Crypto-Asset Services Providers (CASP) Registration

The Cyprus Securities and Exchange Commission (CySEC) is the national supervisor for the Crypto Asset Services Providers (CASP) registration.

The CASP registration covers the following crypto-business models and cases:

  • Cryptocurrency exchanges: these are online marketplaces where the buying of crypto-assets (i.e. cryptocurrencies, altcoins, non-fungible tokens (NFT) and so on), can take place either as crypto-to-crypto or as fiat-to-crypto and vice versa transactions.
  • Crypto Wallet businesses and anyone that provides management, administration, transmission, transfer, retention, custodianship and safekeeping of crypto-assets or cryptographic keys or means which allow for the exercise of control in crypto-assets.
  • All initial offerings (ICO, IEO, IDO), offerings and/or sale of crypto-assets as well as
    • participation and/or provision of financial services related to the distribution, offering and/or sale of crypto-assets. Such financial services cover:
      • Reception and transmission of orders
      • Execution of orders on behalf of clients
      • Dealing on own account
      • Portfolio management
      • Provision of investment advice
      • Underwriting and/or placing of crypto-assets on a firm commitment basis
      • Placing of crypto-assets without a firm commitment basis
      • Operation of a multilateral system where multiple third-party buying and selling trading interests in crypto-assets are able to interact in the system in a way that results in a transaction.

CASP Registration & Notification

New businesses must submit an application to register with CySEC before commencing their operations in or from Cyprus.

Once CySEC has registered and authorised the CASP to provide crypto-asset services in or from Cyprus, CySEC will publish the entity information within its public CASP Register.

Any CASP established in the EEA and registered with the respective AML/CFT national supervisor must submit a notification to CySEC, and provide evidence in relation to their valid registration for each service or activity. In cases where these services or activities are not covered by the framework that governs their CASP registration for AML and CFT purposes, an application should be submitted for registration as a CASP with CySEC.

Please get in touch with our crypto-assets regulation and compliance team. We stand by to answer all your questions in regard to crypto-assets services provider registration, crypto investment firms or crypto investment funds at  [email protected].

CASP class, initial capital, registration and renewal fees

The initial capital required per class of crypto-asset services provider, along with the registration and annual renewal fees are detailed below:

CASP ClassType of crypto-asset activity and serviceInitial Capital
Class 1CASP that provide investment advice50,000 EUR
Class 2Class 1 CASP that also provides any of the following services:
• reception and transmission of client orders
• execution of orders on behalf of clients
• exchange between crypto-assets and fiat currency
• exchange between crypto-assets
• participation and/or provision of financial services related to the distribution, offering and/or sale of crypto-assets, including the initial offering
• placement of crypto-assets without firm commitment
• portfolio management.
125,000 EUR
Class 3Class 1 or Class 2 CASP that also provides any of the following services:
• administration, transfer of ownership, transfer of site, holding, and/or safekeeping, including custody, of crypto-assets or cryptographic keys or means enabling control over crypto-assets
• underwriting and/or placement of crypto-assets with firm commitment
• operation of a multilateral system, which brings together multiple third-party buying and selling interests in crypto-assets in a way that results in a transaction.
150,000 EUR
Registration and renewal fees10,000 EUR for the examination of a CASP application to CySEC.

5,000 EUR for renewing the CASP registration annually from year 2 onwards.

The Crypto-Assets team at SALVUS

We have a dedicated crypto-assets regulation and compliance team, and welcome all your questions in regards to CASP registration, crypto investment firms or crypto investment funds at [email protected].

Our Crypto-Assets team has been leading the discussion on cryptos regulation and our experience in dealing with CySEC. This enables us to successfully register your business as a Crypto-Asset Services Provider (CASP) according to all the rules stipulated by the relevant regulatory framework. These rules relate to:

  • The fitness, repute and suitability of the CASP beneficiaries, directors and employees
  • The numerous conditions in relation to CASPs registration, including
    • The organisational and operational requirements
    • The capital and own funds requirements
    • AML, KYC, KYT, KYW requirements;
      • Performing Know Your Client and other client due diligence measures
      • Drawing the economic profile of clients
      • Identifying the source of client funds
      • Monitoring the clients’ transactions
      • Identifying and reporting suspicious transactions
      • Undertaking a comprehensive risk assessment in relation to clients’ activities and take proportionate measures per client, activity and crypto-asset in question.

The applicable regulatory framework is comprised of the AML/CFT Law, the CySEC Directive for the register of crypto-asset services providers and the CySEC directive for the prevention and suppression of money laundering and terrorist financing.

We help new and existing CASP that provide services in or from Cyprus submit a dully completed application package that includes:

  • the application form,
  • the relevant questionnaires,
  • and any additional information and required evidence.

We also help CASP established in the EEA and registered with the respective AML/CFT national supervisor in relation to all crypto-asset services or activities undertaken or intended to be undertaken in Cyprus, to submit the relevant notification form to CySEC.

Our CASP registration services

Our Crypto-Asset team at SALVUS provides the following services and will help you in:

  • deciding on the form of a group’s presence in Cyprus, taking into consideration any existing entities and structure
  • preparing the Crypto-Asset Services Provider (CASP) registration application package in full alignment with regulatory requirements and, among others;
    • propose and/or assemble qualified, fit and proper board of directors, management and key employees team
    • design an optimised operational and organizational structure
    • prepare the regulatory business plan and provide guidance in the financial forecasting required
    • draw the Operations Manual which will reflect your specific business model and offering
    • compose the AML Manual and the associated policies and procedures
    • assist you in gathering all the necessary documents
    • complete the application form, associated checklists and guide in the completion of the related questionnaires for the shareholders, directors and heads of departments of the applying CASP
    • correspond with and handle CySEC’s queries and requests relating to the application.

Post-registration, we work closely on a day-to-day basis with our clients and partners for;

  • Drafting and/or reviewing the
    • Client Account Opening Questionnaires
    • Compliance Monitoring Programme
  • Submitting reports and corresponding with CySEC
  • Performing and assessing compliance gap analysis
  • Evaluating systems, controls, policies and procedures
  • Guidance with the preparation of annual/quarterly/monthly reports
  • Preparing and handling onsite CySEC inspections
  • Remaining up to date with regulatory developments and notifications
  • Reviewing marketing material and website compliance.

It is our mission and culture to contribute to your crypto business success. Please contact us at [email protected] to request more information from our Crypto-Asset team at SALVUS on CASP registration with CySEC.