CySEC’s Register for Crypto Asset Service Providers
In the context of its regulatory authority and activities, CySEC issued a Directive on the 25th June 2021 for the prevention and suppression of money laundering and terrorist financing (Register of Crypto Asset Service Providers) with whom the Crypto Asset Service Providers (The Provider) are obliged tο register with CySEC’s Crypto Asset Register (The Register).
The Directive applies to the Providers which fall under the scope of Article 61E (2) of the Law 188(I)/2007.
The Register is published in the official website of CySEC and it will be accessible to the public. The Register will include the name / legal entity identifier of the Provider his address details, his services and business activities as well as his website.
For the registration of the Provider to the Register, the Provider shall complete and submit the application for registration to CySEC along with the necessary documents and information (as requested by CySEC) in original format. The aforementioned application shall be processed and authorised by CySEC and if deemed appropriate the latter shall request further information and/or clarifications. The Provider shall be informed for the authorisation and/or dismissal of his application within a 6 month period from the day that the application was filed with CySEC.
It is also worth mentioning that the Provider is required to make a one time payment of €10.000 (The Registration Fee) with the submission of his application to CySEC. In case his application is rejected by CySEC, the Registration Fee is not refundable.
Upon the Provider’s authorisation, the latter shall also be required to pay the additonal fee of €5.000 (Registration Renewal Fee) per calendar year. For the first year of registration, the Registration Renewal Fee does not apply.
Our firm will be happy to assist Crypto Assets Service Providers with the preparation and submission of their application for their registration to the Register.