Cyprus plans to impose penalties on unregistered cryptocurrency service providers (CSP)

ChainCatcher news, according to Cyprus Mail, the Cyprus Ministry of Finance plans to impose severe penalties on cryptocurrency service providers (CSPs) that fail to register with the relevant authorities. These penalties include fines of up to €350,000 and up to five years in prison, or both.

The Cyprus Ministry of Finance intends to amend the current Anti-Money Laundering and Terrorist Financing Law and has submitted a draft amendment to the parliamentary legal affairs committee. According to the amendment, every service provider using crypto assets must register with the financial regulator, the Cyprus Securities and Exchange Commission (CySEC).