CySEC Releases a New Directive for the Registration of Crypto Providers in Cyprus

The Cyprus Securities and Exchange Commission (CySEC) issued a directive (only in the Greek language) about the registration and operating conditions of providers of services related to cryptocurrencies on last Friday. 

In the new directive, the Cypriot regulator detailed a series of procedures to follow to comply with the recent transposition of AMLD5 measures taken in the European Union (EU) to combat Anti-Money Laundering and Counter-Terrorist Financing across the bloc.

Directive prescribes, among others, the following:

• Registration procedure

• Registration conditions (for example, good repute, appropriate policies, systems and procedures, relevant security policies, remuneration requirements etc.)

• Registration withdrawal and suspension conditions

• Operating conditions and corporate governance

• Composition of Board – Minimum of 4 Members (2 Executives & 2 Non-Executives)

• Conditions for information to clients

• Conflicts of interest management and mitigation

• Notification of material changes requirements

• CySEC Fees for registration – 10,000 Euros

• Registration renewal fees – 5,000 Euros

• Other CySEC fees

• Capital Requirements

As Fazzaco reported earlier, CySEC has issued a circular to investment firms recently, requesting data on the CIFs' cross border activity​. The category includes retail FX and CFD brokers.