ROMANIA
Ukraine
Slovakia
Moldova
Hungary
Romania
Law and Practice Contributed by: Alexandru Stanescu, Simina Negulescu, Anca Popan and Mihai-Cristian Huială Lexters
Bucharest
Serbia
Bulgaria
Contents 1. Overview of Blockchain and Crypto-Assets p.529 1.1 Blockchain p.529 1.2 Crypto-Assets p.531 2. Regulation p.534 2.1 Regulators and International Alignment p.534 2.2 Crypto-Asset Regulatory Frameworks p.534 2.3 Regulated Firms and Legal Wrappers p.535 2.4 Token Issuance p.536 2.5 Market Abuse p.537 2.6 Non-Compliance p.537 3. Licensing and Set-Up Requirements p.537
3.1 Licensing Requirements p.537 3.2 Set-Up Requirements p.538 3.3 Change of Control p.538 3.4 Passporting p.539 4. Cross-Border Services p.539 4.1 Marketing p.539 4.2 White Labelling p.540 5. Decentralised Finance p.540 5.1 Ability to Use DeFi p.540 5.2 DeFi Structures p.540 5.3 Liability p.541 6. Payments and Stablecoins p.541
6.1 Payments p.541 6.2 Stablecoins p.542 7. Tokenisation and Real-World Assets p.543 7.1 Treatment p.543
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