On the 25 June 2021, the Cyprus Securities and Exchange Commission (“CySEC”) issued the Crypto Asset Service Providers (“CASP”) Directive in order to provide guidance for the registration of CASPs pursuant to the 5th Anti-Money Laundering Directive. Additionally, it has also been decided that Cyprus CASPs should become approved and registered with CySEC.
Within this Directive, published details merely outline the process of registration. Such CASP register will be published on CySEC’s website in the foreseeable future; register and relevant details - such as names, addresses, legal form, LEI etc - to all CASPs will be publicly available. The application forms will be released by CySEC in due course.
Amongst other relevant requirements, these include the following:
- Applicant provides all requested information and documents, ensuring management competency
- Board of directors consisting of at least 4 members - 2 executive and 2 independent non-executive.
- Compliance with capital requirements of €125,000 - €150,000 depending on the services provided.
- Corporate governance, administrative, accounting, risk assessment and internal control requirements.