In an article published earlier this year, we discussed how the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L.188(I)/2007 (the “AML Law”) was amended in order to harmonise domestic legislation with the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843 and how it introduced, for the first time, provision for the registration of Crypto-Asset Service Providers (“CASPS”). The Cyprus Securities and Exchange Commission (“CYSEC”) was designated as the relevant competent supervisory authority and was given powers to regulate through the issue of Directives.
CYSEC has since exercised its powers under section 61E(1) of the AML Law, by issuing on 25 June 2021, a ‘Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (Register of Crypto Asset Service Providers)’ (the “CASP Directive”). In this article we examine and summarise some of the CASP Directive’s provisions and comment upon their implications for potential applicants.
Read the full paper here.
[This article was co-authored by trainee lawyer Pavlos Dekatris].