Those that submit an application under MiCAR must also inform CySEC whether they receive authorization during the transitional period, so the EEA CASP register can be updated.
This news comes after CySEC had already ceased accepting registration of Crypto-Asset Service Providers (CASPs) under national rules on October 17, 2024. This is two months before the implementation of the Markets in Crypto-Assets (MiCA) rules, which is set for December 30, 2024.
Firms that successfully submit notifications to CySEC by the cut-off date will be allowed to continue their cross-border operations during a transitional period that will last until July 1, 2026, or until they receive a decision on their MiCA authorization. These developments are part of a larger trend across the European Union as member states prepare for the implementation of MiCA, which aims to create a harmonized crypto regulatory framework across the EU.
The regulation is set to be fully implemented in stages, with complete application expected by 30th December 2024.
The Cyprus Securities and Exchange Commission (CySEC) has announced that it will no longer accept notifications from European Economic Area (EEA) firms for cross-border crypto services as of October 30, 2024.
