Cryptos – Cyprus – CySEC

The Cyprus Securities and Exchange Commission (CySEC) is the financial regulator that regulates the Crypto Asset Service Providers.  The CySEC Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing related to Crypto Asset Service Providers provides the legal framework for the provision of cryptocurrency exchange services and their operation.

Below you can find a summary, as to the applicable procedure to register as a Crypto Asset Service Provider in Cyprus:

Timeframe for completion: up to 6 months

Requirements:

1. Have an entity incorporated in Cyprus;
2. Four (4) directors; two directors acting as executive directors and two non-executive directors; at least three (3) of them must be Cyprus residents. Directors must demonstrate knowledge and experience and must pass the CySEC “fit and proper” test;
3. Local resident staff members shall be hired on a full-time basis to fulfil the key functions of the Company. Depending on the type of licence selected, the minimum number of personnel must be hired;

The Company must have a fully operational office in Cyprus.