The Cyprus Securities and Exchange Commission (CySEC) has published a clarification on the anti-money laundering and counter-terrorist financing (AML/CFT) supervision for cryptoasset operations undertaken in or from Cyprus. The Successful Business Magazine presents the summary of this publication. REGISTER OR SUBMIT NOTIFICATION? If you are a Crypto Asset Services Provider (CASP), within the meaning of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (AML/CFT Law), that provides services in or from Cyprus, you must formally register with…

The emerging crypto industry is still unchartered waters in many regards. But the Cyprus Securities and Exchange Commission is working towards eliminating the regulatory gaps and ensure the highest level of investor protection. The Successful Business Magazine asks the Commission head, Dr George Theocharides, about the current crypto landscape in the EU and in Cyprus and the recent and forthcoming regulatory developments. In your opinion, what are the greatest regulatory risks that Cyprus faces today? The trends that we have…

Today more than ever, wealthy families are faced with new risks, challenges, and changing needs both for the business and the family. Family Offices are evolving to meet these needs: Protect the family wealth through effective asset protection, investment management, and succession planning. Enhance family cohesion and transition between generations regarding the family’s legacy, strategy, values, and key decisions. Exercise better control over family holdings/assets through the right governance. Manage the various risks facing the family (including investment risk, reputation…

The submission of data concerning beneficial ownership is due by 12 March 2022 in accordance with the relevant announcement of the Department of Registrar of Companies and Intellectual Property. LEGAL BACKGROUND In early 2021, the Cyprus government transposed the 5th EU Anti-Money Laundering (AML) Directive into Cyprus legislation, amending the Law for the Prevention and Suppression of Money Laundering Activities.Consequently, all companies and other legal entities that are incorporated or registered in the Republic of Cyprus are now obliged to…