Tax Agency Starts Checking Crypto Traders in Romania

Romanian authorities are going after investors who have failed to report earnings from crypto trading and pay taxes. The offensive is part of an effort to address financial trends, and the country’s tax agency announced in a statement that it has identified almost €50 million in undeclared crypto profits.

Romanian tax authorities verify profits from cryptocurrency transactions

Romania’s National Fiscal Control Agency (ANAF) announced this week that officials from the department in charge of preventing tax evasion and fraud have begun inspections to verify income from digital coin transactions on various platforms, including Binance, Kucoin, Maiar, Bitmart, FTX The department announced that it has initiated.

The inspections are presented as a move within the tax authority’s new strategy to “adapt to the evolution of technology and financial market trends.” They target 63 Romanian citizens who earned €131 million in crypto income between 2016 and 2021, as established by ANAF.

According to a report by Romanian business news portal Economica.net, tax inspectors found that digital assets worth a total of €486.7 million were missing from their tax returns.Тhe agency has so far ordered the recovery of approximately €2.1 million in unfulfilled tax obligations. recovery ordered.

At the same time, ANAF confirmed that profits from cryptocurrency transactions amounting to approximately EUR 15 million were properly declared and all income taxes and social security contributions due were paid.

The Romanian tax authorities also intend to check income from various other crypto-related operations, such as mining and trading in non-fossil tokens (NFTs). It states that the aim is to improve budget receipts and voluntary compliance among all categories of taxpayers.

ANAF’s Anti-Fraud Department recommends that all Romanians who perform or plan to engage in such activities report their earnings and ensure that they cover their financial obligations to the State.

Currently, the European crypto space is largely regulated by national laws and authorities, but the legal environment for investors and companies will change significantly with upcoming EU-wide regulations for the industry applicable to various cryptocurrency transactions.

This week, representatives of the European Parliament, the European Commission and the European Council reached agreement on the adoption of a series of anti-money laundering rules and a legislative package known as the Crypto Asset Market (MiCA) Act to be implemented across the 27 member states.

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