Romania has developed the law in relation to electronic forms of money, as reported yesterday by local media. These rules potentially could affect the cryptocurrency industry.
In the project, which was released by the Romanian Ministry of Finance, said that the group is planning to issue e-money must verify their tax and legal documents. After that, each member of the issuing organization must be approved by the National Bank of Romania (BNR), according to the Business Review.
If approved, the project will make BNR a single controller, which controls such financial products in the country. BNR says it will grant permission to firms that have «a formal basis for the management of carefully crafted activities to issue electronic money».
The framework should include a structure with «clearly defined, transparent and consistent lines of responsibility,» effective risk management processes and «adequate internal controls» to issue such forms of money as officials of the Central Bank.
The draft decree also defines electronic money. It explains that the government considers them as «monetary value stored in electronic form, representing the claim to the Issuer on the provision of means for making payment transactions and which is accepted by a person other than the electronic money Issuer».
The approval of the Central Bank will operate only for 12 months. If during this period, the Issuer will issue electronic money, it would need to again obtain permission.
It is not yet clear how this act will impact on the cryptocurrency industry, as in Romania, crypto-currencies are not recognized as a means of payment, unlike Japan. In addition, the authorities also not officially stated its position in relation to the ICO and it is unknown whether these tokens be subject to the requirements of the rules on electronic money.
In that case, if cryptocurrencies in Romania will be classified as electronic money, given the strict requirements for issuers of tokens, it is unlikely that the country will become the center of the cryptocurrency industry in Europe and takes the palm from the Swiss of Zug
and reaching behind him to Malta.