Romania -- Regulatory Status Regulatory Overview

Romania, as a member state of the European Union, operates within the framework of EU directives and regulations regarding virtual assets. Its national regulatory status is currently in a state of transition, moving from primarily AML/CTF focused regulation to a more comprehensive financial market framework, largely driven by the implementation of the EU's Markets in Crypto-Assets (MiCA) Regulation.

Current Cryptocurrency/Virtual Asset Regulatory Status in Romania

1. Regulatory Approach: Partial (AML/CTF focused) transitioning to Comprehensive (MiCA-driven)

Romania's current approach is partial, primarily focused on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements for virtual asset service providers (VASPs). However, it is rapidly transitioning towards a comprehensive regulatory framework with the phased implementation of the EU's MiCA Regulation, which will introduce harmonized rules for crypto-asset issuers and service providers across the EU.

• No Ban: There is no ban on owning, trading, or mining cryptocurrencies in Romania for individuals.
• VASP Regulation (Current): Virtual Asset Service Providers (VASPs) operating in Romania are subject to AML/CTF obligations, including registration requirements and customer due diligence.
• Future (MiCA): MiCA will introduce a much broader regulatory scope, covering authorization, operational requirements, market abuse rules, and consumer protection for various types of crypto-assets and services.

2. Primary Regulatory Bodies:

• National Office for Preventing and Combating Money Laundering (ONPCSB - Oficiul Național pentru Prevenirea și Combaterea Spălării Banilor):

  • Role: The primary authority for enforcing AML/CTF legislation. It is responsible for supervising VASPs, receiving suspicious transaction reports, and maintaining the register of entities providing virtual asset services.
  • Website: ONPCSB Official Website

• Financial Supervisory Authority (ASF - Autoritatea de Supraveghere Financiară):

  • Role: While currently focused on traditional financial markets (capital market, insurance, private pensions), the ASF is expected to become the primary national competent authority for licensing and supervising crypto-asset service providers (CASPs) under the MiCA Regulation in Romania.
  • Website: ASF Official Website

• National Bank of Romania (BNR - Banca Națională a României):

  • Role: The central bank of Romania, responsible for monetary policy and financial stability. It has issued warnings regarding the risks associated with cryptocurrencies but does not currently directly regulate crypto-assets. Under MiCA, it will have a role in the oversight of stablecoins (e-money tokens and asset-referenced tokens).
  • Website: BNR Official Website

• National Agency for Fiscal Administration (ANAF - Agenția Națională de Administrare Fiscală):

  • Role: Responsible for the taxation of cryptocurrency gains, which are generally treated as income from other sources and subject to income tax.
  • Website: ANAF Official Website

3. Key Legislation Names and Dates:

Romania's regulatory framework is a blend of national laws transposing EU directives and directly applicable EU regulations:

• National Legislation (Transposing AMLD5/AMLD6):

  • Law no. 129/2019 regarding the prevention and combating of money laundering and terrorist financing, as well as for amending and supplementing certain normative acts (Legea nr. 129/2019 pentru prevenirea și combaterea spălării banilor și finanțării terorismului, precum și pentru modificarea și completarea unor acte normative):
    • Date: July 11, 2019 (published in Official Gazette no. 589 of July 19, 2019)
    • Key Provisions: This law transposed the 5th EU Anti-Money Laundering Directive (AMLD5) into Romanian law. It defines virtual currencies and virtual asset service providers (VASPs) and mandates that VASPs must register with the ONPCSB and comply with AML/CTF obligations (customer due diligence, reporting suspicious transactions, etc.).
    • Reference: Available in the Official Gazette of Romania, typically found on legislative databases (e.g., Lege5).

• EU Legislation (Directly Applicable or Requiring Transposition):

  • Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA Regulation):

    • Date: May 31, 2023 (published in the Official Journal of the European Union)
    • Key Provisions: This is the cornerstone of future crypto regulation in Romania and across the EU. It establishes a comprehensive framework for the issuance, offering, and admission to trading of crypto-assets and for the provision of crypto-asset services.
      • Phased Implementation:
        • Rules for asset-referenced tokens (ARTs) and e-money tokens (EMTs) apply from 30 June 2024.
        • Rules for other crypto-assets and for crypto-asset service providers (CASPs) apply from 30 December 2024.
    • Reference: EUR-Lex - MiCA Regulation (EU) 2023/1114

  • Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Transfer of Funds Regulation - TFR):

    • Date: May 31, 2023 (published in the Official Journal of the European Union)
    • Key Provisions: This regulation (often referred to as the "Travel Rule" for crypto) ensures that transfers of crypto-assets are traceable by requiring CASPs to collect and hold information on the originators and beneficiaries of crypto-asset transfers. It applies from 30 December 2024.
    • Reference: EUR-Lex - TFR Regulation (EU) 2023/1113

4. Current Stance on Crypto Trading and Exchanges:

• Permitted but Regulated: Crypto trading and the operation of crypto exchanges (VASPs) are permitted in Romania, provided they comply with existing regulations.
• AML/CTF Compliance for VASPs: Entities offering services such as exchange between virtual currencies and fiat currencies, exchange between one or more virtual currencies, transfer of virtual currencies, custody services, and participation in and provision of financial services related to the issuance/sale of virtual currencies are considered VASPs. They must:
  • Register with ONPCSB: Obtain registration and comply with ONPCSB requirements.
  • Implement AML/CTF Measures: Conduct customer due diligence (KYC), monitor transactions, report suspicious activities to ONPCSB, and maintain records.
• Future under MiCA: From December 30, 2024, crypto exchanges and other CASPs wishing to operate in Romania (and across the EU) will need to obtain authorization from a national competent authority (expected to be the ASF in Romania) under the MiCA Regulation. This authorization will allow them to "passport" their services across all EU member states. The requirements for authorization are significantly more comprehensive than current AML/CTF registration.
• Consumer Protection: While some basic consumer protection is implied through AML/CTF rules (e.g., identity verification), MiCA will introduce specific investor protection and market integrity rules, requiring transparent disclosures, fair trading practices, and clear information from CASPs.
• Taxation: Individuals realizing capital gains from cryptocurrency trading are subject to income tax. The specific rates and reporting obligations are determined by ANAF.

In summary, Romania's regulatory landscape for virtual assets is evolving rapidly. While currently focused on AML/CTF compliance through national legislation and the ONPCSB, the comprehensive framework of MiCA and TFR will soon directly apply, bringing crypto-asset issuers and service providers under a much stricter, harmonized financial market regulation regime overseen by bodies like the ASF.