Cyprus Considers Stricter Crypto Regulations to Align with International Standards
Cyprus, known for its crypto-friendly stance, is considering tighter industry regulations.
The Cypriot Ministry of Finance has proposed amendments to the Prevention and Suppression of Money Laundering and Terrorist Financing Law, aiming to align the country with international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) standards set by organizations like the Financial Action Task Force (FATF).
Under these changes, all crypto service providers must register with the Cyprus Securities and Exchange Commission (CySEC), with penalties for noncompliance ranging from fines to imprisonment. The proposed amendments have faced some reservations from the Cyprus Bar Association, especially concerning service providers with licenses from other EU countries. While some crypto firms have registered without issues in Cyprus, Binance chose to withdraw from the market in July to focus on larger EU markets amid growing regulatory scrutiny.
Clever Robot News Desk 12th October 2023
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