ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
and consumer protection. In line with these general guidelines, the main aspects of regulation include compliance with the various standards regarding AML and CFT, customer due diligence, transaction alert and suspicious transaction reporting by pay - ment service providers. Similarly, in other respects, it is also important for cross-border payment providers to ensure that their services comply with international sanctions and data protection legislation (such as the GDPR) and consumer protection rules, ensuring that the consumer is fully aware of the actual fees, exchange rates and duration of transactions through the services they provide. Regulators are also paying urgent attention to the efficiency and competitiveness of the cross-border payments market while ensuring financial stability and sufficient fraud risk mitigation. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms In Romania, marketplaces and trading platforms are regulated under national laws that transpose EU direc - tives, with distinctions based on asset type. Securities Trading Platforms These are governed by Law 126/2018 (Romania’s cap - ital markets law), which implements the EU’s MiFID II framework. Platforms must obtain authorisation from the ASF and comply with strict rules on transparency, Romania has not enacted specific crypto-laws, but platforms must adhere to Law 129/2019 (anti-money laundering), aligning with EU AML directives. Since the implementation of MiCA in December 2024, crypto- platforms have fallen under a harmonised EU regime requiring licensing as crypto-asset service providers (CASPs). While MiCA is an EU regulation, it is directly enforceable in Romania, effectively integrating it into investor protection and market abuse. Cryptocurrency Trading Platforms
to obtain authorisation as EU crowdfunding service providers (ECSPs). 6.2 Regulation of Different Asset Classes Under MiCA, crypto-assets are regulated based on their token type. Asset-referenced tokens (eg, stable - coins) and e-money tokens (used for payments) face strict requirements, including issuer authorisation, reserve asset rules and transparency obligations. Utili - ty tokens, which provide access to specific services or products, are subject to lighter rules, primarily focus - ing on white paper disclosures and consumer protec - tion, unless they exhibit investment-like features. In contrast, security tokens, which qualify as financial instruments (eg, representing shares or bonds), fall under Romania’s capital markets law (Law 126/2018), implementing the EU’s MiFID II framework. These tokens require authorisation from the ASF, compliance with prospectus rules and adherence to investor pro - The rise of cryptocurrency exchanges has driven Romania to align with the EU’s MiCA since Decem - ber 2024. Centralised exchanges (CEXs) now require licensing as CASPs, complying with transparency, custody and AML rules under Law 129/2019. DEXs remain a regulatory challenge due to their non-cus - todial nature, though MiCA may apply if they involve identifiable operators. While CEXs face strict oversight (eg, transaction monitoring and investor disclosures), DEXs operate in a grey area unless offering regulated services like staking. Romania’s regulators, guided by EU standards, are exploring updates to address DeFi risks, but current rules focus on centralised platforms. 6.4 Listing Standards tection and market abuse standards. 6.3 Impact of the Emergence of Cryptocurrency Exchanges In Romania, listing standards for regulated markets (eg, the Bucharest Stock Exchange) follow EU direc - tives like MiFID II and the Prospectus Regulation, requiring issuers to publish approved prospectuses, ensure financial transparency, and meet corporate governance criteria. For SME growth markets, lighter standards apply under MiFID II, balancing investor protection with SME access. Crypto-assets, governed
the national framework. P2P Lending Platforms
The EU Crowdfunding Regulation (Regulation (EU) 2020/1503) applies directly in Romania, requiring platforms facilitating crowdfunding or P2P lending
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