ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
with regulatory oversight being the BNR and ASF, and comply with transparency, governance and reserve requirements. Other crypto-assets, including utility tokens Issuers of other crypto-assets, including utility tokens, will be required to publish a white paper with key information about the asset but will not need specific authorisation unless the asset qualifies as a financial instrument under Law No 126/2018. Regulations and Requirements The initial sale of blockchain assets, including token sales and ICOs, is regulated based on the asset’s classification. If a token is considered a security under Law No 126/2018, the issuer must comply with pro - spectus obligations and investor protection rules. If the asset is used for payment purposes, it may fall under the scope of Law No 209/2019, which regulates payment services and electronic money issuance. Law No 129/2019 also imposes AML obligations on crypto-asset issuers and service providers, including registration, KYC requirements and reporting duties. Challenges In Romania, the tokenisation of real-world assets faces significant legal and regulatory challenges, primarily due to the absence of a dedicated statu - tory framework and the formalistic nature of property and securities law. Romanian legislation does not expressly recognise tokenised assets as instruments of ownership, and in the case of real estate, owner - ship transfers remain subject to mandatory notarial form and registration in the Land Book, which can - not be substituted by blockchain records. In addition, depending on their structure, tokenised assets may fall under the regimes applicable to financial instru - ments, transferable securities or crypto-assets under MiCA, creating legal uncertainty as to their correct qualification and the applicable licensing, prospectus and compliance requirements. 10.5 Regulation of Blockchain Asset Trading Platforms In Romania, the regulatory environment for blockchain asset trading platforms is currently undergoing a tran - sition, especially with the introduction of MiCA.
The operation of trading platforms for blockchain assets is governed by MiCA. Entities providing such services are classified as CASPs and are legally required to obtain authorisation in order to carry out their activities. At the national level, Romania has not yet enacted implementing legislation; however, a draft law is currently under consideration. This draft expressly designates the ASF as the competent authority responsible for granting CASP authorisa - tions, and establishes the obligations and conditions that providers must satisfy to obtain and maintain such authorisation. Following the expiration of the MiCA grandfathering period on 30 December 2024, during which exist - ing providers were permitted to continue operating under prior arrangements, Romania is presently within the 18-month transitional period ending on 30 June 2026. During this period, CASPs are required to align their operations with MiCA and secure the necessary authorisations to continue their business lawfully. The final form and content of the national legislation remain subject to adoption, and its interplay with the EU regulatory framework will determine the precise national requirements applicable to CASPs. Second - ary market trading of blockchain assets in Romania depends on the structure of the trade. Transactions executed through authorised intermediaries are fully regulated under MiCA, including disclosure, consumer protection, and operational requirements. P2P trading is not explicitly prohibited, but activities conducted for remuneration or through platforms facilitating such trades may fall within the scope of MiCA’s obligations for CASPs. The classification of assets – whether EMTs, ARTs, or other crypto-assets – determines the applicable regulatory requirements, with stricter oversight for tokens linked to fiat or other assets. The draft national legislation is expected to clarify these aspects and provide specific guidance on compliance and supervisory responsibilities. 10.6 Staking In Romania, the provision of staking services relat - ing to cryptocurrencies is not regulated by a specific national law, but it is indirectly regulated under MiCA, which applies directly. There is currently no adopted Romanian legislation specifically addressing staking, although a draft national law is under consideration
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