New Regulatory Measures Established In Romania To Manage Electronic Money
In a fast effort to create an emergency ordinance, Romania has established new regulations for any kind of electronic money, according to a local news source. The Romanian Ministry of Finance released the draft, which indicated that groups with the intention of launching electronic monies will need to provide tax and legal documentation for verification. Additionally, their projects must seek out and receive approval from the Romanian National Bank.
If this ordinance is approval, the Romanian National Bank will be in complete control over electronic monies and similar products in the country. They have stated that their authorization will be granted to applicants that have “a formal framework for the management of the carefully designed electronic money issuance activity.”
Within this framework, the company has to provide clear “responsibility lines,” processes that can effectively manage risks, and “adequate internal control mechanisms” for any issuance of monies.”
The ordinance also specifically outlines electronic money, saying that is,
“monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money.”
The authorization, once approved, will only last for 12 months. However, if the projects that receive approval without issuing any monies within that timeframe, they will have their authorization withdrawn.