Crypto-Asset Service Providers: CySEC AML study notes
How Cyprus registered and supervised crypto-asset service providers, what they must do on AML/CFT, and how the EU's MiCA Regulation took over, explained in 5 short notes.
By the ExamPass CY editorial teamLast reviewed About 28 minutes to read all 5
What this chapter covers
From 2021 Cyprus required crypto-asset service providers to register with CySEC under Article 61E of the AML/CFT Law and CySEC's Directive for the register of CASPs. The exam material tests that national regime: who had to register, the application, suspension, changes, and the organisational requirements.
The law has moved on. The EU's MiCA Regulation has applied to CASPs since 30 December 2024, CySEC stopped taking national applications in October 2024, and since 1 July 2026 crypto-asset services may be provided only under MiCA. The AML/CFT duties of CASPs continue, now with the EU travel rule for crypto-asset transfers.
Read the notes in order the first time: the register and its replacement, applications and changes, suspension, then how a CASP had to be organised and its AML/CFT obligations.
The 5 topics
Each note starts with a short answer and a table of the facts to remember.
The CASP register
- Who had to register as a CASP in Cyprus, and what has replaced the register?Who had to register under Article 61E, what the register showed, removal, and the switch to MiCA.1 July 2026€350,0007 min
- What did a CASP registration application involve, and how were changes reported?What an application contained, CySEC's checks and six-month deadline, and the one-month and 15-day change rules.6 months5 min
- When could CySEC suspend a CASP's registration, and what did suspension mean?The two grounds for suspension, the 7-day and 15-day deadlines, and what a suspended CASP could still do.7 and 15 days4 min
Running a CASP
- What organisational and conduct requirements applied to registered CASPs?A Board of at least four, fit and proper people, safeguards for clients' crypto-assets, and clear information.4 Board members7 min
- What AML/CFT obligations apply to crypto-asset service providers?Full AML/CFT duties, CDD from €1,000 for occasional transactions, and the travel rule for crypto-asset transfers.5 min
The numbers to know
Every figure in this chapter, with the note that explains it.
| Figure | What it is | Note |
|---|---|---|
| 1 July 2026 | End of the MiCA transitional period; since then crypto-asset services require MiCA authorisation or, for certain financial firms, a notification | Explained in Topic 1: Who had to register as a CASP in Cyprus, and what has replaced the register? |
| €350,000 | Maximum fine, with up to 5 years' imprisonment, for breaching the duty to register | Explained in Topic 1: Who had to register as a CASP in Cyprus, and what has replaced the register? |
| 6 months | Time CySEC had to decide a duly completed registration application; also the inactivity period that allowed removal | Explained in Topic 2: What did a CASP registration application involve, and how were changes reported? |
| 7 and 15 days | Maximum periods to correct register information, or to cure suspected non-compliance, after a suspension | Explained in Topic 3: When could CySEC suspend a CASP's registration, and what did suspension mean? |
| 4 Board members | Minimum Board of a registered CASP: two directing the business and two independent | Explained in Topic 4: What organisational and conduct requirements applied to registered CASPs? |
How these notes are written
In our own words, from the law and CySEC guidance, with a review date on every note. No exam questions or answers are published here.
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