ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
fully decentralised DeFi services that do not have an intermediary are not directly covered. MiCA only covers partially decentralised services – ie, those that have components or intermediary entities managing the platforms. However, if a party facilitates the trading of securities tokens or cryptocurrencies, it must comply with local securities regulations, financial instruments and AML/CFT obligations, regardless of whether the service is decentralised. Therefore, the state - ment that such services are unregulated due to the lack of intermediaries could be challenged by Romanian regulators, who could interpret the activity as falling under the existing legal frame - works regulating financial markets and crypto - currency transactions. 10.10Regulation of Funds In Romania, funds investing in blockchain assets are regulated under Law 126/2018 (for traditional investment vehicles like UCITS/AIFs) if they hold security tokens or crypto-assets classified as financial instruments. For non-security tokens (eg, utility tokens), the EU’s MiCA Regulation, applicable since 30 December 2024, now gov - erns crypto-asset services, requiring funds to comply with transparency, custody and inves - tor protection rules. MiCA mandates that issu - ers and platforms (including funds) meet strict operational standards for crypto-assets like stablecoins or utility tokens. All funds must also adhere to AML obligations under Law 129/2019 10.11Virtual Currencies Romania’s regulation of blockchain and crypto - currencies 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 recog - nised as traditional money. This mirrors the EU’s
approach, treating them as exchangeable digital assets rather than currency. Blockchain assets – including virtual currencies, security tokens and utility tokens – are set for enhanced oversight under the EU MiCA. 10.12Non-Fungible Tokens (NFTs) NFTs currently fall outside Romania’s fintech regulatory scope but may face oversight if they function like regulated crypto-assets (eg, facili - tating financial transactions). While not explic - itly covered by the EU’s MiCA Regulation, 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 frameworks to address digital assets. Even non- fiat transactions (eg, buying NFTs with crypto) are taxable based on their RON value. Selling crypto to acquire NFTs triggers taxable events for both transactions. Authorities aim to balance fair taxation with innovation, requiring individuals to report all digital asset activities, regardless of fiat conversion. Compliance remains critical as regulations evolve.
11. Open Banking 11.1 Regulation of Open Banking
Romania’s approach to open banking is largely shaped by the EU’s PSD2, which was brought into Romanian law through Law 209/2019. This rule requires banks to let third-party apps securely access customer accounts (with per - mission), paving the way for services like budg - eting apps, instant payments and better financial tools. The idea is to boost competition and give consumers more control over their money. The
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