Following the recent transposition of the EU AMLD5 into National Law, which, among others, introduced services related to crypto-assets, the Cyprus Securities and Exchange Commission (CySEC) during 25/06/2021 has issued a Directive setting out the basic guidelines for the official registration and the operating conditions of Crypto Providers.
The Directive, which is only published in the Greek Language, prescribes a series of procedures to be followed so as to comply with the measures taken in the European Union to combat Anti-Money Laundering and Counter-Terrorist Financing.
Some of the basic guidelines included in the Directive are the following:
- Registration procedure for the Crypto Registry
- Registration acceptance conditions which include the good repute, appropriate policies, systems and procedures, relevant security policies, remuneration requirements etc.
- Withdrawal and Suspension of the Registration
- Operating conditions and corporate governance
- Managing Conflicts of interest
- CySEC Fees for registration - 10,000 Euros and renewal- 5,000 Euros
Other CySEC fees and Capital Requirements
CySEC is yet expected to issue a policy statement so as to clarify other relevant matters.
For further information on the said directive you can read:
20211269.pdf (cyprusbarassociation.org)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.