ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
Romania’s EUR5 billion annual inflow from over - seas workers. Interest in blockchain also extends to digital identity management, where financial firms aim to streamline customer onboarding and securely share KYC data. However, GDPR requirements, such as the “right to be forgotten” , compli - cate the use of immutable ledgers, prompting exploration of hybrid models. Trade finance is another priority, with institutions testing smart contracts to automate agreements like letters of credit, reducing delays and fraud risks through partnerships with enterprise-grade blockchain platforms. 10.2 Local Regulators’ Approach to Blockchain Romanian regulators, including the BNR and the ASF, are taking a cautious yet proactive approach to blockchain technology. While no comprehen - sive local regulations specific to blockchain have been introduced, authorities are closely aligning with EU frameworks and exploring ways to bal - ance innovation with financial stability and con - sumer protection. The EU’s MiCA, effective since 2024, is a key driver of regulatory developments in Romania. MiCA will establish a unified framework for cryp - to-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 crypto-asset service providers. In the meantime, Romanian authorities have issued warnings about the risks associated with cryptocurrencies, such as volatility, fraud and money laundering. 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 curren - cies (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 blockchain developments. Their focus remains on mitigating risks, ensuring compliance, and preparing for the broader integration of block - chain technology into the financial system. 10.3 Classification of Blockchain Assets Not all blockchain assets are considered regulat - ed financial instruments in Romania. While some tokens may fall under existing financial regula - tions, many – particularly utility tokens – do not qualify as financial instruments and remain out - side the scope of financial markets oversight. This distinction creates challenges in classify - ing and regulating blockchain assets, especially as the technology evolves and new use cases emerge. As of March 2025, Romania does not have a distinct national classification system for block - chain assets. Instead, it relies on the regulatory framework established at the EU level, particu - larly the provisions of the MiCA and other rel - evant EU directives. Under MiCA, crypto-assets are categorised into asset-referenced tokens (ARTs), e-money tokens (EMTs), and other cryp - to-assets, with tailored regulatory requirements for each. Additionally, existing financial regula - tions apply where a token qualifies as a financial instrument under Law No 126/2018 on financial instruments or falls within the scope of payment services regulations.
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