The Romanian Parliament, by the vote of the Chamber of Deputies, adopted an amendment to the Fiscal Code to exempt from taxation, until July 31, 2025, the earnings derived by natural persons from investments in cryptocurrencies, according to Profit.ro.

The timing is important since cryptocurrency prices, especially bitcoin, soared after Donald Trump's victory in the US presidential election, as the incoming US president came out strongly in favor of cryptocurrencies.  

The authors of the amendment argue that the measure will be beneficial to the state, which will see the real size of this sector while part of the money from the sale of these assets could end up in the country's banks. 

"This transitory measure contributes to increasing transparency regarding cryptocurrency transactions carried out by taxpayers in Romania and would allow a real mapping of this market in the Romanian economy. Through this temporary measure, investors will have the opportunity to transfer their earned amounts as investments in credit institutions in Romania, generating an additional cash flow in the economy. At the same time, through this legal framework, credit institutions will have the confidence to allow the transfer of these amounts to current accounts, eliminating the fear or risks of fraud that are currently hovering," according to the substantiation note drafted along with the amendment.

iulian@romania-insider.com

(Photo source: LOFT39Studio/Dreamstime.com)