Romania Issues Emergency Draft for Cryptocurrencies
A sudden bill has been drafted by Romanian finance authorities concerning cryptocurrency and exchange regulations within the country. As per the Ministry and the new draft, any company preparing to initiate sales of their tokens must first verify all required tax and legal records before permission to launch. The BNR must also approve of every operating member part of the group behind a launch.
As a result, the National Bank will become the controlling authority behind any digital coin sales in Romania. According to the financial entity, permission to proceed with operations will be granted once the BNR approves of the applicant after the proper requirements regarding the management of digital assets have been fulfilled.
Authorities have explained that any app’s framework must prove the efficiency of well-established guidelines. The framework must also display sufficient and effective responses to potential risks and adequate internal management systems to guarantee the proper distribution of coins.
The order also refers to Cryptocurrency and its definition within the country. As per the government, a cryptocurrency is defined as an electronically or digitally stored currency used to pay for services and products issued on a receipt for funds, and is accepted by any party other than the initiator of a coin transfer.
The issued order creates a window of 12 months for groups looking to launch their token, and permission granted to launch a cryptocurrency will be revoked after the deadline is reached.
Yearly audits and account transaction records must also be presented to the BNR and failure to do so will be seen as an illegal action, including the unauthorized launch of a digital currency.