A. INTRODUCTION
The enactment of the amending law to the Prevention and
Suppression of Money Laundering and Terrorist Financing Law
188(I)/2007 on 18.02.20211 ("the new AML Law")
fully implementing the EU Directive 2018/843 ("the
5th AML Directive"), constitutes the introduction
of cryptoassets in the Cyprus regulatory system.
The new Cyprus AML regulatory framework on cryptoassets paves
the way for the upcoming Cyprus umbrella law on Distributed Ledgers
Technology ("the DLT law") and the EU Markets in
Crypto-Assets Regulation ("the MiCA Regulation") and is
considered as a positive development for the establishment of
Cyprus as a key-jurisdiction on cryptoassets related financial
services and related technologies.
