ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
now applicable, crypto-related fraud (eg, fake ICOs, “rug pulls” ) faces stricter oversight. 12.3 Responsibility for Losses In Romania, fintech providers’ liability for cus - tomer losses hinges on service type, compli - ance, and fault. Under PSD2 (payment services), they must reimburse unauthorised transactions unless the customer was negligent (eg, shared credentials). For crypto-assets, MiCA imposes liability for custody failures or inadequate risk disclosures. Investment platforms face liability under MiFID II for flawed advice or misrepre - sented risks. GDPR holds providers accounta - ble for data breaches due to poor cybersecurity. Contractual breaches (eg, platform outages) are actionable under the Romanian Civil Code. Cus - tomer negligence or force majeure (eg, unpre - ventable cyberattacks) may limit liability.
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