NOA Circle - Crypto Asset Services Provider (CASP)
Introduction
Crypto Asset Services Provider (CASP): The company who is making any activities in any crypto currency such as:
- The exchange between crypto-assets and fiat currencies.
- Exchange between crypto assets.
- Management, transfer, holding, and/or safekeeping, including the custody of crypto-assets or cryptographic keys or means which allow the exercise of control on crypto-assets.
- Offering and/or sale of crypto assets, including the initial offering.
- Participation and/or provision of financial services regarding the distribution, offer, and/or sale of crypto assets, including:
- Reception and transmission of orders.
- Execution of orders on behalf of clients.
- Dealing on own account.
- Portfolio management.
- Provision of investment advice.
- Underwriting and/or placing of crypto assets on a firm commitment basis.
- Placing of crypto assets without a firm commitment basis.
- Operation of a multilateral system where multiple third-party buying and selling trading interests in crypto assets are able to interact in the system in a way that results in a transaction.
Regulatory Requirements
- To get the registration from Cyprus Securities and Exchange Commission to be able provide all mentioned services in/from Cyprus CAPS should be Established in Cyprus or in European Economic Area and be registered with EEA National Competent Authorities for AML/CFT purposes.
- The CAPS should have a Board of Directors with 2 executive and 2 independent non-executive directors – all of them should be comply with CySEC requirements.
- Own Capital Requirements is EUR 125 000—EUR 150 000 depending on the services provided.
- CySEC Fee for the registration is EUR 10 000 and EUR 5 000 for renewal of registration per year.
Registration Process
Comprehensive study and evaluation of the situation, regarding the application submitted.
Preparation and/or assistance in the preparation and submission of the Internal Procedures Manual, Business Plan, Anti-Money Laundering Manual, and other necessary documents, in accordance with the relevant regulatory framework.
Estimated timeframe: 1 month after receiving all required data/ documentation/information.
Dealing timely with any additional comments or queries from the CySEC regarding the application.
Resolution and clarification of the CySEC’s recommendations/comments.
Estimated timeframe: CySEC may render its decision within the period of 6 months, starting from the application submission date.
Registration on the CASP register of Cyprus Securities and Exchange Commission.
For professional advice and services contact:
APOLLON ATHANASIADES | Executive Advisor | [email protected] | +357 22 283860
CONTACT US
CYPRUS: 2 Dramas Street, 5th Floor, 1077 Nicosia, Cyprus
P.O. Box 20541, P.C. 1660 Nicosia, Cyprus
T: +357 22 283860
E: [email protected]
UAE:
Ajman, Flamingo Villas A-60-01-02
T: +971 526877980
E: [email protected]
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Registered in the Republic of Cyprus with registration number HE338967