Update of the Fiscal Procedure Code for the purpose of transposing Council Directive (EU) 2023/2226 of 17 October 2023 (DAC8 Directive)

Emergency Ordinance No. 71/2025 transposes the DAC8 Directive into the Fiscal Procedure Code, mainly (i) introducing amendments and additions to the Common Reporting Standard (CRS) and other reporting obligations, and (ii) establishing a new reporting obligation regarding crypto-asset transactions.

I. Amendments and additions regarding the Common Reporting Standard (CRS)

In this regard, we present the main changes:

a. Additional reportable accounts

A reporting obligation is introduced for reporting financial institutions to report financial assets in the form of electronic money and digital currency issued by central banks that are held by reportable clients and the reportable information is defined.

b. Fiscal due diligence procedures

Amendments/supplements are introduced with respect to the tax due diligence procedures to be carried out by reporting financial institutions for new individual accounts.

c. Specific due diligence procedures

For example, amendments/supplements are introduced regarding the self-certification, covering:

• The reporting financial institution’s possession of information concerning the requirement for a taxpayer identification number to be issued by a particular jurisdiction when the client’s self-certification does not include a tax identification number.
• What it means for the reporting financial institution to know, or have reason to know, that a self-certification is incorrect or unreliable.
• Temporary absence of a self-certification; in certain exceptional circumstances, the reporting financial institution may apply the due diligence procedures for pre-existing accounts to the newly opened account until a self-certification is obtained and validated.

II. Amendments to other reporting obligations

The transposed provisions also address other reporting requirements; for example, the possibility of using a seller identification service is introduced also in case of digital platforms required to report sellers (DAC7), and the reporting of advance tax rulings for individuals with significant assets is introduced.

III. Introduction of Reporting Obligation for Crypto-Asset Transactions

In this regard, we present the main provisions introduced:

a. Definition of Crypto-Assets

Crypto-asset means a digital representation of value or a right that can be transferred and stored electronically, using distributed ledger technology or a similar technology.

b. Relevant reportable transactions

• Transactions exchanging crypto-assets for fiat currency, or vice versa, are reportable;
• Exchanges of relevant crypto-assets among themselves are reportable;
• Transfers between accounts of the crypto-asset user, other than those managed by reporting crypto-asset service providers, which do not constitute exchange transactions, are reportable;
• Retail payment transactions are reportable, specifically the transfer of relevant crypto-assets for goods or services exceeding a value of USD 50,000.

c. Persons/Entities having reporting obligations

Under the provisions, entities considered obligated to report relevant crypto-asset transactions are Crypto-Asset Service Providers and Crypto-Asset Operators (together referred to as “Reporting Crypto-Asset Service Providers”).

A Crypto-Asset Service Provider is an entity defined under the European Crypto-Asset Regulation (MiCA)*.

*Markets in Crypto-Assets (MiCA) is a unified legislative framework of the European Union for regulating the crypto-asset market, introducing rules for issuers of crypto-assets (e.g. Bitcoin, stablecoins) and crypto service providers (e.g. wallets, exchanges).

A Crypto-Asset Operator is a crypto-asset service entity that does not have the status of a Crypto-Asset Service Provider.

The provisions included in the Fiscal Procedure Code establish as a basic principle that reporting of transactions involving crypto-assets is carried out in the jurisdiction with the strongest connection.

If the reporting obligation is fulfilled in a jurisdiction other than Romania, the Reporting Crypto-Asset Service Provider must notify ANAF that it complies with reporting requirements in another jurisdiction. ANAF will publish an order with the template for such notification.

d. Information to be reported

The newly introduced legislative provisions require the reporting of user data and relevant transaction data involving crypto-assets carried out from 1 January 2026 onwards.

Regarding transactions involving crypto-assets, the following information must be reported: gross amounts paid or received (for purchases/sales of crypto-assets in exchange for fiat currency), fair market value (for exchanges between crypto-assets), number of units traded, number of transactions, transfers to unknown external wallets, total value of retail payments exceeding USD 50,000.

e. Reporting deadlines

Reporting Crypto-Asset Service Providers are required to submit an annual report to ANAF by 15 March of the following year (an electronic standard form will be established by ANAF Order).

f. Sanctions

Specific sanctions are introduced for Reporting Crypto-Asset Service Providers for failure to comply with the obligations set out in the adopted legislation.

g. Fiscal diligence procedures

The tax due diligence procedures that Reporting Crypto-Asset Service Providers must carry out, both for individual clients using crypto-assets and for corporate clients using crypto-assets, are similar to the tax due diligence procedures provided in the Fiscal Procedure Code for the Common Reporting Standard (CRS).