How to obtain a cryptocurrency license in Romania

Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.

Despite this, we always manage to find a solution that suits the client. All the time our team provides research of the market and regulations on various markets to find the best jurisdiction. Not so long ago we have made the global overview of the VASP regulation in EEA and ready to share information with our future and existing clients. Today we will look at the features of obtaining a cryptocurrency license in Romania.

Tax Summary:

  1. Personal income tax – 10%
  2. Corporate income tax – 16%

What law/s governs VASP activities?

  1. Lege nr. 129 din 11 iulie 2019 pentru prevenirea și combaterea spălării banilor și finanțării terorismului, precum și pentru modificarea și completarea unor acte normative (AML law)
  2. REGULAMENT nr. 2 din 6 septembrie 2019 privind prevenirea și combaterea spălării banilor și finanțării terorismului
  3. ORDONANȚĂ DE URGENȚĂ nr. 111 din 1 iulie 2020 (Amendment Ordinance)

What activities are included in VASP services?

According to Clause 2(t) of Article 2 and Clause 1(g) of Article 5 of the AML Law, as well as the Amendment Ordinance, the types of VASP activities are as follows:

  1. Digital wallet provider – an entity that provides safekeeping services for private cryptographic keys on behalf of its customers for the holding, storage and transfer of virtual currency.
  2. Provider of services to exchange virtual currencies for fiat currencies.

Who is the VASP regulator?

  1. The Financial Supervisory Authority (“ASF”)
  2. National Bank of Romania

What is the procedure for registering a VASP for a local company?

Article 30-1 of the AML Law, as well as the Amendment Ordinance, describes the framework for the VASP authorization procedure, but an official registry has not yet been established. In addition, the Romanian government has not yet established a full registration process.

Is there any specific authorization required for a VASP from another EU member state to provide services in this jurisdiction?

Romanian legislation does not provide for passportization for VASPs from another EU member state. The National Bank allows only financial companies to operate on a cross-border basis, which does not include VASP services. 

A foreign VASP in order to provide services in Romania needs local registration as an obliged person under the AML legislation. However, a register of VASPs has not yet been established.

What is the liability for the activities of a VASP from another EU member state without local registration/authorization in this jurisdiction?

Since the jurisdiction does not have an approved registration procedure, there is no liability.

Manimama Legal & Growth Agency provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.

The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.