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22.12 - 20:43
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Cyprus’ finance ministry recommends ‘capacity building’ for crypto
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Cyprus is moving to regulate the cryptocurrency industry, with the country’s finance ministry releasing a national risk assessment on crypto.
Published on Dec. 13, the official documentation provides a risk assessment for the Republic of Cyprus regarding money laundering risks related to virtual asset activities and virtual asset service providers (VASPs).
The Ministry of Finance of Cyprus stressed that there is a “limited direct understanding or experience” regarding money laundering risks of crypto in the country.
However, authorities like Cyprus Securities and Exchange Commission (CySEC) and local enforcement authorities have demonstrated a “sophisticated level of understanding of the sector,” the statement notes. The authorities should
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