Cyprus:

CySEC Issues Directive In Relation The Register Of The Crypto-Asset Service Providers


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In the context of the implementation of pan-EU requirements
including crypto-asset service providers (CASPs) under the Fifth
Anti-Money Laundering Directive (5AMLD), Cyprus recently updated
its definition of obliged entities under the Prevention and
Suppression of Money Laundering Law 2007 (AML Law) to bring CASPs
into its scope. Moreover, Cyprus authorities have also decided that
Cyprus CASPs should become approved and registered with the Cyprus
Securities and Exchange Commission (CySEC).

CySEC has recently issued a directive including details
outlining the process of registration. According to this, CySEC
shall publish, on its website, the CASPs’ register.  The
register must be publicly accessible and  must include
information such as the commercial name, the legal form and the
legal entity identifier of the CASP, its address and its
services.

On condition that, the applicant pursuing registration provides
all requested information and documents and also ensures that
persons holding management positions with the applicant are honest
and competent, CySEC will approve registration in the CASPs’
register. It is also important to note that in the case of the
Board of Directors of the applicant, this must consist of at least
4 persons, of which 2 must manage the business activities of the
CASP and 2 must be independent members.

As far as capital is concerned, CASP must at all times comply
with capital adequacy requirements; as a minimum, CASPs offering
only investment services must comply with the requirements of
Common Equity Tier 1 capital as included in arts 26 to 30 of the
575/2013 Capital Requirements Regulation (CRR).

The Directive can be accessed here (currently only in Greek).

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.

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