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    Cryptos – Cyprus – CySEC

    Registry for Crypto Asset Service Providers

    The Cyprus Securities and Exchange Commission (CySEC) serves as the financial regulatory body overseeing Crypto Asset Service Providers. The CySEC Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing concerning Crypto Asset Service Providers establishes the legal framework for offering cryptocurrency exchange services and their operational procedures.

    Outlined below is a summary of the applicable procedure for registering as a Crypto Asset Service Provider in Cyprus:

    Completion Timeframe: Up to 6 months

    CASP

    Type of crypto-asset activity

    Initial Capital

    Class 1

    CASPs that provide investment advice

    € 50.00

    Class 2

    CASPs providing the service referred to in Class 1 and/or any of the following services:

    •  reception and transmission of client orders
    •  execution of orders on behalf of clients
    •  exchange between crypto-assets and fiat currency
    •  exchange between crypto-assets
    •  participation and/or provision of financial services related to the distribution, offering and/or sale of crypto-assets, including the initial offering
    •  placement of crypto-assets without firm commitment
    • portfolio management.

     

    €125.000

    Class 3

    CASPs that provide any of the services referred to in Class 1 or 2 and/or:

    •  administration, transfer of ownership, transfer of site, holding, and/or safekeeping, including custody, of crypto-assets or cryptographic keys or means enabling control over crypto-assets
    •  underwriting and/or placement of crypto-assets with firm commitment
    • operation of a multilateral system, which brings together multiple third-party buying and selling interests in crypto-assets in a way that results in a transaction.

     

    €150.000

    Requirements:

    • Incorporate an entity in Cyprus
    • Appoint four (4) directors; two serving as executive directors and two as non-executive directors; at least three (3) must be Cyprus residents. Directors must demonstrate knowledge and experience and pass CySEC’s “fit and proper” test
    • Hire local resident staff members on a full-time basis to fulfill key functions of the Company. The minimum number of personnel required depends on the type of license selected
    • Maintain a fully operational office in Cyprus
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    Feel free to reach out to us at TGCX Group for any inquiries or collaboration opportunities – your feedback is valuable to us.

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