If your business delivering services in or from Cyprus falls under the classification of a Crypto Asset Services Provider (further named as “CASP”), in line with the interpretation of the AML/CFT Law, you are subject to compulsory registration with the Securities and Exchange Commission (“CySEC”).
If you are a CASP set up in the EU Economic Area and supervised by one or more regulative authorities for AML/CFT purposes in respect of all services or operations taken or planned to be taken in Cyprus, you must provide proof regarding your registration for each service or operation. In a case where these business offers are not encompassed by the framework that administers your registration for AML/CFT purposes, you should apply for registration with CySEC.
For new establishments, there is a requirement to get registered with CySEC prior to launching their operations in or from Cyprus. Previously set businesses will have to be 100% adherent with the AML/CFT Law and the Directives designed in line with the AML/CFT Law.
The relevant regulative framework is represented by the following regulations:
These laws lay down a number of rules regarding:
Generally, the requirements for initial capital are established as follows:
For businesses providing investment advisory services – 50,000 EUR.
For businesses providing advisory services and/or any of the below-mentioned services – 125,000 EUR:
For businesses providing the aforementioned services and/or any of the following services – 150,000 EUR:
CASPs must send a properly fill out application form, together with applicable questionnaires and any extra details and/or needed evidence, in line with CySEC’s Announcements on the provision of applications, and pay the corresponding fee. An e-version of the application form (i.e. only Form 188.01) should be also provided at firstname.lastname@example.org.
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