ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
legislation with the European regulatory framework, with its final legal and practical effects being contin - gent upon the form in which it is ultimately adopted. MiCA is a key driver of regulatory developments in Romania. The regulation establishes a unified frame - work for crypto-assets and blockchain-based services across the EU, and Romanian regulators are preparing to implement these rules locally. This includes creating guidelines for licensing, transparency and operational requirements for CASPs. In the meantime, Romanian authorities have issued warnings about the risks associated with cryptocur - rencies, such as volatility, fraud and money launder - ing. They emphasise the need for compliance with existing AML and CFT regulations, which apply to blockchain-based transactions. The BNR has also expressed interest in exploring central bank digital currencies (CBDCs), in line with the European Central Bank’s digital euro project, though no concrete plans have been announced. In summary, Romanian regulators are adopting a wait-and-see approach, prioritising alignment with EU regulations like MiCA while monitoring block - chain developments. Their focus remains on mitigat - ing risks, ensuring compliance, and preparing for the broader integration of blockchain technology into the financial system. 10.3 Classification of Blockchain Assets Not all blockchain assets are considered regulated financial instruments in Romania. While some tokens may fall under existing financial regulations, many – particularly utility tokens – do not qualify as financial instruments and remain outside the scope of financial markets oversight. This distinction creates challenges in classifying and regulating blockchain assets, espe - cially as the technology evolves and new use cases emerge. As of January 2026, Romania does not have a distinct national classification system for blockchain assets. Instead, it relies on the regulatory framework estab - lished at the EU level, particularly the provisions of MiCA and other relevant EU directives. Under MiCA, crypto-assets are categorised into asset-referenced tokens (ARTs), e-money tokens (EMTs), and other
crypto-assets, with tailored regulatory requirements for each. Additionally, existing financial regulations apply where a token qualifies as a financial instru - ment under Law No 126/2018 on financial instruments or falls within the scope of payment services regula - tions. For example, if a token exhibits characteristics of a security (eg, representing ownership or offering investment returns), it may be subject to Law No 126/2018. Similarly, payment tokens used for trans - actions could fall under PSD2 regulations. Romania has also transposed the EU’s Fifth Anti-Money Laun - dering Directive (5AMLD) into national law (Law No 129/2019), which defines virtual currencies for AML purposes. However, this definition does not establish a broader classification of blockchain assets beyond AML obligations. In summary, while some blockchain assets may be regulated as financial instruments under EU law, most – particularly utility tokens – are not. Romania does not have an independent classification framework for blockchain assets, relying instead on the provisions of MiCA and the above-mentioned national laws. 10.4 Regulation of “Issuers” of Blockchain Assets In Romania, the regulation of issuers of blockchain assets and the initial sale of such assets follows the framework established at the EU level, as there are no specific national laws that independently govern these activities. Instead, issuers must comply mainly with MiCA and other applicable provisions from Romanian laws that implement European regulations, particularly Law No 129/2019 on anti-money laundering, Law No 126/2018 on financial instruments and Law No 209/2019 on payment services. Issuers of blockchain assets are subject to different regulatory requirements depending on the type of asset they issue. Types of Assets Asset-referenced tokens and e-money tokens Under MiCA, the issuers of ARTs and EMTs will need to obtain authorisation from the relevant national authority – the authorities most likely to be assigned
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