In July 2019, local governmental bodies adopted the Law regulating the prevention of illegal circulation of funds and monetary support for terrorism. New regulation provisions – GEO – required that companies that have received such a permit, such as a crypto license in Romania, and act as services providers for cryptocurrencies exchanges and virtual wallets, be registered with authorities involved in combating cybercrime.

Additionally, jurisdiction has 5AMLD – Directive regulating realization by firms of the rules adopted to combat terrorist activities financing and illegal circulation of monetary means. Purpose of this act is to expand level of adequacy of crypto exchange license in Romania and transparence of operations with cryptocurrencies and preclude unethical usage of blockchain technologies. Additionally, governmental authorities of jurisdiction adopted GEO in order to further reinforce the stringency of supervision and control over crypto-currencies circulating locally. Particularly, this was done to speed up the implementation and improve the results of the application of 5AMLD.

How are cryptocurrencies regulated in Romania?

Virtual wallet providers are defined by GEO as organizations offering crypto key storage of clients, with the right to transfer them. In addition to these companies, those companies that are required to be responsible and accountable to the regulatory body also include crypto-currency exchanges in Romania.

GEO has certain rules being strictly enforced.

1. Cryptocurrency exchange in Romania needs to obtain a direct permit from local governmental bodies to act in jurisdiction.

2. Service providers existance in other EU-markets need to additionally be certified locally in order to be able to conduct commercial operations in state.

3. Obtaining certification locally requires cryptoexchange services providers submit an application to the regulatory authority to undergo an audit, during which the company’s compliance with country’s cryptopolicies and norms would be demonstrated and proven.

4. Crypto exchange in Romania needs to possess a permanent agent locally. The authority of this person includes the conclusion of contracts with non-resident companies and representation of the interests of providers in Romanian courts.

If provider-company in Romania and cryptocurrency operating firm does not follow any of the above rules, it will be denied access to local radio, television and Internet communication channels.

If you intend to launch your own cryptobusiness in this jurisdiction, please contact the specialists of our company. We will help you with any issue related to obtaining crypto exchange license in Romania drawing up a company formation plan that suits your business model. We also have an extensive list of ready-made companies for sale in many jurisdictions, including offshore