With EU Regulations Coming, Cyprus Freezes All Crypto Applications

   NICOSIA – Cyprus will not accept applications from Crypto Asset Service Providers (CASPs) for now as the European Union is setting regulations by year’s end that moves the sector away from national laws. The industry will be regulated under the EU’s Common Markets in Crypto-Assets (MiCA) regulations by Dec. 30, and theCyprus Securities and Exchange Commission (CySEC) has frozen CASP applications, said Coin Telegraph. CASPs that succeed in registering under the national laws before the Dec. 30 deadline will be able to operate under that jurisdiction until July 1, 2026, unless they are granted or refused authorization under MiCA Article 63 before then. CASPs will be subject to the European Commission’s Regulatory Technical Standards and the Implementing Technical Standards once MiCA regulations kick in, the crypto following news site site. Those standards have not been published yet, but the CySEC advised interested parties to refer to the Draft Technical Standards issued by the European Securities and Markets Authority (ESMA) in the meantime. On Oct. 30, the CySEC will stop accepting notifications under its national rules from entities in the European Economic Area of their intentions to provide services in Cyprus. Entities that file a notification before then will be able to operate under the same conditions as local entities through July 1, 2026.