No matter if we discuss the Bitcoin, Etherum, Ripple, etc., or even the so much waited for Libra from Facebook, all cryptocurrencies tend to capture more and more of people’s attention. The main interest is in speculative gains such as those generated by the fluctuations of these cryptocurrencies in relation to the classical currencies such as Dollar or Euro.
In addition to the people who are interested only in this kind of quick winnings, there is also a great interest in creating and trading these types of cryptocurrencies.
According to our cryptocurrency regulation research, the crypto-related activities have a 7/10 safety rank. The strongest ranking factor is the Legality of Bitcoin. At the moment, in Romania, there are 25 ICOs and no Exchange office.
When we discuss the creation and trading of the cryptocurrencies, according to the existing legislation in Romania regarding the virtual currencies, there are no legal norms to impose a certain regulation in the field.
In Romania, virtual coins (cryptocurrency) are not considered national currency or foreign currency, which is why their trading is not assimilated to a currency trading activity.
In conclusion, a company with the activity of trading and/or intermediating the trading of virtual coins on the territory of Romania does not have to meet any special conditions to operate in this domain and is not falling under the Order of the Minister of Public Finance of Romania no. 664/2012.
The cryptocurrency trading company will need to fulfill just the normal requirements which are necessary for all companies operating on the Romanian territory, requirements as are mentioned by Law no. 31/1990 on the establishment and the operation of commercial companies in Romania.
The National Bank of Romania recently issued a statement, that Romania is in the absence of any regulations in the field of virtual coins.
Update: The Ministry of Finance released a guideline draft detailing the conditions and requirements by any digital currency distributer within Romania. Per the newly drafted regulations, any distributor must possess at least EUR 350,000 and each involved individual must be verified and be approved by the BNR, Romania’s central bank. The new requirements are placed as a means of handling the known criminal risks attributed to cryptocurrencies in general and full documentation review of every applicant will be conducted by the bank.
