Romania has become the most recent nation to institute a regulatory process explicitly aimed at digital currencies and cryptocurrencies. The Romanian ministry of finance officially published a draft of an Emergency Ordinance that clearly outlines the conditions and full requirements to be fulfilled as an issuer of electronic money in the country.
The issuer of the electronic money must have a minimum of EUR 350,000 worth of share capital, according to the draft bill, and each individual member must be vetted and officially approved by the National Bank of Romania (BNR). Seemingly to deal with organized crime, the forthput vetting measures will have full verification of individual member personal legal records and tax payment history.
The draft didn't mention the term 'cryptocurrencies' anywhere, it only used 'electronic money' and it also noted that electronic money issuance may only be done by electronic money institutions, local or regional public authorities, credit institutions and the European Central Bank (ECB).
It is clearly stated that in order to be considered as an electronic money institution, organizations have to be officially authorized to do so as the Romanian law states. i.e, for crypto firms to operate legally in the country, they must fully register under and be watched by the BNR, which also gives the regulatory authorisation to issue out electronic money.
The draft further indicates that authorisations for electronic money issuance are only valid for one year immediately from the date of issue. In the event that the firm doesn't begin operations in that period, the authorization will be automatically voided.
In what may appear to be a threatening clause targeting Cryptos, it also indicates that authorisation will be withdrawn in case the money issuance activity doesn't happen in the country or if authorisation was provided based on wrong information.
The draft goes ahead to indicate that the BNR will only give electronic money licenses after being convinced of the provider's capability to display a distinct organisational structure, solid accounting and administration practices, corporate governance and effective risk management policies. In case the firm wishes to have the approval to issue electronic money, there is a guaranteed 3-month waiting period for responsible authorities to make checks and due diligence.
This means that the regulator desires to surmise full control over all money-issuance operations in Romania. The BNR will efficiently gain sole ownership of the overall electronic money sector if the emergency ordinance bill scales through.