Canada    FinTech Guide    Chapter 15    Romania

15. Initial Coin Offerings (ICOs)
Romania  Romania

There are no social or political reservations with respect to the ICOs/token sales in Romania.

Legal Affairs

There is no explicit regulation.

Licence and costs: No license is required, to the extent the tokens/coins do not fall into the category of regulated securities, investment products or payment instruments. Please see point 6 below for further details.

Token classification: The Romanian law does not provide for any specific regulations on tokens or coins. However, depending on the structure of the projects underlying the tokens/coins, such instruments may fall into a regulated category of products. From this perspective, depending on the structure of the token/coins, such instruments could be included in the category of financial instruments.

Prospectus: To the extent the tokens/coins would be regarded as financial instruments (such as securities or investment products), the issuers of the tokens/coins would have to comply with the capital markets regulations, including any local law transposing the Prospectus Directive. In this case, a prospectus would have to be published.

AML/KYC: The AML/KYC requirements to be fulfilled on the initial issuance and following transfer of tokens/coins are those generally applicable to any entity operating in Romania. Consequently, if the tokens/coins would not fall into the financial instruments category, the issuers of the tokens/coins would only have to fulfill AML/KYC requirements if they would accept cash payments which, in aggregate, would exceed the equivalent of EUR 15,000.

Economic Conditions

We did not identify any data regarding the size of the ICOs market in Romania, however according to public data, between January-February 2018, a total number of 26 ICOs have been launched in Romania. One of the biggest ICOs launched in 2018 in Romania raised 30,000,000 USD (Restart Energy). According to publicly available information, no regulated ICO/token sales have taken place in Romania.


Companies operating in this business area should be aware of the fact that Romanian credit institutions are rather reserved in entering into business relationships with firms operating in the cryptocurrency/ICOs area. Some of the firms operating coin exchanges in Romania have faced difficulties in opening and maintaining bank accounts with the Romanian banks due to this fact.

Contributing Authors

Tuca Zbârcea Asociatii

Gabriela Anton
Bucharest, Romania

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018