The European Union’s Markets in Crypto-Assets Regulation (MiCA) marks a significant milestone in regulating digital assets. By introducing a harmonised framework for crypto-asset issuers and service providers, MiCA aims to strengthen investor protection, improve market integrity and provide greater legal certainty for an industry that has developed rapidly in recent years.
While most EU Member States have already established their national supervisory arrangements, Romania remains the last Member State to designate its competent authorities under MiCA. However, recent developments offer grounds for cautious optimism.
On 21 October 2026, speaking at the Profit Financial Forum conference, Alexandru Petrescu, President of Romania’s Financial Supervisory Authority (ASF), addressed the country’s outstanding MiCA implementation measures and expressed optimism following the appointment of a new government with full executive powers.
According to Petrescu, Romania is currently the only financial jurisdiction in Europe that has not completed the national implementation of MiCA. He expressed hope that this situation would be resolved through the adoption of an emergency ordinance prepared by the Ministry of Finance.
His remarks are particularly relevant given the regulatory timeline.
MiCA became generally applicable on 30 December 2024, with the provisions governing asset-referenced tokens and e-money tokens having applied since 30 June 2024. Under Article 143(3), eligible crypto-asset service providers operating under pre-existing national rules could benefit from a transitional regime lasting until 1 July 2026, unless a Member State opted for a shorter period or excluded its application.
That final transitional date has now passed.
It is important to distinguish between MiCA’s direct application and the national measures required to make its supervisory framework fully operational. As an EU regulation, MiCA does not require transposition into national law in the same manner as a directive. Nevertheless, Member States must designate competent authorities, allocate supervisory responsibilities and establish the necessary enforcement arrangements.
Article 93 expressly requires Member States to designate the authorities responsible for carrying out the functions and duties established under MiCA and to notify those authorities to the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).
In Romania, the contemplated supervisory framework would involve ASF and the National Bank of Romania (BNR), alongside other institutions with relevant responsibilities, including the National Office for Prevention and Control of Money Laundering.
The absence of a completed national framework has practical implications. In particular, businesses seeking to obtain a MiCA authorisation directly in Romania face uncertainty regarding the competent authority and the applicable domestic procedures. Meanwhile, crypto-asset service providers duly authorised in other Member States may benefit from MiCA’s European passporting arrangements, subject to the applicable requirements.
This distinction matters for Romania’s competitiveness within the European digital asset market. Legal certainty, accessible authorisation procedures and effective supervision are essential considerations for businesses deciding where to establish or expand their operations.
At the same time, the implementation of MiCA involves more than formally designating a regulator. It requires specialised supervisory expertise, institutional coordination and the administrative capacity necessary to oversee a technically complex and rapidly evolving sector.
During his public remarks, the ASF President also acknowledged the challenges associated with recruiting appropriately qualified professionals. He nevertheless highlighted the training already undertaken by ASF personnel, including specialised programs in Romania and abroad.
This suggests that preparatory work has already taken place and that the next stage will involve translating those efforts into an operational regulatory framework.
The recent formation of a new Romanian Government provides an opportunity to move the process forward. Following a prolonged period of political uncertainty, the establishment of an executive with full powers may create the institutional conditions needed to finalise the outstanding legislation and clarify the responsibilities of the authorities involved.
For the Romanian crypto-asset industry, the adoption of the national MiCA framework would represent more than the completion of an EU regulatory obligation. It would provide a clearer pathway to domestic authorisation, strengthen regulatory predictability and enable Romanian businesses to participate more effectively in the European market for regulated crypto-asset services.
Importantly, a harmonised European framework can support both responsible innovation and consumer protection. Effective implementation should not be viewed simply as an additional compliance burden, but also as an opportunity to build confidence among investors, financial institutions and businesses exploring digital asset technologies.
Romania has an established technology sector and a substantial pool of IT professionals, creating favorable conditions for the development of compliant digital financial services.
The remaining challenge is to ensure that the regulatory infrastructure keeps pace with these opportunities.
Romania may be the last EU Member State to complete its national MiCA supervisory framework, but this need not define its future position in the European crypto-asset market. With the new Government in office, an anticipated legislative initiative and the supervisory institutions already engaged in preparing for their responsibilities, there are reasonable grounds to hope that the remaining steps can be completed in the near future.
The focus can now shift from the delay itself to the opportunities that a clear, effective and fully operational MiCA framework could unlock for Romania’s financial and technology sectors.
