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On 25.06.2021 CySEC published the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (Register of Crypto Asset Service Providers) (the ‘Directive’) which applies to the following crypto asset service providers:
- crypto asset service providers providing or carrying out services or activities on a professional basis from the Republic of Cyprus, irrespective of their entry in the register of a Member State for the services or activities they provide;1
- crypto asset service providers providing or carrying out services or activities on a professional basis in the Republic of Cyprus, other than persons providing or carrying out services or activities in the Republic of Cyprus relating to cryptocurrencies and which are registered in a Member State for the services or activities they provide.1
The above mentioned crypto asset service providers should be registered in the register kept by CySEC in accordance with s. 61E (1) of the AML Law.
According to the recent Directive, CySEC publishes on its website the register of crypto asset service providers, which is accessible by the public, the following information in relation to the registered crypto asset service providers:
- The name, the trading name, the legal type and the legal entity identifier of the crypto asset service provider;
- The physical address of the crypto asset service provider;
- The services being offered and/or the activities the crypto asset service provider may offer and/or perform as per subsections (a) to (e) of section 2(1) of the AML Law;
- The website of the crypto asset service provider.
Crypto asset service provider, as defined under 2(1) of the AML Law, means:
“Provider of Services relating to Crypto Assets” means a person who provides or carries out one or more of the following services or activities to another person or on behalf of another person, which do not fall within the services or activities of the liable entities referred to in paragraphs (a) to (i) of Article 2A:
- Exchange between cryptocurrencies and fiat money;
- Exchange between crypto assets;
- The management, transfer, retention, and / or safekeeping, including custody, of cryptocurrencies or cryptographic keys or means enabling control over cryptocurrencies;
- Offering and / or selling cryptocurrencies, including the initial public offering; and
- Participation in and / or provision of financial services related to the distribution, offering and / or sale of cryptocurrencies, including the initial public offering.
It is important that for the registration of the crypto asset service provider to the CySEC register, the crypto asset service provider should submit a relevant application to CySEC.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
Should you have any questions please contact us.
1 61E (2) of the AML Law