Romania Crypto: 10% Flat Tax & Regulation #54

Country facts

Romania crypto score

Trade and store crypto

10% flat tax, ASF oversight, and Romania’s growing blockchain community

Romanian citizens have a positive outlook toward cryptocurrency, and the country has high scores for Google crypto searching. The country has forged an envious reputation as an information technology hub – at least in its cities, and the crypto community is continuing to grow. As yet, and not uniquely, there is, as yet, no clear legal regime governing cryptocurrencies, but their growing popularity is now prompting increased regulatory scrutiny. The country offers unrestricted access to global exchange platforms and crypto service providers. Several homegrown crypto exchanges even provide crypto trading linked to the Romanian leu with ATMs for crypto exchanges across Romania. The government’s outlook isn’t, however, as strong as that of its financial institutions and a coherent strategy has yet to emerge. Despite this, Romania has a high number of all-important Bitcoin nodes, ATMs, and ICOs, many of which are centered on environmental projects.  Romania moved up from 37 to 24 in the Q1 2022 rankings, but went down to 54th place in 2024.

Romania comes in at number 5 in Top Crypto Risers thanks to its fast-developing blockchain community and high scores for numbers of ICOs, Blockchain-related organizations, and Bitcoin nodes. Romanian citizens have a very positive outlook toward cryptocurrency, and the country also has high search volumes for crypto-related terms. Several homegrown crypto exchanges even provide crypto trading linked to the Romanian leu. Romania moves up from 11th place and could go further later in the year.

What Bitcoin and crypto financial services are in Romania?

Fin services – retirement planning

Most retirement and pension funds worldwide deem cryptocurrency too volatile to become part of long-term retirement schemes. There is little certainty on this at present.

Fin services – banking

Low interest rates given by commercial banks in the European Union and Romania are a major reason why investors look to buy crypto. However, Romanian banks view cryptocurrency as too risky and likely to cause reputational damage, so the outlook for financial acceptance at an institutional level is not high, although as we have seen, it is widely accepted by the population. The banking system is looking for a lead, perhaps from the EU’s perspective. The Romanian National Bank (BNR) classified digital currencies such as bitcoin as speculative assets, issuing a warning that they are too risky for involvement and this outlook has been adopted by local banks not facilitating crypto transactions.

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Fin Services – Defi

As yet Romanian financial institutions are lagging in their consolidation of this new technology. However, a Romanian blockchain start-up, Elrond, is preparing to have its new global payments app support Bitcoin this year to tap what it sees as surging interest in cryptocurrencies.

Bitcoin and cryptocurrency in Romania

Spend

Romania has a generous number of retailers across most of its cities that accept bitcoin as a payment, but you’ll have to look for them, and most tend to be in the capital, Bucharest. The bitcoin-accepting outlets range from large stores to small online retailers, including beauty salons, car rentals, and travel services.

Gifting crypto

You won’t be able to reduce your tax by gifting your cryptocurrency. Whatever gain you have made on it will be taxable up to the point at which you gift it.

What are the best ways to buy bitcoin in Romania?

In Romania, one of the best places to buy bitcoin is MEXC. It is important to note that the safety of an exchange can be affected by various factors such as security measures, user reviews, and history of hacking incidents. It is recommended to do thorough research and due diligence before choosing an exchange and always keeping your funds in a secure wallet.

Regarding the lowest fees, it is always best for you to compare the fees charged by different exchanges for the specific crypto assets you want to trade, as fees can vary depending on the exchange and the trading pair. In general Bybit has some of the lowest fees in the industry when you pay by card or bank transfer, but that can vary. It is also regulated by the Romanian authorities and has even announced its first step in Romania. We can’t wait to hear more about it.

A recommended approach would be to open several exchange accounts and before using them to really have a deeper look at usability, price of tokens and transfer fees, as well as security and regulatory environment.

Safest Crypto Exchanges in Romania

When seeking the safest crypto exchanges in Romania, it’s crucial to consider factors such as the platform’s security measures, user reviews, and any history of hacking incidents. Some of the top regulated exchanges in Romania include Binance, CoinFlux, and Bitfinex, which have strong reputations for security and user-friendly interfaces. Remember to conduct thorough research and due diligence before selecting an exchange, and always keep your funds in a secure wallet.

Low-Fee Crypto Exchanges in Romania

For those interested in low-fee crypto exchanges, it is essential to compare the trading fees charged by various platforms for the specific cryptocurrencies you plan to trade. Binance, for instance, has some of the lowest fees in the industry when paying by card or bank transfer, but this can vary. CoinFlux, a Romanian-based exchange, also offers low fees and user-friendly services. Opening accounts with multiple exchanges allows you to compare usability, token prices, transfer fees, security, and the regulatory environment before committing to a single platform.

Digital Assets and Crypto Regulation in Romania

Romania has experienced significant growth in the digital assets and crypto space, prompting increased regulatory scrutiny. Currently, the country aligns with the EU’s fifth directive, which regulates exchange services between virtual and fiat currencies and digital wallet providers. Authorized exchange services must register and comply with anti-money laundering laws. Crypto earnings exceeding a cumulative 600RON per year are subject to income or capital gains tax at a flat rate of 10%. Additionally, the Romanian tax authorities can request information from crypto exchanges and expect compliance with their laws.

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In conclusion, when exploring crypto exchanges and regulation in Romania, it’s essential to consider factors such as security, trading fees, and the regulatory environment. With a growing blockchain community and the increasing popularity of cryptocurrencies, Romania offers a dynamic and evolving crypto landscape.

Crypto Exchanges

What are the top regulated exchanges in Romania?

NAME			RATING	FOUNDED DATE	DEPOSIT METHOD	BASED IN	REVIEW	SIGN UP
#1		MEXC	4.0	2018	Crypto card SEPA (limited regions) P2P third parties	Seychelles	Coincub Review	Register Now
#2		Revolut	4.0	2015	Credit Card Bank Transfer	London, UK	Coincub Review	Register Now
#3		Bybit	3.6	2018	Card Crypto Sepa Wise Alipay Wechat Apple Pay Google Pay	UAE	Coincub Review	Register Now

#1 MEXC 4.0

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FOUNDED DATE2018

DEPOSIT METHOD Crypto card SEPA (limited regions) P2P third parties

BASED INSeychelles

Review

#2 Revolut 4.0

Register Now

FOUNDED DATE2015

DEPOSIT METHOD Credit Card Bank Transfer

BASED INLondon, UK

Review

#3 Bybit 3.6

Register Now

FOUNDED DATE2018

DEPOSIT METHOD Card Crypto Sepa Wise Alipay Wechat Apple Pay Google Pay

BASED INUAE

Review

Crypto regulation in Romania

Bitcoin and crypto trading laws are in Romania

Legal – existing crypto legislation

As bitcoins are not issued by authorized issuers, the Romanian government does not consider them to be a currency – as issued by banks.  That said, there is a growing level of acceptance generally. Romania considers crypto as a moveable asset that can be bartered and exchanged. Romania even had some of the first bitcoin ATMs in Europe, but the regulatory framework is still less developed than other countries and the government is following the lead of others rather than setting the pace on these matters.

Legal – forthcoming crypto legislation

All aspects of crypto and blockchain are under constant review but no forthcoming legislation at present.

Security

It’s always a good idea to check the levels of security, protection, and insurance any exchange can offer you. Romania-based exchanges may offer more recourse to action if things go wrong, and a more immediate level of customer support, while overseas exchanges can provide a wider choice of services and perhaps greater transaction speeds. In all cases, you’ll have to report your identity credentials and trading details.

Transparency

Romania has had a very light-touch regulation on the growth of crypto but now falls in the line with the EU’s fifth directive on aspects of crypto regulation and the authorisation of exchange services to comply with anti money laundering laws. In a nutshell, bodies that provide exchange services between virtual currencies and fiat currencies, as well as digital wallet providers, must register to gain authorization of foreign exchange activity. As with many government bodies, the Romanian tax authorities can request information from crypto exchanges and expect compliance with their laws. You’ll need to provide your personal details and proof of ID – so you can forget about the myth of anonymity that surrounds cryptocurrency.

Taxes in Romania

How much will my Bitcoin profits be taxed in Romania?

Income tax Romania

Tax on mining