• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Fintech

Cyprus pushes to bring crypto assets under EU money laundering rules

Cyprus pushes to bring crypto assets under EU money laundering rules
  • Pedro Gonçalves
  • @PeterHSG
  • 26 February 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The Cyprus Securities and Exchange Commission (CySEC) is calling for the transposition of the European Union (EU)'s Fifth Anti-Money Laundering (AML) Directive (AMLD5) into national law — bringing local regulation of cryptocurrencies under its provisions.

With this, the regulator intends to bring the crypto industry in the country under the law. CySEC cited the ambiguity in local regulations as one of the key reasons for the proposal. Stakeholders in the crypto industry are not certain which laws apply to them, the regulator explained.

Related articles

  • EU members imposing stricter requirements on crypto than Brussels
  • EU members imposing stricter requirements on crypto than Brussels
  • Qatar blocks crypto asset services
  • Global money laundering watchdog puts crypto in its sights

"CySEC has been contacted by entities engaging in crypto-asset activities; a number of which do not appear to fall within the existing regulatory framework. As a consequence, CySEC considers the transposition of the parts of the AMLD5 concerning crypto asset activities, into national law, as appropriate," the watchdog said in a regulatory circular.

CySEC has been contacted by entities engaging in crypto-asset activities; a number of which do not appear to fall within the existing regulatory framework. As a consequence, CySEC considers the transposition of the parts of the AMLD5 concerning crypto asset activities, into national law, as appropriate"

Тhe EU directive, which came into force on July 9, 2018, sets a new legal framework for European financial regulators to monitor crypto-related businesses and service providers in order to protect against money laundering and terrorism financing.

Specifically, the directive extends the scope of regulatory oversight to crypto exchanges and wallet providers, enforcing stricter transparency requirements directed at anonymous payments — whether made via exchanges or prepaid cards. EU member states must incorporate the directive into their respective national laws by Jan. 20, 2020.

CySEC intends to extend the scope of AMLD5 to include other aspects of the crypto market. In its accompanying consultation paper, it stated that this would help it protect the integrity of the market. The areas it will extend to include the exchange and transfer of cryptos. It will also apply to "the provision of financial services related to the sale of a crypto asset."

Extending AML regulations to cryptocurrency activities is being considered in several countries around the world such as Australia and the UK, and already tracks the EU's recent push to regulate Bitcoin

In the past, the International Monetary Fund (IMF) raised concerns about the possibility of Malta's financial system being used for money laundering and financing of terrorism with the significant risks imposed by the growth of the local crypto-friendly industry.

With its latest push, CySEC is following up on the country's push to position itself as a blockchain destination. In November last year, Invest Cyprus signed an MoU with the VeChain Foundation to partner in the development of the blockchain industry. 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Fintech
  • Cryptocurrencies
  • Cyprus Securities and Exchange Commission
  • EU
  • AML
  • Malta
  • Cyprus
  • Crypto
  • Bitcoin

More on Fintech

PayPal to offer cryptocurrency support on its network
Bitcoin hits record high on cusp of Coinbase IPO

  • Cryptocurrencies
  • 13 April 2021
Will Cardano's coming of age hit Bitcoin and Ethereum?

  • Cryptocurrencies
  • 06 April 2021
WisdomTree adopts multi-custodian model for Bitcoin ETP

  • Cryptocurrencies
  • 31 March 2021
Further Bitcoin falls will see institutional investor surge, says deVere CEO

  • Cryptocurrencies
  • 30 March 2021
Bitcoin poised to hit all-time high of $60,000, forecasts deVere boss

  • Cryptocurrencies
  • 09 March 2021
Back to Top

Most read

First digital only bank in UAE set to go live
First digital only bank in UAE set to go live
UK government must 'U-turn' on pension age change
UK government must 'U-turn' on pension age change
Standard Chartered names Singapore heavy hitter for global role
Standard Chartered names Singapore heavy hitter for global role
DeVere UK and Fidelius enter strategic partnership
DeVere UK and Fidelius enter strategic partnership
Bitcoin hits record high on cusp of Coinbase IPO
Bitcoin hits record high on cusp of Coinbase IPO
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading