DAC8 Transposition in Romania: Compliance Challenges

Romania presents a unique DAC8 implementation landscape, combining a growing crypto-asset market with an evolving tax and regulatory framework. Romanian CASPs face particular challenges in building compliance infrastructure to meet the directive's requirements.

Regulatory Context

The National Bank of Romania (Banca Națională a României — BNR) and the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară — ASF) oversee aspects of financial services. CASP registration for AML purposes is managed by the National Office for Prevention and Control of Money Laundering (Oficiul Național de Prevenire și Combatere a Spălării Banilor — ONPCSB).

Tax Treatment

Romania taxes crypto-asset gains at a flat rate of 10% as other income (alte venituri) under the Fiscal Code (Codul fiscal). This competitive rate has attracted some crypto activity to Romania, though the market remains smaller than in Western European countries.

Transposition and TIN System

The Ministry of Finance (Ministerul Finanțelor) leads transposition. The National Agency for Fiscal Administration (Agenția Națională de Administrare Fiscală — ANAF) will serve as the competent authority. Romania uses the CNP (Cod Numeric Personal) as the individual TIN and the CUI (Cod Unic de Înregistrare) for entities.

Expected Penalties and Challenges

Romania's penalty framework includes fines under the Fiscal Procedure Code for reporting violations. However, the main challenge for Romanian CASPs is building the technical infrastructure needed for DAC8 compliance, particularly XML report generation and automated TIN validation, in a market where many operators are relatively small.

Conclusion

Romania's low crypto tax rate and growing market make it an attractive jurisdiction for CASPs, but the compliance burden of DAC8 will require significant investment in reporting capabilities. Early preparation and potential use of third-party compliance solutions will be essential.