Crypto Currency Romania

Crypto Currency Romania

Romania opened its first Bitcoin ATM in 2014. There was some preoccupation with the topic, but a legal framework is still some time away and only after that we will appreciate the need for a financial framework.” While there have been some discussions about the topic by the government, the regulatory framework is still very limited compared with other European countries.

Individual Crypto currency Taxes In Romania

In Romania, as Bitcoins are not issued by authorized issuers, they are not considered a currency under Romanian law, so they are considered a movable good for which transactions involving bitcoins are regarded as barter transactions.

Bitcoin and crypto currency profits are subject to income or capital gains tax, both of which are set at a flat rate of 10% (up to a maximum of EUR 5,000 per year). For individuals, the profits are incorporated into individual tax returns.

There is no conclusive evidence that crypto currencies will be regulated for personal use, other than this information and a warning published by Romania’s National Bank in 2015 that investing in crypto currencies poses a high risk.

 However, it is likely that more regulations will be discussed in the future since the market in Romania is rapidly growing. A recent study by Statist shows that 12% of Romanians own crypto currencies, which ranks them second in the world after Turkey. Profit tax returns must be filed by taxpayers (except for non-profits and taxpayers who derive most of their income from agriculture) by the 25th day of the first month following the first, second, and third quarters.

 Annual profit tax returns are due by 25 March of the following year if the fiscal year matches the calendar year; if the fiscal year is different from the calendar year, the annual profit tax return is due by 25th day of the third month after the end of the fiscal year.

Crypto Currency Romania

Cryptocurrency regulations for Romanian businesses

Cryptocurrencies are generally permitted to be used by companies and exchanges. For example, accepting Bitcoin payments is considered an asset and taxable to the extent of its market price. A few exchanges are registered in Romania, but one of the oldest, BTCxChange, had to close its doors after its bank account was closed. CryptoCoin Pro, another exchange, ended its relationship with Romanian banks due to “vague” reasons according to the CEO.

In July 2018, a draft regulation on the issuance of electronic money was published. It has implications for businesses using cryptocurrencies. The draft is intended for “electronic money”; however, its definition, “monetary value stored electronically, including magnetic, and representing a claim on the issuer issued for the purpose of performing transactions and accepted by a person other than the issuer”, also applies to crypto romania currencies. The issuer must have a minimum capital of € 350,000 to be eligible for the issuance of electronic money, and must have the approval of the Romanian National Bank (BNR). All members of the issuing company must be verified, with tax payment histories and legal records.


What Remote Desktop Protocol is and how it works

Remote Desktop Protocol is the Microsoft proprietary protocol that enables the Remote Desktop functionality in the Windows environment, thus satisfying a much-felt need, especially in the business environment. Born with Windows XP, the client is also available for MacOS, Linux, and Unix. What is Remote Desktop Protocol, Microsoft’s proprietary protocol? Let’s start from the definition: […]

Read More