The Romanian authorities are set to host their first-ever auction of cryptocurrency that seized from a fraud case.
It has been reported that the National Agency for the Management of Seized Assets (ANABI) announced its upcoming auction of the confiscated Bitcoin (BTC) and Ether (ETH), as required by a ruling from the Prosecutor’s Office in Ploiesti Court.
“Taking into account the nature of the moveable property put up for auction, the successful tenderer will have to inform the Agency, to proceed with the transfer, about the BTC and ETH public addresses associated to a virtual currency trading platform.”
However, ANABI has clarified that the crypto trading platform used by the successful bidder will need to be a legal and registered entity that adheres to Romania’s legislative norms and guidelines for financial instruments. It must incorporate Know Your Customer (KYC) requirements for its clients and comply with both domestic and foreign Anti-Money Laundering provisions.
As per the report, Romania was previously summoned to the European Court of Justice for its delay in fully transposing the full gamut of provisions outlined in the Fifth Anti-Money Laundering and Terrorism Financing Directive, including those relating to cryptocurrencies, into national law.
Thus, this July, Romania was fined, alongside Ireland, as a result of the delay, although the country had meanwhile transposed the outstanding elements of the directive.