In a major legislative update, Cyprus has implemented three new
financial laws to enhance its digital payment ecosystem and
strengthen its compliance with EU regulations. The reforms align
with Regulation (EU) 2024/886 on instant credit transfers in euros
and update Cyprus's anti-money laundering rules to cover
cryptocurrency transactions. These changes place Cyprus at the
forefront of SEPA compliance, while also boosting trust and
efficiency in cross-border digital payments and crypto-related
operations.
Mandatory Instant Payments and Beneficiary Verification by
2027
Under the new legal framework, all payment service providers in
Cyprus, including non-banking institutions and fintech companies,
must offer instant payment services in euros by 2027. Real-time
beneficiary verification will also become mandatory before
executing any transaction, a critical step in reducing fraud and
ensuring transparency.
