CySEC’s preliminary assessment of CASP for MICAR authorisation
On the 13th of November 2024, the Cyprus Securities and Exchange Commission (CySEC) announced the commencement of the preliminary assessment phase for applications and notifications related to Crypto-Asset Service Providers (CASP) under the European Union’s Markets in Crypto-Assets Regulation (MiCAR). This announcement follows CySEC’s 17th of October 2024 communication on CASP registrations and highlights the adoption of key delegated acts by the European Commission, setting the stage for regulatory alignment.
Under this new phase, entities wishing to be authorised as CASP may submit their applications or notifications for assessment by CySEC. The preliminary assessment period will run until the 30th of December 2024, which is the effective date for MiCAR’s applicability. Entities eligible to apply during this preliminary period include:
- Existing CySEC-regulated entities, such as investment firms, UCITS management companies, and alternative fund managers wishing to provide equivalent crypto-asset services under MiCAR.
- Legal persons intending to become authorized as CASP entities.
It is important to note that, while applications are now being accepted, CySEC reserves the right to prioritize entities already registered for crypto-asset services under National Rules. The regulator also clarified that they are not obliged to assess all applications by the 30th of December 2024. Applications that remain pending on the 30th of December 2024, will then proceed in line with MiCAR’s defined requirements and timelines.
It is noteworthy that submissions made in this preliminary assessment phase will only be deemed officially submitted if, by the 30th of December 2024, they meet the following conditions:
- Payment of the respective application fee, or submission on the 30th of December, whichever is latest;
- Re-submission of the application or notification form, excluding any previously provided, up-to-date documentation, and
- Confirmation from the applicant that all information submitted remains accurate as of the 30th of December 2024 or any later date if applicable.
At SALVUS, we understand the complexities involved in navigating MiCAR compliance and the CASP application process. Our team of experts provides end-to-end support for entities seeking CASP authorization, including guidance on regulatory requirements, documentation preparation, and alignment with CySEC’s procedural expectations. From preliminary assessments to final submissions, we are committed to helping clients streamline their application process for successful authorization under MiCAR.
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.
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