ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
Neo-Banking Neo-banks operate under the same legal framework as traditional banks in the EU, primarily governed by the Capital Requirements Directive (CRD V) and PSD2. However, neo-banks may benefit from the EU’s Digital Banking Licence initiative, which facilitates a regulatory pathway for non-traditional banking mod - els. Romania’s national financial regulatory body, the ASF, applies these EU regulations at the local level, alongside any additional requirements for digital finan - cial service providers. Tokenisation and Cryptocurrencies Tokenisation and cryptocurrency activities in the EU are regulated by MiCA, which aims to provide a com - prehensive regulatory framework for digital assets. MiCA is being applied uniformly across most EU member states, including Romania. However, the legal treatment of crypto-assets may differ depending on whether they are classified as utility tokens, security tokens, or e-money. The classification determines the specific regulatory regime, which could involve MiCA for crypto-asset issuance, or the EU Electronic Money Directive (EMD) for digital assets treated as e-money. Romania, like many EU countries, also applies AML/ KYC regulations to cryptocurrency operators, requir - ing exchanges and wallet providers to register with the national authorities. DeFi DeFi, which aims to replicate traditional financial ser - vices using blockchain technology, faces uncertain regulatory treatment in both the EU and Romania. As of now, there is no specific DeFi regulation in the EU, but relevant laws, including MiCA and PSD2, may apply based on the specific services offered (eg, lending or exchange). National regulations, such as Romania’s Electronic Payments Law, may also apply, especially for entities offering services that intersect with traditional finance. Open Banking Open banking in the EU is governed by PSD2, which mandates that banks provide third-party providers with access to customer payment account informa - tion (with customer consent). Romania implements PSD2, which facilitates a regulatory environment for
member state, directly applies these EU regulations but also aligns with national strategies and initiatives, including fostering AI innovation. In Romania, compli - ance with the EU AI Act is mandatory, although addi - tional national policies may apply to specific indus - tries such as banking, insurance or medical law where automatic decisions based on AI are restricted. PSPs PSPs in the EU are primarily regulated by PSD2, which harmonises the regulation of payments across the EU, focusing on improving payment security, promot - ing innovation and enhancing consumer protection. Romania enforces PSD2 under national law, in line with EU directives, and may also impose additional local licensing requirements for specific service pro - viders. PSPs operating cross-border within the EU can benefit from the EU’s passporting mechanism, which allows firms licensed in one member state to provide services across other member states without needing separate licences. E-commerce E-commerce businesses in the EU must comply with the E-Commerce Directive (2000/31/EC), which regu - lates online services and marketplaces. This directive provides a framework for establishing liability excep - tions for intermediary platforms. National laws, includ - ing Romania’s E-commerce Law, align with the EU directive but may include additional consumer protec - tion regulations or requirements specific to Romania. Regtech Regtech companies that provide technology-driven compliance solutions fall under the broader scope of financial services regulations, including AML and KYC regulations. In Romania, the Anti-Money Laundering Law aligns with the EU’s 5th Anti-Money Laundering Directive (5AMLD). Regtech firms targeting financial institutions must comply with both the EU regula - tions and local enforcement by Romania’s Financial Supervisory Authority ( Autoritatea de Supraveghere Financiară , ASF). Depending on the solution provided, regulatory compliance may vary, including data pro - tection laws such as the GDPR.
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