ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
requiring funds to comply with transparency, custody and investor protection rules. MiCA mandates that issuers and platforms (including funds) meet strict operational standards for crypto-assets like stable - coins or utility tokens. All funds must also adhere to AML obligations under Law 129/2019. 10.11 Virtual Currencies Romania’s regulation of blockchain and cryptocur - rencies aligns closely with EU frameworks to ensure coherence with broader European digital market standards. Under GEO 111/2020, virtual currencies are defined as digital representations of value not issued by central authorities, usable as a medium of exchange but not legally recognised as traditional money. This mirrors the EU’s approach, treating them as exchangeable digital assets rather than currency. Blockchain assets – including virtual currencies, secu - rity tokens and utility tokens – are set for enhanced oversight under MiCA. 10.12 NFTs NFTs currently fall outside Romania’s fintech regula - tory scope but may face oversight if they function like regulated crypto-assets (eg, facilitating financial trans - actions). While not explicitly covered by MiCA, NFTs could be included if they mirror regulated crypto-asset traits. Stakeholders must monitor evolving rules and prioritise compliance, particularly tax obligations. Romania, like other nations, is adapting tax frame - works to address digital assets. Even non-fiat transac - tions (eg, buying NFTs with crypto) are taxable based on their RON value. Selling crypto to acquire NFTs trig - gers taxable events for both transactions. Authorities aim to balance fair taxation with innovation, requiring individuals to report all digital asset activities, regard - less of fiat conversion. Compliance remains critical as regulations evolve. 10.13 Stablecoins In Romania, stablecoins are regulated primarily through MiCA, which applies directly as EU law. MiCA classifies stablecoins into two main categories: (EMTs, which aim to stabilise value by referencing a single fiat currency, and ARTs, which peg their value to a bas - ket of assets or rights. Both categories are subject to
authorisation requirements, and issuers must comply with strict rules on transparency, risk reporting, gov - ernance, and consumer protection. At the national level, Romania has proposed a draft emergency ordinance to implement MiCA, which is currently under public consultation. The draft ordi - nance seeks to clarify licensing and registration pro - cedures for stablecoin issuers, define the supervisory roles of the ASF and the BNR, and align existing finan - cial and regulatory legislation with the EU framework. The final scope and practical impact of these meas - ures will depend on the form in which the ordinance is ultimately adopted. From an operational perspective, issuers of regulated stablecoins must maintain adequate, segregated, and auditable reserve assets to fully back the issued tokens. In addition, holders benefit from a right of redemption at par value, ensuring price stability and a high level of consumer protection, in line with MiCA’s objective of safeguarding market integrity and finan - cial stability. Romania’s approach to open banking is largely shaped by the EU’s PSD2, which was transposed into Romanian law through Law 209/2019. This rule requires banks to let third-party apps securely access customer accounts (with permission), paving the way for services like budgeting apps, instant payments and better financial tools. The idea is to boost com - petition and give consumers more control over their money. The BNR oversees this system, making sure banks and fintechs follow strict security rules and pro - tect user data under the GDPR. However, the roll-out has not been smooth. While PSD2 set the stage, many Romanian banks have been slow to adopt the tech needed for seamless integra - tion, leaving smaller fintechs stuck in limbo. On the upside, PSD2 has pushed Romania into the EU’s open banking ecosystem, and recent tweaks – like clearer tech standards and sandbox programmes 11. Open Banking 11.1 Regulation of Open Banking
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