must verify the accuracy of the information about the beneficiary before handing over the crypto-assets Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The beneficiary's crypto-asset service provider may reject or return crypto-assets or request further details if the information is missing or incomplete Information accompanying transfers of funds and certain crypto assets | EUR-Lex

The beneficiary's crypto-asset service provider warns a crypto-asset service provider if they repeatedly fail to supply the information requested before rejecting transfers from that source, restricting or terminating its business relationship, and informing the authority responsible for anti-money laundering and counterterrorist financing 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 have internal policies, procedures, and controls in place to ensure EU and national rules are applied when transferring funds or crypto-assets Information accompanying transfers of funds and certain crypto assets | EUR-Lex

Both payment and crypto-asset service providers must respond fully and without delay to enquiries from authorities responsible for preventing and combating money laundering and terrorist financing 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 assess the risks of transfers to or from non-EU self-hosted addresses by 1 July 2026 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

Regulation (EU) 2023/1113 of the European Parliament and of the Council - EUR-Lex

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

EUR-Lex - 52021PC0422 - EN - EUR-Lex - European Commission Proposal COM/2021/422 final

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