Romanian government drafts regulation of the ICOs and cryptocurrency

5 July 2018

Romania may start regulating the activity of the projects holding Initial Coin Offerings and selling tokens, if the ordinance issued by the Romanian Ministry of Finance is approved and passed by the government. The draft ordinance provides for the regulatory framework and definition of the cryptocurrency in the country.

The document will require the groups and startups intending to start their ICO to verify their tax and legal records with the authorities and later obtain an approval from the Romanian National Bank (BNR). The draft will make the BNR the exclusive body to control the token sales across the nation, if passed.

According to the statement of the BNR, the central bank would be giving special authorizations to the applicants, if they are found to have proper framework for the management of the thoroughly developed electronic money issuance operation.

The draft regulation defines cryptocurrency as “monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money.”

Meantime, the authorization granted by the central bank would have a valid period of 12 months, and if the projects fail to issue their tokens within the grace period, the authorization will become invalid after expiry. Activities to issue cryptocurrency and tokens without valid authorization would be considered as a crime with the punishment including from 6 months to 3 years of imprisonment or monetary fines.

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