On 13 November 2024, the Cyprus Securities and Exchange Commission (CySEC) announced the commencement of a preliminary phase for accepting applications and notifications from entities intending to operate as Crypto-Asset Service Providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCAR). This preparatory phase will run until MiCAR's full implementation on 30 December 2024, aiming to streamline the formal authorisation process.
Preliminary applications accepted
CySEC therefore invites submissions from entities that either already hold CySEC authorisation, such as investment firms, market operators or UCITS management companies, or are new applicants seeking authorisation as CASPs under MiCAR. Application and notification forms are available on CySEC's website for this purpose.
Timing
However, submissions during this phase do not guarantee expedited review or assessment before 30 December 2024, as CySEC retains discretion over the evaluation timeline. Applications from entities already registered with CySEC under the existing CASP regime may be prioritised.
It is important to note that applications submitted during the preliminary phase will only be formally recognised after the applicable fee is paid, forms are re-submitted (if necessary) and the applicant confirms that the submitted information remains accurate as of 30 December 2024. The relevant assessment timeframes stipulated by MiCA will only start running once an application is formally recognised.
Authorisation decisions will only be issued only following MiCA coming into effect on 30 December 2024.
Related EU guidance
This follows the European Commission's recent adoption of regulatory technical standards (RTS) and implementing technical standards (ITS) for notifications by financial entities offering crypto-asset services and for applications for CASP authorisation. While these standards are not yet in force, they provide a clear framework for the information required and are expected to be published in the EU Official Journal soon.
CySEC's announcement can be found here.
The relevant section of CySEC's website can be found here.
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