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CySec – Update on Cryptocurrencies

Fidescorp Limited > Cryptocurrencies > CySec – Update on Cryptocurrencies
CySec - Update on Cryptocurrencies

CySec – Update on Cryptocurrencies

The Cyprus Securities and Exchange Commission (The ‘CySEC’) has recently issued a Directive (R.A.D. 269/2021) in order to provide guidance for the registration and operating conditions of providers of services related to crypto assets pursuant to the 5th Anti-Money Laundering Directive. Additionally, it has also decided that Cyprus CASPs should become approved and registered with CySEC.

The said Directive prescribes, among others, the following:

  • Registration procedure and registration conditions (applicant provides all requested information and documents, ensuring management competency )
  • Composition of Board (Board of Directors consisting of at least 4 members – 2 executives and 2 independent non-executives)
  • Compliance with capital requirements of €125.000 – €150.000 depending on the services provided
  • Appropriate policies and procedures are set up in order to make sure that it complies with the Law and Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing
  • The applicant maintains well-grounded accounting and administrative procedures, risk assessment procedures, security and control mechanisms of the data of electronic processing system.
  • Independent internal audit operation
  • CySEC fees for registration – €10.000
  • Registration renewal fees – €5.000

The aforementioned application shall be processed and authorized by CySEC and if deemed appropriate the latter shall request further information and/or clarifications. The Provider shall be informed for the authorization and/or dismissal of his application within a 6 month period from the day that the application was filed with CySEC.

Please contact a member of our specialist team for more details.