Digital asset regulation and tokenization in Romania

A business considering crypto-asset operations from Romania must first establish whether a verified domestic authorization route exists or whether it will use an entity entitled to provide cross-border services. MiCA applies directly, but that alone does not demonstrate that a national procedure is open.

This guide therefore separates the proposed MiCA implementing framework, published national resilience and reporting duties, and securities rules for tokenized instruments. A tax filing or use of DLT does not settle the financial permission required for the operation.

What the documented MiCA framework establishes

MiCA applies to crypto-assets and services within its perimeter. The need for national measures on authorities and penalties does not suspend the EU regulation. For a business considering establishment in Romania, the decisive issue is establishing both applicable substantive rules and an authorization procedure that can actually be used for its activities.

The government's 2 April 2026 announcement records that the government considered at first reading a draft emergency ordinance implementing MiCA. The draft would designate ASF and BNR as competent authorities with distinct duties, regulate the authorization of crypto-asset service providers and crypto ATMs, and include transitional provisions. The announcement does not establish that it was adopted. As of 16 October 2026, no measure designating the MiCA competent authority or regulating the national procedure appears to have been published. The ESMA authority list, last updated on 17 February 2026, still shows Romania without a designated authority or single point of contact, and ESMA's interim register lists no provider with Romania as its home Member State. A domestic CASP authorization route therefore cannot yet be treated as available.

Why responsibilities must be checked by regime

Responsibilities for securities markets and financial institutions should not be confused with verified MiCA designation. Emergency Ordinance 14/2026 on DORA allocates duties between ASF and BNR and, for crypto-asset service providers and issuers of asset-referenced tokens, refers to the authority to be designated by national MiCA implementing legislation, except credit, payment and e-money institutions, which BNR supervises (Article 5(1)). That reference does not itself confer the power to process every CASP application.

Anti-money laundering Act 129/2019, amended in 2025, incorporates crypto-asset service provider definitions and obligations. Compliance is separate from prudential market access. Similarly, registration or a tax filing with ANAF does not demonstrate authorization to provide custody, exchange or order execution services involving crypto-assets.

Access available to an authorized entity

MiCA Articles 59, 60 and 65 distinguish CASP authorization, eligible financial entity services and cross-border provision. A provider authorized in another Member State can use the EU mechanism subject to its conditions; in the 7 October 2026 version of ESMA's register, 174 entities list Romania among the Member States where they provide services. This does not automatically cover an affiliated Romanian company or services outside the authorized entity's permission. For a Romanian financial entity, the Article 60 notification goes to the competent authority of its home Member State, which Romania has not yet designated for MiCA purposes.

The MiCA Article 143(3) transitional period, which according to ESMA's table Romania did not shorten, ended on 1 July 2026. The absence of a national route does not create an extension, and ESMA has asked unauthorized providers to stop onboarding clients and wind down their EU activities in an orderly manner. Before offering services, firms should check the ESMA register, home supervisor, authorized activities and relevant notifications. Periodic register updates mean withdrawals and changes should also be checked directly with the competent authority.

How tokenized financial instruments are treated

Act 126/2018 published by ASF includes instruments issued through distributed ledger technology in its financial instrument definition. Token use therefore does not establish exclusion from securities regulation. Issuance, intermediation, custody and trading must be assessed against actual rights and functions, together with applicable disclosure or prospectus obligations.

The EU DLT Pilot Regime provides permissions and exemptions for eligible infrastructure. It does not automatically recognize every private ledger as sufficient legal title. Structures linked to property or companies must specify whether holders receive an equity interest, debt claim or contractual expectation, who can enforce it and which creation and transfer formalities remain necessary. The Commission proposal COM(2025) 943 of 4 December 2025 should also be monitored: it would remove the time limit on DLT Pilot Regime permissions, raise its volume threshold and transfer to ESMA the authorization and supervision of crypto-asset service providers, except credit institutions and the financial entities covered by MiCA Article 60. It is a pending proposal, not law in force.

What DORA and Romanian tax reporting add

Emergency Ordinance 14/2026, adopted on 5 March and published on 11 March 2026, establishes domestic digital resilience measures. DORA's EU application began earlier, on 17 January 2025. Operational design should address continuity, incidents and technology suppliers within the applicable scope. The domestic supplement's date must not be confused with the commencement of EU obligations.

Emergency Ordinance 71/2025, in force since 10 December 2025, transposes the EU administrative cooperation directive applicable to crypto-assets (DAC8) through Article 291⁶ and Annex 6 of the Fiscal Procedure Code. Reporting providers must apply tax due diligence, keep their records for at least five years and report the previous year's information to ANAF by 15 March; the first period is 2026. If a customer fails to provide the required information after two reminders and at least 60 days, the provider may not allow that customer to carry out exchange transactions. ANAF Order 750/2026, published on 6 July, approves form F8000, which must be filed even where there is no data to report. These obligations neither constitute MiCA licensing nor establish uniform tax treatment for every token.

What to confirm before launching in Romania

Before committing to a Romanian provider's launch, confirm that the measure designating the competent authority and regulating the procedure has been adopted and published. As of 16 October 2026, the verified sources describe a draft considered at first reading, and ASF's authorization portal has no category for crypto-asset service providers.

If the project uses an entity authorized in another Member State, verify its identity, services and notification. Also resolve token classification, rights documentation, DORA obligations and tax reporting; none of these layers substitutes for the others.

To understand how this framework applies to your project, discuss your case with our team.