On 24 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 476 informing the Regulated Entities of the Financial Action Task Force (FATF) updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

In terms of the Guidance’s application in Cyprus, although not binding, CySEC refers to the Guidance as being of assistance to Cypriot based regulated entities providing crypto assets services, in understanding their AML/CFT obligations and how they can effectively comply with these obligations. Additionally, CySEC is urging all such regulated entities to study the aforementioned Guidance.

CySEC’s Circular 476 can be found here.

FATF’s updated Guidance can be found here.

Our recent blog post on FATF’s updated Guidance can be found here.