MiCA CASP License in Cyprus
CySEC announces acceptance of applications
The Cyprus Securities and Exchange Commission (CySEC) has announced on 13 November 2024, that it now accepts applications for a preliminary assessment under the EU’s Markets in Crypto-Assets Regulation (MiCA).
This preliminary phase allows both currently registered CASPs (under the existing Cyprus regime), and new applicants who wish to obtain a MiCA CASP license, to submit an application to CySEC for early assessment.
The preliminary evaluation phase is to give applicants the opportunity to speed up the filing of their applications and the evaluation process in order to obtain a MiCA license.
MiCA will come into full force on 30 December 2024 and formal decisions by CySEC for the grant of MiCA licenses will be made after that date.
Upon completion of the preliminary assessment (which will practically be after 30 December 2024), for the grant of formal decision by CySEC and the issuance of the MiCA license, applicants will have to re-submit to CySEC their application form (without supporting documentation) and confirm that the information submitted during the preliminary phase remains up to date.
Applicants will be able to access the application and notification forms on CySEC’s official website here.
For the completion of their applications, CySEC encourages applicants to review ESMA’s Draft Technical Standards which are accessible here.
CASPs registered under Cyprus national regime shall notify CySEC of their intent to transition to MiCA, for CySEC to update the EEA CASP Register for cross-border services.
MiCA became applicable for issuers of Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs) on 30 June 2024, and will apply to CASPs on 30 December 2024. CASPs registered and operating under national rules before 30 December 2024, may continue providing services until 01 July 2026, or until they are granted or refused MiCA authorisation, whichever is sooner.
Feel free to contact us for more information or clarifications. We have experience to guide and assist both existing CASPs and new applicants with their applications and can provide tailored support to ensure a smooth transition under MiCA.
Disclaimer
Disclaimer
The content of this article cannot be considered as a legal advice. For any further information or advice on the particular matter, we strongly recommend that you contact us to be guided accordingly.
