CASP / MiCA
Overview
A Cryptoasset Service Provider (CASP) in the Republic of Cyprus refers to a company or entity that offers services related to cryptoassets, such as cryptocurrency exchanges, wallet providers, or other businesses involved in the trading, storing, or transferring of digital currencies.
In Cyprus, the regulatory framework for cryptoassets and CASPs is primarily governed by the Cyprus Securities and Exchange Commission (CySEC). CySEC is the financial regulatory authority responsible for overseeing and supervising the operation of CASPs and ensuring compliance with relevant laws and regulations.
To operate as a CASP in Cyprus, a company must formally register with the Cyprus Securities and Exchange Commission (“CySEC”).
Important update: On April 20, 2023, the EU Parliament passed the Markets in Crypto-Assets (MiCA) legislation that establishes a framework for regulating digital assets in all its member states. on the 16th of May 2023 MiCA was adopted by the European Council. MiCA Regulation shall come into force twenty days after its publication in the official journal of the EU.
MiCA (Markets in Crypto-Assets) is a regulatory framework proposed by the European Commission to establish a comprehensive set of rules for cryptocurrencies and crypto-assets within the European Union. As a regulatory framework, MiCA aims to provide clarity, consumer protection, and promote the development of innovative digital finance solutions.
The main purpose of the new legislation is to uniform the EU market rules for crypto-assets. MiCA will cover crypto-assets that are not regulated by the existing financial services legislation.
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