Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector.
Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Romania under the new MiCA provisions.
Current requirements (prior to MiCA implementation)
Article 30-1 of the Law no. 129/2019 “To prevent and combat money laundering and terrorism financing, as well as to amend and supplement some legislative act” describes a framework for authorization procedure of VASPs, however, the official register is not established yet. Also, Romanian government have not established complete registation process yet.
Has the jurisdiction enacted a law/draft law implementing MiCA?
A draft government decision of the Ministry of Finance
Who is the regulator under the law/draft law implementing MiCA?
The Foreign Exchange Licensing Commission of the Ministry of Finance
Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities
Meet the requirements set out in MiCAR
Romanian virtual service providers will be required to obtain technical endorsement issued by the Authority for the Digitalisation of Romania for the digital platform used and operate its activities in scope of the CAEN code 6499 – Other financial intermediation. The management of the company will be required to have the necessary expertise and knowledge of the national AML/CTF law, as well as a good professional and moral reputation.
The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements
All operating cryptoasset service providers will have a 12-month period following the entry into force of the government draft to obtain the authorisation issued by the Foreign Exchange Licensing Commission of the Ministry of Finance. Those CASPs operating under national law in Romania face a simplified authorization process under MiCAR.
Is there a transition period before the full implementation of MiCA?
Not stated in the draft decision
The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.
Not stated in the draft decision about the transitional period
The requirement for foreign crypto asset providers: foreign legal entities will be required to have an authorised representative with its domicile or registered office in Romania, an insurance policy for security incidents in the amount of 1 % of the value of the previous year’s transactions (minimum EUR 100,000), and to display certain information in the Romanian language on their website.
Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements
According to the draft decision, the supervisory authority will have powers to intervene in the business processes of the cryptoasset service provider and in some cases suspend or prohibit its activities. The penalties can be imposed of up to RON 50,000 (approximately 10 046.00 euro).
Other useful information regarding the implementation of MiCA
Not stated
Manimama Law Firm 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.
