Romania did not previously regulate ICOs, which made it an attractive destination. And while officials has expressed some enthusiasm they’ve also taken a turn towards harsher rhetoric in recent years. With new EU regulations announced they may take this as an opportunity to enact addition regulations.
Romania is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.
Cryptocurrency trading in Romania
Ilan Laufer, Romania’s Business, Commerce, and Entrepreneurship Environment Minister, believes that cryptocurrencies should be regulated in Romania due to their volatility. That being said, he also believes strongly in them
“I strongly believe in the idea of cryptocurrencies and that the future and the way we complete transactions—the way in which banks behave—will be affected by the development of this new industry. It’s a challenge for the banking system because this area isn’t very well regulated and I believe that this should happen. It’s an area in which lots of money circulates, but it is also a new technology. We have to understand and look at what benefits it brings with it and how it can be implemented in the real economy. This kind of thing is happening at a rapid pace. It’s one of the few projects that have taken everyone by surprise at a global level. Now, we see many states that are rushing to adopt legal procedures to regulate the transfer [of cryptocurrencies] and their function, among other things,” he told AGERPRES, Romanian press.
In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”
Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.
Regulation of ICOs in Romania
ICOs were warned against, but not regulated prior to the recent EU regulations that will affect them as well.
Cryptocurrency markets in Romania
Cryptocurrency markets in Romania are fledgling, though it may begin to crackdown given new regulations and past sentiments.
IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.
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