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Tax Agency Starts Checking Crypto Traders in Romania

Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains.

The checks have been presented as a move within the tax authority’s new strategy to “adapt to the evolution of technology and financial market trends.” They targeted 63 Romanian citizens who, as ANAF established, made €131 million euros in crypto revenues between 2016 and 2021.

According to a report by the Romanian business news portal, the tax inspectors have found that digital assets worth a total of €48.67 million were missing from their tax returns. Тhe agency has so far ordered the recovery of some €2.10 million in unfulfilled tax obligations.

At the same time, the ANAF has confirmed that gains from cryptocurrency trading in the amount of approximately €15 million had been properly declared and the due income tax and social contributions paid in full.

The ANAF’s anti-fraud department has recommended all Romanians who carry out such activities or plan to get involved to make sure they report their revenues and cover their fiscal obligations to the state.

At present, the European crypto space is largely regulated by national laws and authorities but the legal environment for investors and businesses is going to change significantly with the upcoming EU-wide rules for the industry that will apply to various cryptocurrency transactions.

Do you expect Romania to conduct regular checks of cryptocurrency investors in the future? Tells us in the comments section below.


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