In early summer of 2018, the Romanian government took emergency measures in the field of electronic money regulation and EMI activities in the country. Key definitions and requirements for issuers are specified in the prepared resolution of the Ministry of Finance. Under the rules that Romania intends to introduce, e-money are made equal to monetary values stored electronically. As a requirement for the issuer to perform payment transactions, they can be accepted by persons who do not act as digital funds issuers.
The resolution formulates the conditions under which the legal entity is authorized to issue electronic money in Romania. They are as follow:
For violation of operational conditions or illegal issuance of e-money, Romania imposes sanctions - penalties or imprisonment to the issuer for 6-36 months. This applies to a release of digital funds in any form - on smart cards / magnetic media, virtually (from the server).
The common to the EU rules are applied as regards to a confirmation of a fine-tuning of the operation. They are defined by the second Directive of the European Parliament, European regulations and standards (PCI DSS, GDPR and others). According to them, payment systems operators and companies that want to issue electronic money in Romania should:
"Prifinance" consulting company will help to fulfill all the conditions at the national and European levels. We successfully obtain payment systems licenses for customers in different jurisdictions, undertake the organizational side of the issue. Experts of the company will provide a legal support, help to select a tax model, register a company and open an account with the bank. With us, customers receive permits in the shortest possible time and successfully deploy activities in the field of electronic payments.