Following the recent transposition of AMLD V into Cyprus Law which, among others, brought into scope providers offering services related to crypto-assets, the Cyprus Securities and Exchange Commission issued today a Directive (in Greek only) in relation to the registration and operating conditions of providers of services related to crypto assets. The said Directive prescribes, among others, the following:
- Registration procedure
- Registration conditions (for example, good repute, appropriate policies, systems and procedures, relevant security policies, remuneration requirements etc.)
- Registration withdrawal and suspension conditions
- Operating conditions and corporate governance
- Composition of Board – Minimum of 4 Members (2 Executives & 2 Non-Executives)
- Conditions for information to clients
- Conflicts of interest management and mitigation
- Notification of material changes requirements
- CySEC Fees for registration – 10,000 Euros
- Registration renewal fees – 5,000 Euros
- Other CySEC fees
- Capital Requirements
Following the above, Complyport EU (formerly MAP S.Platis) can assist you with the following:
- Advisory support towards the registration of a Crypto-asset provider
- Preparation and promotion of the CySEC Application File in accordance with current regulatory requirements
- Setup of relevant policies and procedures, such as:
- Security Policy
- Conflicts of Interest
- Client complaints handling/management
- Remuneration Policy
- AML/CTF Manual
- General Operations Manual
- Data protection manual
- Marketing Manual
- Compliance Manual
- Day-to-day operational issues and support on various regulatory topics such as AML
- Evaluation and analysis of systems and controls
- Adjustments and changes to the organisational structure
- Reporting to and dealing with the Regulator
- Assistance and guidance with the preparation of annual/quarterly/monthly reports to CySEC (including capital adequacy)
- Compliance Health Checks
It is also expected that CySEC will publish very soon a Policy Statement clarifying a few other matters.
For more information about our services related to Crypto-Asset Providers please visit:
https://www.mapsplatis.com/sectors/crypto-asset-service-providers/
