Romania

**Report on the Current Status of Retail Trading of Cryptocurrencies in Romania**

**Date:** 2025-06-26

**Topic:** Retail_Trading_Status

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

**Status:** Allowed-Regulated

**Narrative Explanation:**

Individual citizens and residents in Romania are legally permitted to buy, sell, and hold cryptocurrencies. The regulatory environment has been evolving, moving from a legal gray area prior to 2020 towards a more structured framework, significantly influenced by European Union directives and regulations, particularly the Markets in Crypto-Assets Regulation (MiCA).

Romania has transposed the EU's Fifth Anti-Money Laundering Directive (AMLD5) into national law (via Government Emergency Ordinance no. 111/2020, approved by Law 101/2021, amending Law no. 129/2019 on AML). This legislation mandates that providers of exchange services between virtual currencies and fiat currencies, as well as digital wallet providers, must comply with AML/CFT (Anti-Money Laundering/Counter-Terrorist Financing) and Know Your Customer (KYC) requirements. These entities are considered "reporting entities" and are obligated to identify and report suspicious transactions.

Initially, there was a requirement for these service providers to be authorized or registered with the Romanian Ministry of Public Finance via the Foreign Exchange Licensing Commission, and potentially obtain a technical opinion from the Authority for the Digitalisation of Romania. However, more recent developments indicate a shift in the authorization process. A draft Emergency Government Ordinance, aimed at implementing MiCA, designates the Financial Supervisory Authority (ASF) as the primary body for supervising most crypto-asset service providers (CASPs), including exchanges and Crypto ATMs, while the National Bank of Romania (BNR) will oversee issuers of e-money tokens (EMTs) by credit and electronic money institutions under its supervision. This new ordinance, expected to come into force by the end of 2024 and early 2025 for certain provisions, will introduce more rigorous compliance requirements for CASPs, including enhanced KYC, AML, and CFT measures.

The National Bank of Romania (BNR) has historically issued warnings about the speculative nature and high volatility of cryptocurrencies, emphasizing the potential for financial losses. However, the BNR has also clarified that its regulations do not prohibit credit institutions from offering account services to compliant crypto service providers, provided these banks implement adequate KYC and risk management measures.

From a taxation perspective, income from cryptocurrency transactions for individuals is categorized as "income from alternative sources" and is subject to a flat 10% income tax rate on the gains (difference between selling price and purchase price, including direct transaction costs). Taxpayers are responsible for calculating and declaring these gains. There are specific thresholds for tax exemption on small earnings and potential social security contributions if total profits exceed certain levels. Crypto-to-crypto transactions are not currently considered taxable events in Romania; taxation occurs when crypto is converted to fiat currency or used for payments. There was a proposal for a temporary tax exemption on crypto gains for natural persons until July 31, 2025, though its current definitive status requires careful monitoring.

Overall, while retail trading is allowed, it is increasingly subject to a regulatory framework focused on AML/CFT, consumer protection, and taxation, aligning with broader EU efforts to regulate the crypto-asset market. The full implementation of MiCA is expected to further solidify this regulatory landscape.

**Specific, Relevant Text Excerpts and URL Links:**

*   **Regarding the legality and AML/KYC requirements:**
    *   "At the time of writing, buying, holding and selling Bitcoin or any other token generally referred to as a utility token is not restricted in Romania. As with any purchase of commodities, AML/KYC and tax rules must be complied with." (Source: Blockchain & Cryptocurrency Laws and Regulations 2025 – Romania)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHBK3Ox1eXkm1qzmI3tIeUUO-PwFtx9tB_SlOxe9pI-Takr-YFkqsI7jmDXrwXP4gBcPx3uwAlIQCjH-jAzaVlueWJ7VUSO79KPrfL-Mgrmcmpt9gDJCQvM3Godd3gpZm47z2fTxuDXHugzZTo6JZEBjFTzj-ZlRaKvC48dVOeuhQAz17pMPzWirzX0KFpPJN5ovvsGpeDQZwrj0_8lKGGlkvKerZQ=
    *   "Romania has enacted GEO No. 111/2020, laying down rules on entities involved in cryptocurrency transactions that are thus bound to identify and report suspicious transactions that may breach any provision concerning the AML framework. GEO No. 111/2020 most notably extends the concept of reporting entities and their scope. It also introduces the obligation to apply standard KYC measures based on a secure identification process." (Source: Blockchain & Cryptocurrency Laws and Regulations 2025 – Romania)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHBK3Ox1eXkm1qzmI3tIeUUO-PwFtx9tB_SlOxe9pI-Takr-YFkqsI7jmDXrwXP4gBcPx3uwAlIQCjH-jAzaVlueWJ7VUSO79KPrfL-Mgrmcmpt9gDJCQvM3Godd3gpZm47z2fTxuDXHugzZTo6JZEBjFTzj-ZlRaKvC48dVOeuhQAz17pMPzWirzX0KFpPJN5ovvsGpeDQZwrj0_8lKGGlkvKerZQ=
    *   "The Fifth Anti-Money Laundering Directive (5AMLD) was transposed into Romanian national law (via Romanian Government Emergency Ordinance no. 111/2020 approved by Romanian Law 101/2021) to Romanian Law no. 129/2019 on AML (hereinafter “AML Law”)." (Source: Romania - Elliptic)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEXgTa434COu1wsuBBp0n46fHkqzdNuUzFYs-_qP36PWooW4I_Z9m2yf82UgZVFv3tGW5UAzO4BcdWFFde8F67zYOyEEl0OEF0ElIY5RgSckMB8xjjsf5COI5za1VRMGMw3ZkiNyOOVPBc=
    *   "Under the Emergency Ordinance, crypto-asset service providers will be subject to much closer supervision by the National Bank of Romania (the NBR) and the Financial Supervision Authority (the ASF) as the authorities responsible for the monitoring and implementation of the information that accompanies the transfers of funds designated for this purpose." (Source: Romania to introduce stricter compliance rules for crypto-asset service providers - Kinstellar)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGWIKs5-y-WaaDhcmPnVRN_EK8sP2w5jJTS8u8nNoCJSjH4-wEkujoyQpTWee0GptQAKVitCm3mNCJE5ZlNEno8ahwGqZVE-h_pV231htmhX5NKW8RahNMlXq0v2JRhnR8D6zrPkDLEWu4sS3Zzvm8eeoRjke_BRpTdsFbOa3NT6guKVzL0i73SA_0zsnU2WqFNLnnfwQq7Mlt1tioY9d0mdKbb92wgkB8erHcK3uxVgxSRAaZBH5ZJ4x41sC-zevEZ7kIiLDs=

*   **Regarding Taxation:**
    *   "Transactions with virtual currencies (cryptocurrencies) were regulated for the first time in 2019 under Law No. 30/2019, which introduced provisions in the Romanian Tax Code regarding the taxation of income thus obtained." (Source: Blockchain & Cryptocurrency Laws and Regulations 2025 – Romania)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHBK3Ox1eXkm1qzmI3tIeUUO-PwFtx9tB_SlOxe9pI-Takr-YFkqsI7jmDXrwXP4gBcPx3uwAlIQCjH-jAzaVlueWJ7VUSO79KPrfL-Mgrmcmpt9gDJCQvM3Godd3gpZm47z2fTxuDXHugzZTo6JZEBjFTzj-ZlRaKvC48dVOeuhQAz17pMPzWirzX0KFpPJN5ovvsGpeDQZwrj0_8lKGGlkvKerZQ=
    *   "In Romania, capital gains from cryptocurrency transactions for individual investors are taxed at a fixed rate of 10% (ten percent)." (Source: Romania - Elliptic)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEXgTa434COu1wsuBBp0n46fHkqzdNuUzFYs-_qP36PWooW4I_Z9m2yf82UgZVFv3tGW5UAzO4BcdWFFde8F67zYOyEEl0OEF0ElIY5RgSckMB8xjjsf5COI5za1VRMGMw3ZkiNyOOVPBc=
    *   "The Romanian Tax Code treats cryptocurrency gains as part of individual income, which is taxable under Title IV of the Code. The practical Romania crypto tax rules apply as follows: Taxable income arises only when crypto is converted into fiat currency (e.g., RON, EUR, USD) or used for payment of goods or services. Gains are taxed at a flat 10% income tax rate, calculated as the difference between the sale price and acquisition cost." (Source: Romania crypto tax: avoid double taxation after relocation)
        *   *Link:* https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHXYfMQdqdoZsT7lhcg5aRLYjQl2vMXd0W3MCTEfkXiwA5BZoIPtZ6y-GCBUV8Tz4JbdOer05reABVKbyh4AlUd-_V0vaKrzZSdhE4PZgSGyylH35mgVvtmz2vKOPt8zYofBVo2l35ApIyR2vwkeG610BJYvBRdOlHXjixhUCGF

*   **Regarding Regulatory Authorities and Warnings:**
    *   "The National Bank of Romania takes note of the ongoing increase in general public's interest in virtual currencies (also known as crypto-assets) and draws attention that, in its opinion, these currencies continue to be speculative, very volatile and extremely risky assets, with a high potential to cause financial losses for investors..." (Source: Press release on the National Bank of Romania's position concerning virtual currencies - Banca Naţională a României)
        *   *Link:* https://www.bnro.ro/Press-release-on-the-National-Bank-of-Romania%27s-position-concerning-virtual-currencies-22810.aspx (Note: The provided link in the search result was generic; this is a direct link to a relevant BNR page. If the exact 2021 press release is needed, further navigation on the BNR site might be required.)
    *   "The Financial Surveillance Authority (ASF) is now the national competent authority overseeing all crypto-asset service providers, including crypto exchanges... The National Bank of Romania (BNR) supervises credit and electronic money institutions providing crypto-asset services." (Source: Blockchain 2025 - Comparisons | Global Practice Guides | Chambers and Partners)
        *   *Link:* https://practiceguides.chambers.com/practice-guides/blockchain-2025/romania
    *   "In Romania, the implementation of the MiCA Regulation has been initiated through a draft Emergency Government Ordinance developed by the Ministry of Finance... This legislative act lays down the national framework required for the effective enforcement of the new European provisions and... delineates the distribution of responsibilities among the competent national authorities. Furthermore, the draft ordinance sets out the institutional architecture for the supervision of the domestic crypto-asset market, establishes the authorization regime applicable to crypto-asset service providers (CASPs), and introduces a specific framework of sanctions for regulatory breaches." (Source: The regulation of crypto-assets in Romania. The European legal framework – MiCA Regulation - Legal 500)
        *   *Link:* https://www.legal500.com/developments/thought-leadership/the-regulation-of-crypto-assets-in-romania-the-european-legal-framework-mica-regulation/

*   **Historical Context and Evolution:**
    *   "Romania's journey with cryptocurrency regulation has been gradual: Earlier (pre-2020): No particular laws on cryptocurrencies were in a legal grey area. 2020-2023: The Romanian National Bank (BNR) and the Financial Supervisory Authority (ASF) began monitoring crypto activity while issuing warnings about the risks. 2024-2025: New regulations were adopted which focused on anti-money laundering, taxation and licensing of the crypto businesses." (Source: Cryptocurrency Regulation in Romania - CoinStats & Coinfomania)
        *   *CoinStats Link:* https://coinstats.app/blog/cryptocurrency-regulation-in-romania/
        *   *Coinfomania Link:* https://coinfomania.com/cryptocurrency-regulation-in-romania/