ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
10.7 Crypto-Related Lending At the time of writing, lending services related to cryptocurrencies are not expressly regulated under specific Romanian laws. Under the MiCA Regulation, crypto lending activities may, in certain circumstances, fall under the requirement to obtain a CASP licence. Specifically, if a lending service involves custody, control over client assets or even portfolio man - agement services, it will likely need to comply with MiCA’s stringent transparency, operational and consumer protection standards, including obtaining the appropriate licence. 10.8 Cryptocurrency Derivatives Romania’s current laws lack explicit rules for cryptocurrency derivatives (eg, futures, options). While Law 129/2019 (aligned with EU AML rules) requires crypto exchanges and wallets to regis - ter and comply with AML standards, it does not regulate derivatives. The EU’s MiCA Regulation, effective since December 2024, introduces comprehensive rules for crypto-assets, including derivatives, mandating transparency, risk disclosures and investor safeguards. Until fully implemented, providers must adhere to general financial regulations and AML obliga - tions. The ASF has not issued specific guidance, so firms should seek legal counsel to ensure compliance with MiCA’s stricter governance and operational requirements. 10.9 Decentralised Finance (DeFi) Currently, there is no specific regulation on DeFi in the European Union, but the sector is impact - ed by cryptocurrency provisions and other gen - eral financial regulations, such as AML and CFT legislation. As regards the new MiCA Regulation,
framework and national legislation set to come into force during this period. Importantly, even though there are no specific licensing requirements at this stage, these plat - forms must still comply with AML regulations as they must implement measures to prevent money laundering and terrorist financing, align - ing with Romania’s broader obligations under EU law. For exchange platforms, this grandfathering pro - vision is a key opportunity to continue opera - tions without immediate regulatory disruption. However, they must be aware that MiCA, once fully enforced along with relevant Romanian laws, will bring more stringent requirements, particularly around asset classification, investor protection and platform oversight. Secondary market trading, whether facilitated by intermediaries or conducted peer-to-peer, also operates under a somewhat unclear regulatory environment. While there are no specific national regulations for peer-to-peer trading, participants must still adhere to AML standards. As the MiCA regulation rolls out, further clarification on these activities is expected. 10.6 Staking In Romania, the provision of staking services related to cryptocurrencies is not expressly reg - ulated under any specific national laws. However, under MiCA Regulation, the situation is expected to change as staking service provid - ers may be required to obtain a CASP licence. This is particularly relevant if the staking service involves any form of custody or control over the staked assets.
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