Southern Cyprus is taking steps to resolve legal uncertainties in the local cryptocurrency sector.
Southern Cyprus authorities plan to impose heavy penalties against cryptocurrency companies operating without the necessary permits.
These companies and individuals are among the plans of the authorities who want to control the cryptocurrency industry more strictly. for 350 thousand euros amount of money and/or up to five years There is a prison sentence.
This plan was prepared within the scope of a law change proposal submitted by the Ministry of Finance. The aim of the proposal is to protect Southern Cyprus combating money laundering about Financial Action Task Force (FATF) To align with international standards set by.
Among the proposed changes are those operating in Southern Cyprus. cryptocurrency service providers There is a requirement to register with the Securities and Exchange Commission (CySEC).
Some European countries, such as France and Ireland, also impose fines and prison sentences for similar crimes.
Individuals and companies violating cryptocurrency regulations, especially in Malta up to 15 million euros money and prison sentences of up to six years They may be faced with.