Cryptoasset Service Providers Registration Procedure And Requirements

On the 25th of June 2021, the Cyprus Securities and Exchange Commission ("CySEC") published the Directive on the Register of Cryptoasset Service Providers ("the Directive"). The Directive was adopted in accordance with the powers granted to CySEC under the new Anti-Money Laundering Law 188(I)/2007 ("the Law") and it came into force on the same day.

According to the Law, the following entities must be registered with CySEC, in order to provide services regarding cryptoassets:

1. Cryptoasset service providers which provide or exercise services or activities on a professional basis from Cyprus, regardless of their registration in another Member State of the European Union;
2. Cryptoasset service providers which provide or exercise services or activities on a professional basis in Cyprus, except persons who provide or exercise services or activities regarding cryptoassets and have been registered in another Member State of the European Union.