Romanian Finance Ministry presented a draft of a document regulating “electronic money”. The document does not specifically mention cryptocurrency, but it may affect it.
It describes electronic money 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,”.
This does cover some of cryptocurrency’s characteristics. It may affect tokens released through ICOs (initial coin offerings), even though it does not mention them directly.
The document sets a minimal capital of any entity willing to issue electronic money to €350,000. All of the members of the organisation have to be verified and approved by the central bank.
The applications will be reviewed within 3 months. Once approved, the authorisation will be valid for 12 months. After that, the organisation will have to undergo annual audits and file reports.
The central bank will be able to cancel any issued authorisation under certain circumstances. For example: if the electronic money isn’t issued within Romania, or the authorisation was granted based on false information.
Do you think that this is the start of a cryptocurrency regulation process in Romania? Share your thoughts in the comments below!