Romania to regulate and tax companies in cryptocurrency market
<p>Romanian finance minister Tanczos Barna recently stated that the government will regulate the local cryptocurrency market, forcing all companies to obtain an authorization to operate.</p>
<p>Barna admitted that at the moment the state does not know the real size of the cryptocurrency market in Romania.</p>
<p>“We will have a real dimension after we require all companies to obtain authorization. All companies conducting such activities in Romania will be required to go through an authorization procedure,” he stated.</p>
<p>The minister specified that the procedure will be necessary for ATMs as well as for companies or firms through which cryptocurrency transactions are carried out.</p>
<p>“We want to have a well-regulated market [...] It is a very interesting, new, spectacular field, in explosive development, and we must align ourselves with the countries that regulate these aspects,” Tanczos Barna also stated.</p>
<p>Aside from authorizations, the government is also preparing to tax cryptocurrency transactions, according to Barna.</p>
<p>The measure comes after the presidential election campaign revealed that ANAF cannot control transactions that bypass traditional financial mechanisms. One supporter of far-right candidate Calin Georgescu was <a href="https://www.romania-insider.com/backers-calin-georgescu-raided-detained-illegal-funds-weapons-2024">found to have USD 7 million in cryptocurrencies</a> after a search by police in Brasov.</p>
<p>The government promises that the tax authority will be ready by the new electoral campaign in spring, to also monitor transactions that fund social networks used by candidates during the campaign.</p>
<p>“We are imposing taxes on transactions and so on. State authorities must also be prepared to track transactions on social networks, which is another major challenge. But by the start of the campaign, ANAF will certainly be ready for these challenges,” said Tanczos Barna on Saturday, cited by <a href="https://www.digi24.ro/stiri/economie/finante-economie/guvernul-reglementeaza-piata-crypto-si-va-taxa-tranzactiile-de-criptomonede-anuntul-ministrului-finantelor-3104815">Digi24</a>, following the government meeting in which the state budget law project was approved.</p>
<p>Experts <a href="https://www.zf.ro/eveniment/cati-bani-ar-putea-scoate-lumina-scutirea-impozit-castigurile-crypto-22566318">estimate</a> that the value of the crypto market in Romania could be around hundreds of millions of euros, with up to 600,000 investors.</p>
<p><em><a href="mailto:radu@romania-insider.com">radu@romania-insider.com</a></em></p>
<p><em>(Photo source: Loft39studio | Dreamstime.com)</em></p>