Further to 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 scope.
However, Cyprus also went one step further by mandating that Cyprus CASPs should become approved and registered with the Cyprus Securities and Exchange Commission (CySEC). As such, CASPs in Cyprus should now be thought of as being regulated, albeit mostly for AML Law purposes.
The cornerstone legislation setting out the registration requirement is in section 61E of the AML Law. We have translated section 61E (and related provisions) into English since CySEC and the Cyprus government has not yet issued a formal English translation of the provision.
Section 61E of AML Law in English can be found here.
The Greek original is here.
The details outlining the process of registration are still to be released by CySEC and we will update this blog post once they are made public.
Our recent blog post on the implementation of the 5AMLD by Cyprus can be found here.