NBM Vice-President Tatiana Ivanicichina said in Parliament that the document is being elaborated in cooperation with the National Commission of Financial Market (NCFM) within Chapter 9 of the negotiations with the EU. The NBM is responsible for a total of 15 draft laws, of which four have already been submitted to the Finance Ministry.
Asked whether the NBM has enough resources to elaborate the remaining 11 drafts, Ivanicichina said that the bank receives expert support.
“We have the necessary resources. The National Bank has a High Level Adviser, funded by the European Commission, who represents the National Bank of Romania and provides us with significant support. We also bring in experts, including on the law on crypto assets – from the OSCE, from other organizations with which we cooperate on an ongoing basis, including the IMF. We are lucky to have this level of cooperation,” said the NBM Vice President.
Law with effect
She also said that depending on the type of cryptoassets, the supervision of cryptoassets will be shared between the NBM and the NCFM.
“There are different types of cryptoassets. Some will be supervised by the NBM, others by the NCFM, we will have to delineate these powers. This will certainly be a project with a noticeable public effect,” Ivanicichina said.
Among the “sensitive” projects, she also mentioned the changes in the insurance and reinsurance sector, in particular, the harmonization of legislation with the Solvency II directive, which provides for additional capital requirements for insurance companies.
“We have been discussing with insurance companies for some time, so they are aware and, if I may say so, morally ready,” concluded the NBM representative.
