Romania Conducts “Attacks” After Crypto Tax Evasion Investigation Exceeds $50 Million

Key Points:

• Authorities in Romania have conducted over a dozen raids on individuals suspected of concealing earnings from bitcoin enterprises.
• Addresses were verified in Bucharest as well as the counties of Dâmbovița, Ilfov, and Olt, according to a partner at the legal company Iordăchescu & Asociații who provided the information to Romania Journal.

Authorities in Romania have carried out more than a dozen raids on people accused of concealing earnings from bitcoin businesses. The searches took place in late 2022, following an earlier probe that found crypto dealers had neglected to register digital assets worth more than $50 million.

Based on local media, police and tax officials in Romania conducted 17 raids in the fall of last year as part of an investigation into individuals accused of dodging revenue by concealing income from cryptocurrency trades.

According to Cristian Roman, partner at the legal firm Iordăchescu & Asociații, who provided the information with Romania Journal, addresses were checked in Bucharest as well as the counties of Dâmbovița, Ilfov, and Olt.

The lawyer was referring to information provided by Romanian authorities. According to law enforcement officials in the EU country, 19 targeted persons created or joined an organized crime organization for the goal of tax evasion between 2019 and 2022. According to authorities, the taxable income that they attempted to conceal was obtained through transactions with digital currencies. According to preliminary estimates, their efforts have cost the state budget 3 million Romanian lei (almost $650,000).

The Tax Administration is attempting to increase compliance among cryptocurrency taxpayers. The operation came after the National Agency for Fiscal Administration’s (ANAF) tax fraud unit initiated an investigation this summer into proceeds from crypto trading acquired between 2016 and 2021 through various platforms such as Binance, Kucoin, Maiar, Bitmart, and the now-bankrupt FTX.

Tax investigators discovered almost €131 million in revenue received by 63 Romanian residents at the time. They also discovered that the individuals had omitted to register approximately €48 million in digital assets on their tax forms.

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