On Monday, 26 May 2025, the Romanian Ministry of Public Finance published a draft Emergency Ordinance ("GEO") on the establishment of national measures for the implementation of Regulation (EU) 2023/1114 on Markets in Crypto-Assets ("MiCA Regulation"). This legislative initiative marks a significant step in aligning Romania's regulatory framework with the EU-wide crypto-assets regime and opens a critical window for crypto-asset service providers (CASPs) seeking compliance and market access
Key Regulatory Authorities designated
Under the draft GEO, the Financial Supervisory Authority ("ASF") and the National Bank of Romania ("BNR") are designated as the national competent authorities for implementing and supervising the MiCA provisions.
The ASF will be responsible for authorising and supervising CASPs, and the BNR will oversee credit institutions involved in crypto-assets operations.
The draft GEO also empowers ASF to issue secondary legislation detailing the authorisation procedure and technical requirements, within 30 days from the entry into force of the GEO.
Before initiating the licensing process with ASF, crypto service providers will require prior technical approval of their information systems from the Authority for the Digitisation of Romania ("ADR"). The procedure for granting and withdrawing this technical approval will be regulated by a forthcoming order expected to be issued by the Minister of Economy, at the proposal of the ADR, within 30 days of the GEO's entry into force.
ASF and BNR may also seek support from other state institutions—such as the Ministry of Interior Affairs, the National Authority for Consumer Protection, the National Agency for Fiscal Administration or the National Institute for Research and Development in Informatics —where relevant.
Enforcement and sanctions
The draft GEO also provides the ASF with the power to apply sanctions for MiCA related breaches. In addition to that, both ASF and BNR are allowed under the draft GEO to issue recommendations and mandatory remedial action plans, as well as to issue regulations and interpretative guidance.
Appeals process
As regards the challenge of the acts issued by ASF and BNR, the draft GEO sets out specific derogations from the general administrative litigation regime.
Specifically, ASF decisions may be appealed within 30 days from the date of communication to the Bucharest Court of Appeal – Administrative and Tax Litigation Section.
The acts adopted by BNR must first be challenged within 15 days before the BNR Board of Directors. The decision of the Board of Directors can be further appealed to the High Court of Cassation and Justice within 15 days. BNR is the only authority competent to rule on the opportunity, and the courts will be able to rule only on aspects related to legality.
New tax obligation on CASPs
A regulatory tax of 0.5% of the monthly operating income will be due to ASF by authorised CASPs, and the obligation to calculate, withhold and transfer the tax is incumbent on CASPs on a monthly basis, until the 15th of the month following the one for which the tax is due. Failure to comply with these provisions may result in the revocation of the authorisation.
Transitional Regime – Urgent implications for existing providers
The draft GEO also provides for a transitional regime:
- Existing CASPs (operators that provide crypto-asset services, including making Crypto ATMs available to customers) may continue operating post-GEO entry into force, provided they apply for authorisation within 30 days and comply with the provisions of the MiCA Regulation, the GEO and any related acts;
- this transitional regime applies only until November 30, 2025 – an ambitious deadline given the current stage of legislative advancement and potential administrative bottlenecks.
We note that the transitional regime implies a de facto commitment by the ASF to process and decide on all submitted applications within this limited timeframe. In our view, this provision would benefit from further clarity and calibration to reflect the real administrative capacity of the competent authorities.
Why it matters
This draft GEO marks a pivotal regulatory moment for the Romanian crypto-asset market. The alignment with MiCA introduces both challenges and significant opportunities for operators. With the regulatory framework becoming clearer, early action will be essential.
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