With the development of new technologies (that are characterized by versatility and adaptability) to perform an array of diverse functions and tasks, it is no surprise that these technologies have started to be integrated, but also to attract interest of business operators, within multiple industries.
Alina Tace, Managing Associate and Geanina Oprița, Senior Associate with our Gaming and Gambling Regulatory authored an article elaborating on the main aspects, including potential issues and points of reference, that should be considered when tacking answers to questions raised by industry stakeholders with respect to the potential role of and possibility to use cryptocurrencies and blockchain within the Romanian gambling market.
A starting point to provide a response to said interests should be the analysis of the legislation in force and its regulations with respect to cryptocurrencies. From this perspective, Romania does not lay out a legal framework per se related to such technologies, but only contains isolated provisions in national legislation which touch upon fiscal aspects related to the taxation of income generated by individuals from crypto-related activities, security aspects regarding the prevention of money laundering implementing a series of rules and restrictions applicable to the providers of virtual currency exchange services and cryptocurrency storage service providers (wallets) and aspects in connection with the criminal law.
A comprehensive and consistent crypto-related legal framework, regulating aspects such as the use of cryptocurrency, the exchange services between virtual and fiduciary currencies and the provision of digital wallets is yet to be adopted by the Romanian legislator.
SIMION & BACIU has an award-winning Gaming & Gambling Regulatory practice that is focused on being ahead of the game, including by providing an outstanding level of service to its clients by teaming up with international law firms or industry organizations specialized in betting and gambling.
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