Report: Cyprus to impose stricter compliance requirements on crypto business
Cyprus wants to align with international standards set by the Financial Action Task Force. Cyprus is set to introduce tough new penalties for crypto currency companies that fail to register with the local authorities. A new report from The Cyprus Mail says the government is weghing new penalties, which could mean up to €350,000 and imprisonment of up to five years for failing to comply with the local rules. The move is said to help Cyprus meet international standards set by the Financial Action Task Force (FATF) to combat money laundering. You might also like: Per Global Legal Insights, there’s no legal framework as to how testamentary succession of crypto currencies should be treated in Cyprus. However, under the proposed amendments, crypto companies such as exchanges and hedge funds would be be required to register with the Cyprus Securities and Exchange Commission (CySEC). It’s unclear, though, when exactly the changes will take effect. Cyprus is not alone ...