Cyprus Securities and Exchange Commission Imply Crypto Regulation

On 19th of February 2019, Cyprus Securities and Exchange Commission (“CySEC”) has issued a Consultation Paper proposing to bring activities of Virtual/Cryptocurrencies and Assets (Crypto Assets) under the wing of the provisions of the new adopted 5th AML Directive into national law, in order to control Money Laundering Risks:

“Since launching the CySEC Innovation Hub, CySEC has been contacted by entities engaging in crypto-asset activities; a number of which do not appear to fall within the existing regulatory framework. As a consequence, CySEC considers the transposition of the parts of the AMLD5 concerning crypto asset activities, into national law, as appropriate.

Taking into consideration the FATF recommendations, CySEC also advises on gold-plating AMLD5 in order to bring the following activities under the AML/CFT obligations (which are not included in AMLD5): exchange between crypto assets; transfer of virtual assets, and participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.

In CySEC’s view, such an extension … will address the AML risks emanating from crypto assets activities in a more comprehensive manner”.

Source: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3f50dd6a-fba9-4a1a-b00c-ad49f215f468

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