Investors who open a crypto company will need to apply for and obtain a crypto license in Romania. This will be issued by the ministry of finance to those companies that engage in virtual currency exchange services, as well as those that provide other types of connected services.
In this article, our experts in company formation in Romania highlight the main provisions applicable to crypto companies and the importance of the virtual asset service provider (VASP) license.
For complete solutions related to business creation, including assistance to open a Romanian micro company, please do not hesitate to reach out to our team.
Quick Facts
Cryptocurrency seen as legal tender (Yes/No)
No
Local regulatory agency
The Ministry of Finance
Special licenses for those who open a cryptocurrency company in Romania
A special licensing regime is discussed by the lawmakers.
Special licenses for crypto exchanges in Romania
As per the licensing regime discussed and pending implementation.
Anti-money laundering rules
According to the National Office for the Prevention and Control of Money Laundering
Special requirements for investors who open a cryptocurrency company in Romania
Observe the current and pending licensing requirements, as well as those for preventing terrorist financing and money laundering,
Residency requirements for investors
Not applicable
Types of companies used by those who open a cryptocurrency company in Romania
The private limited liability company (SRL) is the most commonly used business form.
Minimum capital for a cryptocurrency company in Romania
No minimum capital for the LLC
Minimum number of shareholders
1
Minimum number of directors
1
Business license
Yes
Mandatory requirements for the cryptocurrency company
Have a specific NACE code for these types of activities and follow the licensing and incorporation procedures in Romania (both the current and the pending ones).
Cryptocurrency company taxation
Corporate income tax rate of 16%; a lower rate of 1% or 3% of revenue applies to qualifying micro-companies.
Reasons to open a cryptocurrency company in Romania
A straightforward company formation process that can be fully assisted by our team, minimum incorporation requirements for the LLC, certain tax benefits under the micro-company regime.
What types of companies need a crypto license in Romania?
Companies that engage in the provision of exchange services between virtual currencies and fiat currencies, as well as those that fall under the “digital wallet provider” category, need to comply with specific requirements.
A VASP license in Romania will be required for Romanian and EU Member States crypto exchanges and digital wallet services providers that will be offering their solutions in the country.
The approval for functioning will be granted by the Ministry of Finance and the draft Decision for the approval of the ministerial decree is currently being debated, along with its modifications and additions.
Moreover, in addition to having to issue the crypto license in Romania, the Ministry of Finance will also be publishing a list of authorized entities.
These legal provisions are developed, drafted and amended by the Ministry of Finance together with the Authority for the Digitization of Romania and the National Office for the Prevention and Control of Money Laundering.
What are the conditions for obtaining a VASP license in Romania?
The draft government decision on the authorization of virtual service providers in Romania is still subject to amendments and debate, however, certain conditions for authorization have been provided for:
The company needs to be incorporated as per the rules for company formation in Romania, Law 31/1990;
The company needs to have a specific NACE code;
The legal entity shall have at least one bank account opened in Romania for the fiat currency that it will be exchanging into/from virtual currency;
A crypto company shall obtain a technical opinion from the Authority for Digitization.
Additionally, an updated form of the law also stipulates that these types of companies will need to have a civil liability insurance policy:
The policy value is EUR 300,000;
Starting with the company’s second year of activity, the policy value shall be of 1% of the value of virtual and fiat currencies that exist in digital wallets, but no less than EUR 300,000;
The initial law also provided for penalties for failure to comply with the provisions, between RON 10,000 and RON 50,000.
Please keep in mind that these legal requirements are currently under debate. Our team can provide updated information upon request. We also invite you to watch a video:
What other laws apply to companies holding a crypto license in Romania?
Investors who wish to register a company in Romania that will offer virtual currency exchange services and/or digital wallet services will need to comply with the rules for anti-money laundering.
In addition to the local laws and regulations, crypto companies in Romania also observe certain EU Directives. We highlight some important principles below:
These types of companies are prevented from using the financial system for the purpose of money laundering or terrorism financing;
Virtual currency exchange services providers and/or digital wallet services providers allow the competent authorities from the country in which they are registered to monitor the use of virtual currencies and identify suspicious activities.
If you would like to know more about the conditions for authorization for companies that need to hold a crypto license in Romania, please contact our local specialists.