By Kyriakos Christofidis
Associate Director, Complyport
Article 60 of MiCA focuses on the authorisation and notification procedures for financial entities wishing to provide crypto-asset services. The said article was designed to ease the process for existing authorised/registered CASPs and outlines the steps to take once MiCA takes full effect.
Key Provisions of Article 60:
- Authorisation Equivalence: Financial entities already authorised under existing EU financial services laws can provide crypto-asset services in the EU by notifying the relevant authorities. This provision simplifies the process for entities such as Cyprus Investment Firms (CIFs), UCITS Management Companies, and Alternative Investment Fund Managers (AIFMs) looking to expand their services to include crypto assets.
- Notification Procedure: Entities must notify their intent to provide crypto-asset services through a specified procedure based on the Cyprus Securities and Exchange Commission’s circulars.
- Submission Deadlines: For the current cycle, regulated entities were required to submit their completed questionnaires by July 26, 2024.
Missed the Article 60 deadline? We’ve got you covered.
Apply and acquire a Crypto-Asset Service Provider (CASP) license in Cyprus.
If you missed the Article 60 deadline, you could still apply for and acquire a Crypto-Asset Service Provider (CASP) license. Here’s how you can become authorised through our streamlined processes. We offer comprehensive support to prepare your application file, ensuring adherence to current regulatory requirements.
How MAP S.Platis Can Help You Acquire a CASP License:
- Custom-Built Operations Manual: We prepare a tailored Operations Manual (IOM) that aligns with your operational needs, serving as a blueprint for your daily operations and ensuring regulatory compliance and efficiency.
- Robust AML and KYC Policies: We develop Anti-Money Laundering (AML) and Know Your Client (KYC) policies tailored to your business, ensuring they meet the regulator’s expectations and requirements.
- Strategic Business Plan: We assist in preparing a strategic business plan that outlines your objectives, market analysis, financial projections, and growth strategies, positioning your application ahead of others.
- Application Form Completion: We handle the time-consuming task of completing the application forms, ensuring their accuracy and thoroughness, ready for submission to the relevant EU regulatory authority.
- Detailed Review of Key Personnel: We conduct a comprehensive review of questionnaires for shareholders, directors, and heads of departments, ensuring all key personnel meet regulatory standards.
- Recruitment of Qualified Directors: We assist in locating qualified executive and non-executive directors to lead your institution with the expertise and vision necessary for success.
- Exhaustive Checklist Completion: We complete all relevant checklists, ensuring no aspect of the application is overlooked through multiple checkpoints and consistency checks.
- Documentation and Certification Guidance: We guide you through the collection and preparation of all necessary documentation and certificates, ensuring your application is comprehensive and compliant.
- Responsive Support Throughout the Process: Our support continues beyond submission. We answer any questions about the application process and respond on your behalf to regulator queries and suggestions, ensuring a smooth and efficient approval process.
Key Dates for MiCA Implementation:
- 30 June 2024: Provisions related to Asset-Referenced Tokens and E-Money Tokens come into effect.
- 30 December 2024: The remaining provisions of MiCA will apply.
Why Choose Us?
Our expertise and dedicated approach ensure your application for authorisation and registration as an EU financial institution is handled with the utmost professionalism. We streamline the process, reduce complexity, and enhance your chances of success, allowing you to focus on your core business operations.
Get Started Today
Embark on your journey to becoming a licensed CASP in the EU with confidence. Contact us today to learn more about how our advisory support services can help you achieve your regulatory goals efficiently and effectively.
