🇷🇴 Romania vs 🇰🇷 South Korea: crypto licensing compared
Decision context and regulator route
Romania and South Korea are commonly considered side by side for crypto authorisation. In Romania the route is the MiCA CASP authorisation (EU Regulation 2023/1114, directly applicable). National implementation is unsettled: 2025 commentary cited GEO 10/2025 as the transposition instrument in force from 13 Mar 2025, while ASF stated on 1 Jul 2026 that the designating act is still a draft and no competent authority is yet in place; see recent changes. overseen by Autoritatea de Supraveghere Financiara (ASF, Financial Supervisory Authority). A technical pre-clearance of IT systems by the Authority for Digitalisation of Romania (ADR) is also required before ASF grants a licence - a Romania-specific extra step.; in South Korea it is the VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. under Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority.. The public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.
Romania: verified 2026-07-15 · South Korea: verified 2026-08-15
| Dimension |
🇷🇴 Romania
partly open
Verified 2026-07-15
|
🇰🇷 South Korea
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | MiCA CASP authorisation (EU Regulation 2023/1114, directly applicable). National implementation is unsettled: 2025 commentary cited GEO 10/2025 as the transposition instrument in force from 13 Mar 2025, while ASF stated on 1 Jul 2026 that the designating act is still a draft and no competent authority is yet in place; see recent changes. | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | Autoritatea de Supraveghere Financiara (ASF, Financial Supervisory Authority). A technical pre-clearance of IT systems by the Authority for Digitalisation of Romania (ADR) is also required before ASF grants a licence - a Romania-specific extra step. | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | Romania capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | Romania timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | Romania local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | Romania application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | Romania ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | Romania passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | Romania mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | Romania key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | Romania's MiCA implementation is unsettled and sources conflict. 2025 commentary cited GEO 10/2025 (reported in force from 13 Mar 2025) as designating ASF and BNR, but that ordinance amends Romania's AML law rather than designating MiCA authorities. ASF stated on the record on 1 Jul 2026, and again directly to StartupCafe on 5 Jul 2026, that no Romanian authority has been designated as competent for MiCA, that the implementing act remains a Ministry of Finance draft emergency ordinance, and that ASF cannot receive or resolve authorisation applications. Parliament returns from recess on 1 Sep 2026, the earliest point at which the stalled draft could resume progress. The EU-wide transitional period ended 1 Jul 2026, leaving Romanian firms reliant on passporting from other member states in the interim. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | Romania difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
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What changed recently
🇷🇴 Romania (verified 2026-07-15): Romania's MiCA implementation is unsettled and sources conflict. 2025 commentary cited GEO 10/2025 (reported in force from 13 Mar 2025) as designating ASF and BNR, but that ordinance amends Romania's AML law rather than designating MiCA authorities. ASF stated on the record on 1 Jul 2026, and again directly to StartupCafe on 5 Jul 2026, that no Romanian authority has been designated as competent for MiCA, that the implementing act remains a Ministry of Finance draft emergency ordinance, and that ASF cannot receive or resolve authorisation applications. Parliament returns from recess on 1 Sep 2026, the earliest point at which the stalled draft could resume progress. The EU-wide transitional period ended 1 Jul 2026, leaving Romanian firms reliant on passporting from other member states in the interim.
🇰🇷 South Korea (verified 2026-08-01): The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious.
Quick answers
Who regulates crypto licensing in Romania and South Korea?
Romania: Autoritatea de Supraveghere Financiara (ASF, Financial Supervisory Authority). A technical pre-clearance of IT systems by the Authority for Digitalisation of Romania (ADR) is also required before ASF grants a licence - a Romania-specific extra step.. South Korea: Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority..
What licence do you need in Romania compared with South Korea?
In Romania the authorisation route is MiCA CASP authorisation (EU Regulation 2023/1114, directly applicable). National implementation is unsettled: 2025 commentary cited GEO 10/2025 as the transposition instrument in force from 13 Mar 2025, while ASF stated on 1 Jul 2026 that the designating act is still a draft and no competent authority is yet in place; see recent changes.; in South Korea it is VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Romania vs South Korea comparison?
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