Regulating Cryptocurrencies in Cyprus (MiCA)

By the end of 2024, Cyprus will implement an EU law regulating the cryptocurrency market (MiCA). This move aims to protect investors, enhance transparency in crypto exchanges, and combat money laundering.

George Theoharidis, Chairman of the Cyprus Securities and Exchange Commission, emphasized the need for companies, crypto exchanges, and wallet developers to prepare for the new requirements. They will be required to implement anti-money laundering measures and undergo client verification.

However, the introduction of MiCA may lead to increased operational costs and the need for additional personnel. The head of CySEC urges investors to exercise caution when investing in crypto assets, considering the high level of risk. He also notes that investors’ interests are currently insufficiently protected, but the introduction of new MiCA requirements will help address this gap.

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