Romanian police raided the homes of crypto traders suspected of tax evasion

Law enforcement agencies in Romania have conducted dozens of searches of crypto traders suspected of hiding income from operations with cryptocurrencies and tax evasion. According to Christian Roman, a partner at the Iordăchescu & Asociații law firm, who is familiar with the situation, police raids were carried out in the Romanian capital of Bucharest, as well as in the counties of Dımbovica, Ilfov and Olt.. They were committed at the end of 2022 as part of an earlier investigation, during which it turned out that cryptocurrency traders did not report digital assets worth more than $50 million to the tax office. Referring to the data provided by the Romanian police, the lawyer noted that between From 2019 to 2022, 19 individuals evaded taxes on income received from operations with digital assets. According to preliminary estimates of the investigators, because of their actions, the state budget lost 3 million Romanian lei (about $650,000). Last summer, the National Agency of the Romanian Tax Administration (ANAF) launched an investigation into crypto traders who received income from trading cryptocurrencies between 2016 and 2021.. Traders used trading platforms Binance, Kucoin, Maiar, Bitmart and FTX. Tax inspectors found that about 63 Romanian citizens did not report crypto assets totaling 48 million euros in their tax returns. According to the amendments to the Romanian Tax Code, adopted in 2019, local traders are required to pay 10% income tax on profits from cryptocurrency transactions that exceed 600 Romanian lei per year (about $130).