Cyprus plans to adopt EU regulations on cryptocurrency by the end of 2024

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By the end of 2024, Cyprus is set to adopt new regulations governing the cryptocurrency sphere, known as MiCA – Markets in Crypto Assets, aimed at protecting investors, increasing transparency on crypto exchanges, and combating money laundering.

George Theoharidis, Chairman of the Cyprus Securities and Exchange Commission, stated that one of the most significant changes expected by the end of 2024 is the implementation of the Regulation on Crypto Markets. He notes that companies involved in cryptocurrencies, crypto exchanges, and developers must be prepared for these changes.

The implementation of new MiCA requirements may result in increased operating expenses and the need for additional personnel.

What do the rules of MiCA (Markets in Crypto-assets) entail?

MiCA – Markets in Crypto-assets, is a regulatory framework for crypto asset markets aimed at establishing regulations for virtual assets in EU countries to protect users and investors in this sphere.

Previously, there were no unified rules for regulating the cryptocurrency market in the European Union, but the MiCA regulation creates a common legal framework for cryptocurrencies across the entire European Union.

The MiCA regulations came into force on June 20, 2023. However, the full implementation of the rules is carried out gradually, with various norms coming into force at different times.

The final deadline for implementing MiCA for all 27 EU member states is planned for July 2026. This deadline includes a 36-month transitional period.

Nevertheless, some countries plan to shorten this period; for example, the government of Spain has announced its intention to shorten the implementation period to 18 months instead of 36.

The MiCA rules will apply to legal and natural persons, as well as businesses dealing with crypto assets, admission to trading, or the provision of services related to crypto assets in the EU.

The overall MiCA regulation is designed to protect investors and maintain financial stability while promoting innovation and enhancing the attractiveness of the crypto asset sector.

✔️ Cyprus strictly adheres to EU directives and other regulatory acts in the financial sector, paying special attention to compliance with standards and ensuring stability in financial markets.

The implementation of MiCA becomes an integral part of this commitment to compliance and regulation of cryptocurrency markets in accordance with pan-European standards.

This allows Cyprus not only to actively participate in shaping the EU’s single regulatory space but also ensures the protection of the interests of users and investors in the national financial market.

Moreover, adherence to these regulations contributes to enhancing trust in the Cypriot financial sector, both domestically and internationally.

 

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Article author

Anastasia Taran Head of Corporate Services
Ukraine
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
  • family and corporate immigration solutions.
  • establishing a business in Europe.
  • personal and corporate taxation in Europe.
  • opening accounts in European banks.
  • obtaining a tax resident status.
read more
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