{"id":66514,"date":"2025-07-29T19:38:48","date_gmt":"2025-07-29T10:38:48","guid":{"rendered":"https:\/\/monolith.law\/ro\/?p=66514"},"modified":"2025-08-20T21:53:24","modified_gmt":"2025-08-20T12:53:24","slug":"crypto-assets-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities","title":{"rendered":"\u3010Edi\u021bia actualizat\u0103 2025\u3011Interpretarea juridic\u0103 a activelor cripto (monedelor virtuale): Incadrarea ca valori mobiliare \u0219i puncte de aten\u021bie pentru operatori"},"content":{"rendered":"\n<p>Criptoactivele (monedele virtuale) sunt \u00eentr-o continu\u0103 schimbare din punct de vedere al interpret\u0103rii legale, datorit\u0103 diversit\u0103\u021bii lor, metodelor de utilizare \u0219i evolu\u021biei modurilor de tranzac\u021bionare. \u00cen special, problema dac\u0103 criptoactivele sunt considerate valori mobiliare reprezint\u0103 un subiect de mare interes.<\/p>\n\n\n\n<p>Prin urmare, acest articol se adreseaz\u0103 operatorilor economici care desf\u0103\u0219oar\u0103 activit\u0103\u021bi legate de criptoactive \u0219i explic\u0103 interpretarea legal\u0103 a acestora, \u00een special \u00een ceea ce prive\u0219te rela\u021bia cu valorile mobiliare, sub legisla\u021bia japonez\u0103.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Conceptii_traditionale_si_noi_tendinte_privind_activele_criptografice_criptomonede_sub_legislatia_japoneza\" title=\"Concep\u021bii tradi\u021bionale \u0219i noi tendin\u021be privind activele criptografice (criptomonede) sub legisla\u021bia japonez\u0103\">Concep\u021bii tradi\u021bionale \u0219i noi tendin\u021be privind activele criptografice (criptomonede) sub legisla\u021bia japonez\u0103<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Schimbarea_algoritmului_de_consens_Ethereum_si_dezbaterea_privind_valorile_mobiliare\" title=\"Schimbarea algoritmului de consens Ethereum \u0219i dezbaterea privind valorile mobiliare\">Schimbarea algoritmului de consens Ethereum \u0219i dezbaterea privind valorile mobiliare<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Ce_este_algoritmul_de_consens\" title=\"Ce este algoritmul de consens?\">Ce este algoritmul de consens?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Schimbarea_algoritmului_de_consens_Ethereum\" title=\"Schimbarea algoritmului de consens Ethereum\">Schimbarea algoritmului de consens Ethereum<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Ultima_perspectiva_a_autoritatilor_americane_privind_activele_cripto_monedele_virtuale\" title=\"Ultima perspectiv\u0103 a autorit\u0103\u021bilor americane privind activele cripto (monedele virtuale)\">Ultima perspectiv\u0103 a autorit\u0103\u021bilor americane privind activele cripto (monedele virtuale)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Aparitia_ETF-urilor_pe_baza_de_Ethereum\" title=\"Apari\u021bia ETF-urilor pe baz\u0103 de Ethereum\">Apari\u021bia ETF-urilor pe baz\u0103 de Ethereum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Determinarea_caracterului_de_valori_mobiliare_al_activelor_cripto_Testul_Howey\" title=\"Determinarea caracterului de valori mobiliare al activelor cripto: Testul Howey\">Determinarea caracterului de valori mobiliare al activelor cripto: Testul Howey<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Reglementarea_si_tendintele_actuale_ale_criptoactivelor_in_Japonia\" title=\"Reglementarea \u0219i tendin\u021bele actuale ale criptoactivelor \u00een Japonia\">Reglementarea \u0219i tendin\u021bele actuale ale criptoactivelor \u00een Japonia<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Reglementari_privind_emiterea_de_valori_mobiliare_in_Japonia\" title=\"Reglement\u0103ri privind emiterea de valori mobiliare \u00een Japonia\">Reglement\u0103ri privind emiterea de valori mobiliare \u00een Japonia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Reglementari_privind_tranzactiile\" title=\"Reglement\u0103ri privind tranzac\u021biile\">Reglement\u0103ri privind tranzac\u021biile<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Tendintele_recente_in_reforma_legislativa_din_Japonia\" title=\"Tendin\u021bele recente \u00een reforma legislativ\u0103 din Japonia\">Tendin\u021bele recente \u00een reforma legislativ\u0103 din Japonia<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Concluzie_Consultati_un_avocat_pentru_reglementarile_privind_activele_criptografice\" title=\"Concluzie: Consulta\u021bi un avocat pentru reglement\u0103rile privind activele criptografice\">Concluzie: Consulta\u021bi un avocat pentru reglement\u0103rile privind activele criptografice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/ro\/it\/crypto-assets-securities\/#Ghidul_masurilor_noastre_de_interventie\" title=\"Ghidul m\u0103surilor noastre de interven\u021bie\">Ghidul m\u0103surilor noastre de interven\u021bie<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conceptii_traditionale_si_noi_tendinte_privind_activele_criptografice_criptomonede_sub_legislatia_japoneza\"><\/span>Concep\u021bii tradi\u021bionale \u0219i noi tendin\u021be privind activele criptografice (criptomonede) sub legisla\u021bia japonez\u0103<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00cen trecut, activele criptografice, cum ar fi Bitcoin \u0219i Ethereum, care func\u021bioneaz\u0103 ca mijloace de valoare monetar\u0103, erau considerate \u00een general ca fiind \u201em\u0103rfuri\u201d \u0219i nu erau incluse \u00een categoria valorilor mobiliare.<\/p>\n\n\n\n<p>Totu\u0219i, \u00een ultimii ani, au ap\u0103rut active criptografice cu func\u021bii diverse, cum ar fi drepturi de utilizare a serviciilor, drepturi de vot \u00een cadrul unei afaceri \u0219i drepturi de a primi distribu\u021bii de profit. Aceste active criptografice multifunc\u021bionale au \u0219i o latur\u0103 de investi\u021bii, ceea ce face ca situa\u021bia s\u0103 nu mai poat\u0103 fi cuprins\u0103 de clasificarea uniform\u0103 tradi\u021bional\u0103 de \u201em\u0103rfuri\u201d.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Schimbarea_algoritmului_de_consens_Ethereum_si_dezbaterea_privind_valorile_mobiliare\"><\/span>Schimbarea algoritmului de consens Ethereum \u0219i dezbaterea privind valorile mobiliare<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/11\/Shutterstock_687488425.jpg\" alt=\"Impactul schimb\u0103rii algoritmului de consens Ethereum asupra interpret\u0103rii valorilor mobiliare (criptomonede)\" class=\"wp-image-63111\" \/><\/figure>\n\n\n\n<p>Un subiect deosebit de interesant a fost schimbarea algoritmului de consens pentru Ethereum, una dintre criptoactivele cu cea mai mare capitalizare de pia\u021b\u0103, de la Proof of Work (PoW) la Proof of Stake (PoS). Aceast\u0103 schimbare a st\u00e2rnit discu\u021bii dac\u0103 Ethereum ar putea fi considerat o valoare mobiliar\u0103, cresc\u00e2nd astfel posibilitatea ca acesta s\u0103 fie \u00eencadrat ca atare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ce_este_algoritmul_de_consens\"><\/span>Ce este algoritmul de consens?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Algoritmul de consens este un mecanism folosit \u00een blockchain pentru a valida tranzac\u021biile \u0219i a ad\u0103uga noi blocuri prin formarea unui acord.<\/p>\n\n\n\n<p>Pentru a \u00een\u021belege algoritmul de consens, este necesar s\u0103 \u00een\u021belegem mecanismul criptoactivelor (criptomonedelor).<\/p>\n\n\n\n<p>\u00cen cazul criptoactivelor (criptomonedelor), se utilizeaz\u0103 un sistem numit blockchain, unde tranzac\u021biile sunt verificate prin procesul de minare, asigur\u00e2nd astfel securitatea blockchain-ului. Algoritmul de consens este metoda (algoritmul) prin care se formeaz\u0103 un consens (acord) cu privire la regulile de ad\u0103ugare a blocurilor \u00een blockchain.<\/p>\n\n\n\n<p>Articolul asociat: <a href=\"https:\/\/monolith.law\/corporate\/blockchain-technology\" target=\"_blank\" rel=\"noreferrer noopener\">Ce \u00eenseamn\u0103 tehnologia blockchain ca o nou\u0103 tehnologie[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Schimbarea_algoritmului_de_consens_Ethereum\"><\/span>Schimbarea algoritmului de consens Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ini\u021bial, Ethereum folosea algoritmul de consens PoW (Proof of Work), similar cu cel adoptat de Bitcoin.<\/p>\n\n\n\n<p>Mai t\u00e2rziu, \u00een septembrie 2022 (Reiwa 4), Ethereum a schimbat algoritmul de consens de la PoW (Proof of Work) la PoS (Proof of Stake).<\/p>\n\n\n\n<ul>\n<li>PoW (Proof of Work): Un mod de formare a consensului prin competi\u021bia resurselor de calcul, adoptat de Bitcoin \u0219i altele.<\/li>\n\n\n\n<li>PoS (Proof of Stake): Un mod \u00een care dreptul de a genera blocuri este acordat \u00een func\u021bie de cantitatea de criptoactive de\u021binute, adoptat de Ethereum.<\/li>\n<\/ul>\n\n\n\n<p>Motiva\u021bia din spatele trecerii Ethereum la PoS a fost de a rezolva problema consumului mare de energie electric\u0103 asociat cu PoW.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ultima_perspectiva_a_autoritatilor_americane_privind_activele_cripto_monedele_virtuale\"><\/span>Ultima perspectiv\u0103 a autorit\u0103\u021bilor americane privind activele cripto (monedele virtuale)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aici vom prezenta evolu\u021bia perspectivelor autorit\u0103\u021bilor americane \u00een leg\u0103tur\u0103 cu activele cripto (monedele virtuale).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aparitia_ETF-urilor_pe_baza_de_Ethereum\"><\/span>Apari\u021bia ETF-urilor pe baz\u0103 de Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00cen septembrie 2022, pre\u0219edintele Comisiei de Valori Mobiliare din SUA (SEC), Gary Gensler, a sugerat c\u0103 activele cripto care utilizeaz\u0103 Proof of Stake (PoS) ar putea fi considerate ca valori mobiliare. De\u0219i nu a men\u021bionat nume specifice de monede, declara\u021bia a fost f\u0103cut\u0103 imediat dup\u0103 tranzi\u021bia Ethereum la PoS, atr\u0103g\u00e2nd astfel aten\u021bia pie\u021bei.<\/p>\n\n\n\n<p>Ulterior, \u00een mai 2024, un ETF pe baz\u0103 de Ethereum a fost aprobat \u00een Statele Unite. Acest fapt sugereaz\u0103 c\u0103 autorit\u0103\u021bile de reglementare americane nu consider\u0103 Ethereum ca o valoare mobiliar\u0103 \u00een totalitate, ceea ce ar putea influen\u021ba interpret\u0103rile viitoare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Determinarea_caracterului_de_valori_mobiliare_al_activelor_cripto_Testul_Howey\"><\/span>Determinarea caracterului de valori mobiliare al activelor cripto: Testul Howey<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00cen Statele Unite, pentru a determina dac\u0103 un activ cripto este considerat o valoare mobiliar\u0103, se folose\u0219te \u00een principal Testul Howey. Testul Howey se bazeaz\u0103 pe urm\u0103toarele patru elemente:<\/p>\n\n\n\n<ul>\n<li>Exist\u0103 o colectare de fonduri?<\/li>\n\n\n\n<li>A\u0219tept\u0103rile investitorilor (exist\u0103 o a\u0219teptare rezonabil\u0103 c\u0103 profiturile vor proveni din eforturile altora?)<\/li>\n\n\n\n<li>Este vorba de o \u00eentreprindere comun\u0103?<\/li>\n\n\n\n<li>Potentialul de profit<\/li>\n<\/ul>\n\n\n\n<p>Totu\u0219i, Testul Howey nu este un standard absolut \u0219i trebuie aplicat \u00een func\u021bie de circumstan\u021bele fiec\u0103rui caz \u00een parte.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reglementarea_si_tendintele_actuale_ale_criptoactivelor_in_Japonia\"><\/span>Reglementarea \u0219i tendin\u021bele actuale ale criptoactivelor \u00een Japonia<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/11\/Shutterstock_1043001367.jpg\" alt=\"Reglement\u0103rile japoneze aplicabile c\u00e2nd Ethereum este considerat un valor mobiliar\" class=\"wp-image-63109\" \/><\/figure>\n\n\n\n<p>\u00cen Japonia, criptoactivele sunt reglementate de Legea privind Serviciile de Plat\u0103, \u00eens\u0103, atunci c\u00e2nd un anumit criptoactiv este considerat un valor mobiliar, acesta devine supus \u0219i reglement\u0103rilor Legii privind Instrumentele Financiare \u0219i Bursele.<\/p>\n\n\n\n<p>Articol relevant: <a href=\"https:\/\/monolith.law\/corporate\/cryptoassets-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">Ce \u00eenseamn\u0103 reglementarea criptoactivelor? Explicarea rela\u021biei dintre Legea privind Serviciile de Plat\u0103 \u0219i Legea privind Instrumentele Financiare \u0219i Bursele[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reglementari_privind_emiterea_de_valori_mobiliare_in_Japonia\"><\/span>Reglement\u0103ri privind emiterea de valori mobiliare \u00een Japonia<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>C\u00e2nd un activ cripto este considerat a fi o valoare mobiliar\u0103, emiterea acestuia poate deveni subiectul reglement\u0103rilor privind emiterea de valori mobiliare. Mai exact, urm\u0103toarele reglement\u0103ri pot fi aplicabile:<\/p>\n\n\n\n<ul>\n<li>Divulgarea declara\u021biei de \u00eenregistrare a valorilor mobiliare (conform Articolului 5 din Legea Pie\u021bei de Capital din Japonia)<\/li>\n\n\n\n<li>Distribuirea prospectului c\u0103tre p\u0103r\u021bile interesate (conform Articolului 15, Paragraful 2 din Legea Pie\u021bei de Capital din Japonia)<\/li>\n\n\n\n<li>Depunerea raportului valorilor mobiliare (conform Articolului 24 din Legea Pie\u021bei de Capital din Japonia)<\/li>\n\n\n\n<li>Depunerea raportului trimestrial (conform Articolului 24-4-7 din Legea Pie\u021bei de Capital \u0219i Articolului 4-2-10, Paragraful 3 din Ordonan\u021ba de Execu\u021bie a Pie\u021bei de Capital din Japonia)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reglementari_privind_tranzactiile\"><\/span>Reglement\u0103ri privind tranzac\u021biile<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>De asemenea, \u00een cazul \u00een care activele criptografice sunt considerate a fi valori mobiliare, este posibil s\u0103 devin\u0103 subiectul reglement\u0103rilor aplicabile tranzac\u021biilor cu valori mobiliare. Mai exact, pot fi vizate de urm\u0103toarele tipuri de reglement\u0103ri:<\/p>\n\n\n\n<ul>\n<li>Reglement\u0103rile privind tranzac\u021biile de tip insider (Legea pie\u021bei de capital japoneze, articolele 166 \u0219i 167)<\/li>\n\n\n\n<li>Reglement\u0103rile privind manipularea pie\u021bei (Legea pie\u021bei de capital japoneze, articolul 159)<\/li>\n\n\n\n<li>Reglement\u0103rile privind r\u0103sp\u00e2ndirea de zvonuri (Legea pie\u021bei de capital japoneze, articolul 158)<\/li>\n\n\n\n<li>Reglement\u0103rile privind tranzac\u021biile fictive (Legea pie\u021bei de capital japoneze, articolul 159)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tendintele_recente_in_reforma_legislativa_din_Japonia\"><\/span>Tendin\u021bele recente \u00een reforma legislativ\u0103 din Japonia<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00cen ceea ce prive\u0219te fiscalitatea activelor cripto, reforma fiscal\u0103 din anul Reiwa 4 (2022) a revizuit metoda de evaluare pentru unele active cripto de\u021binute de corpora\u021bii. \u00cen ceea ce prive\u0219te profiturile din transferul activelor cripto de\u021binute de persoane fizice, acestea sunt \u00een continuare considerate, \u00een principiu, venituri diverse supuse impozit\u0103rii globale, \u00eens\u0103 discu\u021biile privind reforma fiscal\u0103, inclusiv introducerea impozit\u0103rii separate la declarare, continu\u0103.<\/p>\n\n\n\n<p>Referin\u021b\u0103: <a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/pdf\/virtual_currency_faq_03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Agen\u021bia Na\u021bional\u0103 de Administrare Fiscal\u0103 | Tratamentul fiscal al activelor cripto \u0219i altele (Informa\u021bii)[ja]<\/a><\/p>\n\n\n\n<p>\u00cen ceea ce prive\u0219te modific\u0103rile Legii privind tranzac\u021biile cu instrumente financiare, Agen\u021bia Serviciilor Financiare din Japonia consider\u0103 activele cripto ca &#8220;instrumente financiare&#8221; \u0219i examineaz\u0103 introducerea reglement\u0103rilor privind tranzac\u021biile insider. \u00cen aprilie al anului Reiwa 7 (2025), Agen\u021bia a prezentat un proiect de lege pentru modific\u0103ri relevante.<\/p>\n\n\n\n<p>Referin\u021b\u0103: <a href=\"https:\/\/www.fsa.go.jp\/news\/r6\/sonota\/20250410_2\/01.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Agen\u021bia Serviciilor Financiare | Evaluarea sistemului legat de activele cripto (10 aprilie, Reiwa 7)[ja]<\/a><\/p>\n\n\n\n<p>De asemenea, \u00een iunie al anului Reiwa 5 (2023), au fost \u00eent\u0103rite reglement\u0103rile aplicabile operatorilor de schimb de active cripto, inclusiv introducerea Regulii de c\u0103l\u0103torie (obliga\u021bia de notificare legat\u0103 de transferul activelor cripto \u0219i mijloacelor de plat\u0103 electronice) \u0219i consolidarea managementului separat al activelor clien\u021bilor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concluzie_Consultati_un_avocat_pentru_reglementarile_privind_activele_criptografice\"><\/span>Concluzie: Consulta\u021bi un avocat pentru reglement\u0103rile privind activele criptografice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>La acest moment, este \u00eenc\u0103 dificil s\u0103 se fac\u0103 o determinare clar\u0103 dac\u0103 activele criptografice (monedele virtuale) sunt considerate sau nu valori mobiliare. Totu\u0219i, nu se poate nega posibilitatea ca anumite active criptografice multifunc\u021bionale s\u0103 fie tratate ca valori mobiliare.<\/p>\n\n\n\n<p>Operatorii care se ocup\u0103 de active criptografice trebuie s\u0103 fie mereu la curent cu cele mai recente reglement\u0103ri legale \u0219i tendin\u021bele na\u021bionale \u0219i interna\u021bionale, \u0219i s\u0103 construiasc\u0103 un sistem care s\u0103 le permit\u0103 s\u0103 r\u0103spund\u0103 adecvat \u00een cazul \u00een care activele criptografice pe care le gestioneaz\u0103 sunt considerate valori mobiliare.<\/p>\n\n\n\n<p>Se a\u0219teapt\u0103 ca reglement\u0103rile privind activele criptografice s\u0103 continue s\u0103 evolueze \u00een viitor. Dac\u0103 ave\u021bi nel\u0103muriri sau \u00eengrijor\u0103ri, v\u0103 recomand\u0103m s\u0103 consulta\u021bi un avocat cu expertiz\u0103 specializat\u0103 \u00een acest domeniu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ghidul_masurilor_noastre_de_interventie\"><\/span>Ghidul m\u0103surilor noastre de interven\u021bie<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Cabinetul de Avocatur\u0103 Monolith este specializat \u00een IT, av\u00e2nd o expertiz\u0103 deosebit\u0103 \u00een domeniul internetului \u0219i al dreptului. \u00cen contextul actual, afacerile legate de activele criptografice, care sunt \u00een centrul aten\u021biei, necesit\u0103 o verificare juridic\u0103 avansat\u0103. Cabinetul nostru analizeaz\u0103 riscurile legale asociate afacerilor care sunt deja \u00een curs de desf\u0103\u0219urare sau care urmeaz\u0103 s\u0103 fie ini\u021biate, av\u00e2nd \u00een vedere diversele reglement\u0103ri legale. Ne str\u0103duim s\u0103 legaliz\u0103m activit\u0103\u021bile comerciale f\u0103r\u0103 a le opri, \u00een m\u0103sura posibilului. Detalii suplimentare sunt furnizate \u00een articolul de mai jos.<\/p>\n\n\n\n<p>Domeniile de practic\u0103 ale Cabinetului de Avocatur\u0103 Monolith: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">Active Criptografice &amp; Blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Criptoactivele (monedele virtuale) sunt \u00eentr-o continu\u0103 schimbare din punct de vedere al interpret\u0103rii legale, datorit\u0103 diversit\u0103\u021bii lor, metodelor de utilizare \u0219i evolu\u021biei modurilor de tranzac\u021bionar [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":66679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[20,19],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/66514"}],"collection":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/comments?post=66514"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/66514\/revisions"}],"predecessor-version":[{"id":66680,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/66514\/revisions\/66680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media\/66679"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media?parent=66514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/categories?post=66514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/tags?post=66514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}