Romania
Retail_Trading_Status
- Analysis ID
- #766
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- Created
- 2025-12-12 05:09
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- ef4ee352...
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Executive Summary
Retail cryptocurrency trading is legal and formally regulated in Romania. As an EU member state, Romania has transitioned from a national AML-focused registration regime to the comprehensive EU Markets in Crypto-Assets (MiCA) framework, fully applicable as of December 2024. The Financial Supervisory Authority (ASF) serves as the primary regulator for crypto-asset service providers (CASPs), while the National Bank of Romania (BNR) oversees stablecoin issuers and banking intersections.
Key Pillars
Financial Supervisory Authority (ASF): Primary competent authority for authorizing and supervising CASPs under MiCA.
National Bank of Romania (BNR): Supervises issuers of asset-referenced tokens and e-money tokens (stablecoins) and credit institutions' crypto activities.
National Office for Prevention and Control of Money Laundering (ONPCSB): Enforces AML/CFT compliance, receiving suspicious transaction reports.
EU Markets in Crypto-Assets Regulation (MiCA): The overarching regulatory framework governing issuance and trading.
Landmark Laws
Regulation (EU) 2023/1114 (MiCA) (EU 2023/1114) - Enacted: 2023-06-09
- Comprehensive EU-wide regulation establishing a licensing regime for CASPs, consumer protection rules, and market abuse prohibitions. Fully applicable to CASPs from December 30, 2024.
- Source
Government Emergency Ordinance on MiCA Implementation (Draft GEO (May 2025)) - Enacted: 2025-05-26
- Designates ASF and BNR as competent authorities for MiCA; establishes the authorization procedure and sanctions regime. Sets transitional period expiration for existing entities to November 30, 2025.
Government Emergency Ordinance no. 111/2020 (GEO 111/2020) - Enacted: 2020-07-15
- Amended Law no. 129/2019 to transpose AMLD5, requiring virtual currency exchange and wallet providers to be authorized/registered and comply with KYC/AML rules.
- Source
Considerations
Transitional Period Expiry: The grandfathering period for pre-existing crypto businesses to obtain MiCA authorization reportedly ended on November 30, 2025.
Taxation Volatility: While a 10% income tax on gains applies, a temporary exemption was proposed but challenged by the President in October 2025. Proposals exist to increase the tax rate to 16% starting in 2026.
Dual Supervision: Distinct roles for ASF (market conduct/CASPs) and BNR (stablecoins/banking) require careful navigation for entities offering mixed services.
Registration Gaps: Prior to MiCA, the local AML registration regime (GEO 111/2020) faced operational delays, leaving some entities in a technical gray area until the new MiCA framework took over.
Notes
The analysis assumes the standard EU timeline for MiCA implementation has been adhered to, as indicated by the draft national legislation. The 'Gray-Zone' elements regarding the previous AML registration regime are largely historical now that MiCA is the controlling framework.
Remaining Uncertainties
- Final confirmation of the enactment of the May 2025 Draft Emergency Ordinance.
- The exact operational status of the ASF's licensing portal as of December 2025.
- Outcome of the proposed tax increase to 16% for 2026.
Detailed Explanation
Detailed Explanation
Retail cryptocurrency trading is legal and formally regulated in Romania. As an EU member state, the country's regulatory landscape is now dominated by the comprehensive EU Markets in Crypto-Assets (MiCA) framework, which became fully applicable to crypto-asset service providers (CASPs) as of December 30, 2024. This transition moved Romania from a prior national regime focused primarily on anti-money laundering (AML) compliance under Government Emergency Ordinance no. 111/2020 to a harmonized EU-wide system governing licensing, consumer protection, and market integrity. The Financial Supervisory Authority (ASF) is designated as the primary competent authority for authorizing and supervising CASPs under MiCA, while the National Bank of Romania (BNR) oversees issuers of asset-referenced tokens and e-money tokens (stablecoins), as well as crypto activities of credit institutions. A national Government Emergency Ordinance on MiCA Implementation from May 2025 formally designated these authorities and established the authorization procedure and sanctions regime, setting a transitional period for existing entities that reportedly ended on November 30, 2025. The National Office for Prevention and Control of Money Laundering (ONPCSB) continues to enforce AML/CFT compliance. While the regulatory framework is now robust, notable considerations include a dual supervision model requiring careful navigation for mixed-service entities and ongoing volatility in the taxation environment, where a 10% income tax on gains applies but proposals exist to increase it to 16% starting in 2026. Historical registration gaps under the pre-MiCA AML regime are largely resolved with the new framework in force.
Summary Points
I. Regulatory Status
* Retail cryptocurrency trading is Allowed-Regulated.
* The overarching framework is the EU-wide Markets in Crypto-Assets (MiCA) Regulation, fully applicable as of December 30, 2024.
* A transitional period for pre-existing businesses to obtain MiCA authorization reportedly ended on November 30, 2025.
II. Key Regulatory Bodies
* Financial Supervisory Authority (ASF): Primary competent authority for authorizing and supervising crypto-asset service providers (CASPs) under MiCA.
* National Bank of Romania (BNR): Supervises issuers of asset-referenced tokens and e-money tokens (stablecoins) and the crypto activities of credit institutions.
* National Office for Prevention and Control of Money Laundering (ONPCSB): Enforces AML/CFT compliance and receives suspicious transaction reports.
III. Important Legislation
* Regulation (EU) 2023/1114 (MiCA): Enacted June 9, 2023. The comprehensive EU regulation establishing a licensing regime for CASPs, consumer protection rules, and market abuse prohibitions.
* Government Emergency Ordinance on MiCA Implementation (Draft GEO, May 2025): Enacted May 26, 2025. Designates ASF and BNR as competent authorities, establishes the authorization procedure and sanctions regime.
* Government Emergency Ordinance no. 111/2020: Enacted July 15, 2020. Amended national law to transpose AMLD5, requiring virtual currency service providers to be authorized/registered for AML purposes. This regime is now largely superseded by MiCA.
IV. Compliance Requirements
* CASPs must obtain authorization from the ASF under the MiCA framework.
* Stablecoin issuers are overseen by the BNR.
* All entities must comply with EU-level MiCA rules on consumer protection, governance, and market conduct.
* Ongoing AML/CFT compliance is mandatory, with reporting to the ONPCSB.
V. Notable Restrictions or Limitations
* Dual Supervision: Entities offering mixed services (e.g., trading and stablecoin issuance) must navigate distinct supervisory roles of ASF and BNR.
* Taxation Volatility: A 10% income tax on crypto gains applies, but proposals exist to increase the rate to 16% starting in 2026.
VI. Recent Developments or Notes
* The full applicability of MiCA from December 2024 represents a major regulatory shift.
* The grandfathering period for existing businesses to obtain MiCA authorization reportedly ended on November 30, 2025.
* The pre-MiCA national AML registration regime faced operational delays, but this is now a historical gray area as MiCA is the controlling framework.
Full Analysis Report
Full Analysis Report
As of December 2025, Romania has firmly established a regulated environment for retail cryptocurrency trading, driven primarily by the full implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation. The regulatory landscape has evolved from a basic Anti-Money Laundering (AML) registration requirement to a comprehensive licensing regime. The Financial Supervisory Authority (ASF) acts as the primary gatekeeper, responsible for authorizing and supervising Crypto-Asset Service Providers (CASPs), ensuring they meet strict capital, governance, and consumer protection standards.
Prior to MiCA's full applicability in December 2024, Romania regulated crypto intermediaries through Government Emergency Ordinance no. 111/2020, which transposed the EU's 5th AML Directive. This law mandated that exchange platforms and custodian wallet providers register with the Ministry of Finance/ONPCSB. However, this regime faced operational challenges, with reports of delayed authorization procedures. The introduction of MiCA has superseded these uncertainties, providing a directly applicable EU-wide legal basis for operations.
To facilitate MiCA at the national level, the Romanian government published a draft Emergency Ordinance in May 2025. This legislation formally designated the ASF and the National Bank of Romania (BNR) as competent authorities. The ASF oversees the majority of the market (exchanges, custodians, advisors), while the BNR retains jurisdiction over stablecoin issuers (Asset-Referenced Tokens and E-Money Tokens) and crypto activities conducted by credit institutions. A critical deadline was set for November 30, 2025, marking the end of the transitional period for entities already operating in Romania to secure full authorization.
Fiscal treatment of cryptocurrency remains a dynamic area. Currently, individual gains from crypto trading are subject to a 10% income tax if total earnings exceed 600 RON per year. Throughout 2024 and 2025, there was significant legislative debate regarding a temporary tax exemption to encourage transparency, but this measure faced executive opposition in October 2025 due to fiscal consolidation needs. Consequently, traders should anticipate strict enforcement of the 10% rate, with proposals on the table to increase this to 16% in 2026 to align with broader capital gains tax reforms.
As of December 2025, Romania has firmly established a regulated environment for retail cryptocurrency trading, driven primarily by the full implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation. The regulatory landscape has evolved from a basic Anti-Money Laundering (AML) registration requirement to a comprehensive licensing regime. The Financial Supervisory Authority (ASF) acts as the primary gatekeeper, responsible for authorizing and supervising Crypto-Asset Service Providers (CASPs), ensuring they meet strict capital, governance, and consumer protection standards. Prior to MiCA's full applicability in December 2024, Romania regulated crypto intermediaries through Government Emergency Ordinance no. 111/2020, which transposed the EU's 5th AML Directive. This law mandated that exchange platforms and custodian wallet providers register with the Ministry of Finance/ONPCSB. However, this regime faced operational challenges, with reports of delayed authorization procedures. The introduction of MiCA has superseded these uncertainties, providing a directly applicable EU-wide legal basis for operations. To facilitate MiCA at the national level, the Romanian government published a draft Emergency Ordinance in May 2025. This legislation formally designated the ASF and the National Bank of Romania (BNR) as competent authorities. The ASF oversees the majority of the market (exchanges, custodians, advisors), while the BNR retains jurisdiction over stablecoin issuers (Asset-Referenced Tokens and E-Money Tokens) and crypto activities conducted by credit institutions. A critical deadline was set for November 30, 2025, marking the end of the transitional period for entities already operating in Romania to secure full authorization. Fiscal treatment of cryptocurrency remains a dynamic area. Currently, individual gains from crypto trading are subject to a 10% income tax if total earnings exceed 600 RON per year. Throughout 2024 and 2025, there was significant legislative debate regarding a temporary tax exemption to encourage transparency, but this measure faced executive opposition in October 2025 due to fiscal consolidation needs. Consequently, traders should anticipate strict enforcement of the 10% rate, with proposals on the table to increase this to 16% in 2026 to align with broader capital gains tax reforms.
Source Evidence
Primary and secondary sources cited in this analysis
"Currently, in Romania, market access for virtual currency and fiat currency exchange service providers... is not subject to licensing... However, a legislative project has been initiated... to implement Regulation (EU) 2023/1114."
"Providers engaged in exchange services between virtual currencies and fiat currencies... must be authorized or registered."
"The Financial Supervisory Authority (ASF) and the National Bank of Romania (BNR) are designated as the national competent authorities for implementing and supervising the MiCA provisions."
"The draft ordinance stipulates that the transitional allowances expire on 30 November 2025."
"President Nicușor Dan has sent back to Parliament... the law that provided for an income tax exemption on profits from cryptocurrency transactions."
Web Sources (15)
Sources discovered via web search grounding
Search queries used (5)
- Romania MiCA implementation competent authority
- Romania crypto tax law 2025
- Romania crypto regulation status 2024 2025
- Emergency Ordinance 111/2020 Romania crypto
- Romania VASP registration ONPCSB list
https://bmalegal.ro/romanias-new-crypto-regulation-under-mica-compliance-licensing/
https://www.lightspark.com/knowledge/is-crypto-legal-in-romania
https://theromanianlawyers.com/crypto-license-romania-2025-step-by-step-company-formation-for-digital-assets/
https://bsmp.ro/new-rules-under-ego-no-111-2020-transposing-aml5/
https://www.onpcsb.ro/en/info/672b14658bc78334425826.pdf
https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/romania
https://whpartners.eu/news/romania-takes-key-step-toward-mica-implementation-draft-emergency-ordinance-published/
https://www.financexmagazine.com/post/implementing-mica-in-romania-legal-framework-takes-shape
https://www.legal500.com/developments/thought-leadership/the-regulation-of-crypto-assets-in-romania-the-european-legal-framework-mica-regulation/
https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/romania/
https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/romania
https://blaj-law.ro/en/blog/mica-crypto-regulation-in-romania/
https://www.romaniajournal.ro/politics/president-nicusor-dan-asks-parliament-to-review-crypto-tax-break-law/
https://www.wolftheiss.com/insights/romanian-government-publishes-draft-technical-procedures-for-the-establishment-of-crypto-currency-exchange-and-custodian-wallet-providers/
https://koinly.io/guides/crypto-tax-romania/