Cryptocurrency Regulation in Romania Prior to 2024

Romania’s landscape for cryptocurrency regulation before 2024 was gradually evolving, with several key developments shaping its approach to digital currencies and blockchain technology.

The State of Cryptocurrency Regulation

As of 2023, cryptocurrencies were not recognized as legal tender in Romania. However, they were increasingly accepted as a form of payment by major retailers. Despite the absence of specific regulations governing cryptocurrencies, the country saw a rise in popularity of crypto deposit interest rates and decentralized finance (DeFi) projects. While traditional banks continued to dominate sectors like banking and payments, Romanians generally embraced fintech solutions, especially in the wake of the COVID-19 pandemic, which accelerated the use of online services, including blockchain-based solutions in healthcare​​.

Legislative Developments

In terms of regulation, Romania did not have specific restrictions or prohibitions on fintech businesses, including those based on cryptocurrencies. However, regulatory requirements and licenses were necessary for certain banking-related services, electronic money issuance, and crowdfunding platforms. There was no specific regulatory framework for cryptocurrencies in Romania, and existing national legislation was used as a reference. The Financial Supervisory Authority and the National Bank of Romania oversaw the financial market, but there was no fully enforceable regulation for crypto-related activities​​.

Draft Government Decision for Cryptocurrency Regulation

In 2023, the Ministry of Finance published a draft government decision aiming to establish a legal framework for the authorization and operation of cryptocurrency, fiat currency exchange services, and digital wallet providers. This legislative instrument was crucial to address the state of uncertainty faced by entities providing these services in Romania. The new framework intended to allow authorities to intervene, offering additional protection for Romanian consumers.

Based on this decision, Romanian legal entities providing cryptocurrency and fiat currency exchange services or offering digital wallets would be able to obtain the necessary authorization to operate. Foreign legal entities authorized in another Member State intending to provide such services in Romania would follow a simplified registration procedure. The draft stipulated specific conditions for authorization and validity, including technical approval, knowledge about the prevention of money laundering and terrorist financing, and moral reputation. The authorization, once obtained, would be valid for two years for Romanian legal entities​​.

Taxation and Legal Use of Cryptocurrencies

In terms of taxation, cryptoassets in Romania were generally classified as intangible movable assets. Transfers, sales, or donations of cryptoassets were considered capital gains, taxed at a rate of 29.5% for transfers performed by a Peruvian company. For individuals, such transfers were not subject to income tax unless performed regularly. The transfer of cryptoassets was not subject to VAT in Peru, nor the Financial Transactions Tax, unless exchanged for cash and wired to a local financial bank account​​.


Prior to 2024, Romania’s approach to cryptocurrency regulation was characterized by a combination of a favorable environment for innovation and a lack of specific legal frameworks. The country was working towards developing tax systems, accounting rules, and guidelines tailored for the digital age, with a draft government decision indicating a move towards more structured regulation of cryptocurrency exchanges and digital wallet providers. The legislative landscape was evolving, reflecting a balance between fostering technological advancements and ensuring consumer protection and financial stability.

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