Frequently Asked Questions
What are the capital requirements for a Crypto Asset Service Provider License in Cyprus?
The capital requirements depend on the services provided, ranging from €50,000 to €150,000 to ensure adequate financial resources are in place
What types of services can I offer with a Crypto Asset Service Provider License in Cyprus?
Services include exchange between crypto-assets and fiat currencies, crypto custody and wallet services, and crypto brokerage services
What are the main regulatory challenges for crypto asset service providers in Cyprus?
Challenges include complying with AML/CFT regulations, maintaining operational resilience, and managing cybersecurity risks effectively
How long does the licensing process take?
The process typically takes about six months, depending on the completeness of your application and the responsiveness of regulatory bodies
Can I offer services across the EU with a Cyprus license?
Yes, a Crypto Asset Service Provider License in Cyprus allows you to passport your services across the European Economic Area (EEA)
What ongoing compliance is required after obtaining the license?
Ongoing compliance includes regular reporting to CySEC, adhering to updated AML directives, and maintaining stringent cybersecurity measures
Why choose Cyprus for your Crypto Asset Service Provider License?
Cyprus offers a strategic EU base, competitive corporate tax rates, and a regulatory framework that supports crypto innovation and business growth