Romanian Ministry of Public Finance has released an emergency draft resolution to regulate digital currencies. Any legal entity wishing to receive digital money must have an authorized capital of at least 350,000 euros, and provide tax reporting.
If the bill is adopted, the Romanian Central Bank will become the main regulator controlling electronic forms of money in the country. According to the Central Bank, they will give an accreditation to those companies that have solid prerequisites “for managing the activity of issuing electronic money.” One of the requirements concerns the structure of the firm which should be “clearly defined, transparent and approved areas of responsibility”, effective risk management mechanisms and have “adequate principles of internal control.”
Accreditation of the Central Bank will be valid for 12 months, and then it is need to get permission to receive cryptocurrencies again.