#StablecoinLaw 🔍 MiCA Regulations – applicable in Romania

• Title III – "Asset-referenced tokens" (reference tokens), related to baskets of assets.

• Title IV – "E-money tokens" (electronic money tokens), including stablecoins linked to a fiat currency (euro, dollar, etc.)  .

With the entry into force of these provisions, member states, including Romania, must apply strict requirements for stability, transparency, and AML/KYC compliance for issuers and providers of services related to stablecoins.

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🔎 Practical implications

• Stablecoins are treated similarly to electronic money (e-money), requiring specific licenses for issuers and service providers (exchangers, electronic wallets).

• Issuers must maintain adequate reserves, ensuring the possibility of redeeming the token.

• Requirements for transparency, auditing, and periodic reporting are imposed.

• Transactions with stablecoins are subject to AML oversight and include mandatory reporting to authorities (including ONPCSB – National Office for Prevention and Combating Money Laundering) .