CySEC Suspends CASP Registrations: Prepare for MiCAR Authorisation
On the 17th of October, the Cyprus Securities and Exchange Commission (CySEC), released a press release to announce that it will no longer accept applications for registration of Crypto-Asset Service Providers (CASP). This decision aligns with the provisions of National Rules and is part of the implementation of Regulation (EU) 2023/1114 concerning Markets in Crypto-Assets, effective on December 30, 2024.
A transitional period has been set out in Article 143(3) of the Markets in Crypto-Assets Regulation (MiCAR). This allows CASP entities registered in the CySEC CASP register prior to December 30, 2024, to continue providing their services until July 1, 2026. This provision provides CASP who are currently regulated by existing national legislation, with additional time to meet the new regulatory requirements of MiCAR, while ensuring service continuity for their users. This highlights the importance of registration, as only entities that complete their registration prior to December 30, 2024, will continue their regular business operations with no disruptions.
Additionally, from October 30, 2024, CySEC will stop accepting notifications from CASP entities registered with any other European National Competent Authority. Entities that successfully submit a notification by this deadline can continue to provide cross-border services in Cyprus during the transitional period. If these entities seek authorisation under MiCAR, they must immediately notify CySEC of their authorisation status during this time, enabling CySEC to update the CASP Register accordingly.
While CySEC has not yet published the application documents in line with MiCAR, at SALVUS we believe in staying ahead. Therefore, we are ready to assist you in effectively preparing your MiCAR application in advance, following the Draft Technical Standards issued by the European Securities and Markets Authority (ESMA).
If you require more information or assistance regarding the application process and requirements, please contact our Crypto-Assets Licensing team at info@salvusfunds.com. We are here to support you and address any questions you may have.
#StayAhead