Partnership between Lexters and CryptoSwift aims to help Romanian Virtual Asset Service Providers (VASPs) comply with MiCA and Travel Rule requirements under new EU regulations.
The collaboration focuses on aiding firms in interpreting regulatory guidelines and meeting cross-border data-sharing obligations as stipulated by the Travel Rule.
Background of the Partnership
The partnership was announced shortly after Romania published a draft Emergency Ordinance on May 26, 2025. The ordinance details the implementation approach for MiCA in the country and includes strict deadlines for compliance.
By November 30, 2025, crypto exchanges, wallet providers, token issuers, and ATM operators must secure regulatory approval and align their operations with EU standards.
Romania’s Regulatory Framework
The draft ordinance assigns supervisory responsibilities to two national bodies: the Financial Supervisory Authority (FSA) will oversee crypto issuance, asset-referenced tokens (ARTs), and the use of crypto ATMs. Meanwhile, the National Bank of Romania (NBR) will supervise e-money tokens, which are digital representations of fiat currencies.
Additionally, unregistered crypto asset service providers can face website blocking orders from the Anti-Systemic Risks (ASF).
Temporary Operations and Compliance
Currently operating firms have 30 days after the ordinance’s effective date to submit authorization requests. Full compliance, including thorough technical audits and internal controls, is expected by November 30, 2025.
Audits, which should occur every two years or more frequently in case of incidents, must cover cybersecurity and system vulnerabilities.
Support from Partners
Lexters supports VASPs with application submissions, compliance planning, and audit preparation. CryptoSwift focuses on ensuring firms can transmit required transaction data across borders as per Financial Action Task Force (FATF) Recommendation 16 and the EU’s Transfer of Funds Regulation (TFR).
Officials from Lexters view this period as a crucial turning point for Romania’s digital asset sector, stressing that immediate attention is required. CryptoSwift representatives emphasize their infrastructure will enable Romanian VASPs to meet complex data-sharing standards between jurisdictions.