NICOSIA, Oct. 17 (Xinhua) -- Cyprus' Security and Exchange Commission (CySEC) said on Thursday that it will no longer accept new applications for registration of Crypto-Asset Service Providers (CASPs).
CySEC said its decision is in line with new national rules and also the EU's Regulation for Markets in Crypto-Assets (MiCAR), which takes effect on Dec. 30, 2024.
"Entities that plan to provide crypto-asset services within the European Union and are authorised under existing regulations such as the Investment Services and Activities and Regulated Markets Law of 2017, should also prepare for MiCAR," CySEC said.
CySEC gave already registered CASPs a grace period of almost 19 months, saying that they can continue operating until July 1, 2026 or until they are either granted or refused authorization, whichever comes first.
It also said that as of Oct. 30 it will also cease to accept Notifications from entities registered with one or more European Economic Area (EEA) National Competent Authorities for the provision of crypto-asset services.
However, entities that submit their notifications before the cut-off date will be allowed to continue providing services cross-border during the transitional period, CySEC said.
"These entities, if applying for authorization under MiCAR, must inform CySEC of their authorization status immediately," it added. ■
