ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
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 directives, with distinctions based on asset type. Securities Trading Platforms These are governed by Law 126/2018 (Roma - nia’s capital markets law), which implements the EU’s MiFID II framework. Platforms must obtain authorisation from the ASF and comply with strict rules on transparency, investor protection and market abuse. Cryptocurrency Trading Platforms Romania has not enacted specific crypto laws, but platforms must adhere to Law 129/2019 (anti-money laundering), aligning with EU AML directives. Following the EU’s MiCA, applica - ble since December 2024, crypto platforms fall under a harmonised EU regime requiring licens - ing as Crypto-Asset Service Providers (CASPs). While MiCA is EU-level, it is directly enforce - able in Romania, effectively integrating into the national framework. P2P Lending Platforms The EU Crowdfunding Regulation (Regulation 2020/1503) applies directly in Romania, requir - ing platforms facilitating crowdfunding or P2P lending to obtain authorisation as EU Crowd - funding Service Providers (ECSPs). 6.2 Regulation of Different Asset Classes Under the EU MiCA, applicable in Romania since December 2024, crypto-assets are regu - lated based on their token type. Asset-refer - enced tokens (eg, stablecoins) and e-money tokens (used for payments) face strict require -
However, payment processors could create new payment rails or conduct on top of those already existing, with strict adherence to standard set regulations. This might include, but not be limit - ed to, a seal of approval by regulatory authorities from national banks, for example in Romania, and licences. Any new payment infrastructure should also comply with many strict require - ments related to security, consumer protection and AML measures. This content within a new rail is required to provide for interoperability, on replicating the older payments facilities in a way that would not disrupt any existing payment eco - The overall regulations cover cross-border pay - ments and remittances in Romania, in line with EU regulations, including the PSD2 and the AML Directive, which are in place to ensure security, transparency and consumer protection. In line with these general guidelines, the main aspects of regulation include compliance with the vari - ous standards on AML and CFT, customer due diligence, transaction alert and suspicious trans - action reporting by payment 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 GDPR) and consumer protection rules, ensur - ing that the consumer is fully aware of the actual fees, exchange rates and duration of transac - tions through the services they provide. Regula - tors are also paying urgent attention to the effi - ciency and competitiveness of the cross-border payments market while ensuring financial stabil - ity and sufficient fraud risk mitigation. system and maintain EU compliance. 5.2 Regulation of Cross-Border Payments and Remittances
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