The post Cyprus Amends Money Laundering Law to Regulate Crypto Services appeared first on Coinpedia Fintech News
Amidst crypto regulation developments in the EU, Cyprus is amending its “Prevention and Suppression of Money Laundering Law” to enforce fines on illegal crypto service providers, aiming to regulate the cryptocurrency industry better.
Amending and Enforcing Law
By enforcing severe fines on crypto service providers (CSPs) who operate illegally, Cyprus is attempting to regulate the cryptocurrency industry better. The “Prevention and Suppression of Money Laundering Law” is being amended, according to the government.
The Financial Action Task Force (FATF) international standards and the recommendations made in the MONEYVAL report will both be complied with by Cyprus due to this change.
Mandatory Registration with Cysec for CSPs
The proposed amendment mandates that crypto asset trading firms, or CSPs, register with Cyprus Securities and Exchange Commission (CySEC), the n
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