Cyprus To Regulate Crypto Exchanges
Cyprus is set to amend its Prevention and Suppression of Money Laundering Law to align with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT) set by the Financial Action Task Force (FATF) and the recommendations of the MONEYVAL November 2022 report. The amendments require service providers dealing with crypto assets to register with the Cyprus Securities and Exchange Commission (CySEC).
Crypto firms already registered in other European states must register with the CySEC, as included in the amendments by the Commission. Violations can result in fines of up to €350,000, imprisonment of up to five years, or both. Cyprus, an EU member, has tightened crypto rules ahead of MiCA, addressing concerns from the Cyprus Bar Association about the law’s scope.
(With inputs from Shikha Singh)
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