Get Your Cyprus Crypto License (CASP) | CySEC Regulation Simplified

Cyprus has rapidly become one of Europe's most crypto-friendly jurisdictions, making it a go-to destination for Crypto Asset Service Providers (CASPs). Securing a CASP license from the Cyprus Securities and Exchange Commission (CySEC) not only positions your crypto business as compliant but also provides valuable access to the broader EU market through the Markets in Crypto Assets Regulation (MiCAR).

Here’s your guide to getting a CASP crypto license in Cyprus, packed with everything from requirements and fees to how Scorechain can help streamline your compliance journey.

What Is a Crypto License?

A CASP or crypto license enables businesses to legally offer crypto-asset services from Cyprus, such as crypto exchanges, custody, advice, trading platforms, and more. This regulatory framework ensures robust anti-money laundering (AML) and combating the financing of terrorism (CFT) compliance, protecting both businesses and customers.

Why Get Licensed in Cyprus?

Cyprus offers unique advantages:

• EU Passporting: Operate seamlessly across the European Union under MiCAR.
• Crypto-friendly Regulations: A supportive regulatory environment that fosters innovation and growth.
• Strategic Location: A bridge between Europe, Africa, and Asia, making it ideal for global operations.
• Attractive Taxation: One of the lowest tax rates in the EU, complemented by numerous double-tax treaties.

Notable companies already licensed in Cyprus: Binance, eToro, Revolut. Clearly, you’ll be in good company!

Crypto License Classes and Requirements

CySEC categorizes crypto licenses into three classes based on the crypto services you plan to offer:

Application & Annual Supervision Fees:

• Initial Application Fees: Range from €5,000 (exchange services) to €30,000 (crypto trading platforms).
  
  
• Annual Fees: From €5,000 (basic exchange services) up to €20,000 (crypto trading platforms), plus a variable fee for annual turnover exceeding €500,000.
  
  

Step-by-Step Guide: How to Get Your Crypto License in Cyprus

Here’s a straightforward process to securing your CASP license:

Step 1: Pre-Application Preparation

• Define your crypto business model clearly.
• Collect required documents: business plan, KYC details, proof of identity, CVs of management, and more.
• Choose your business name and register your company in Cyprus.
  
  

Step 2: Submitting Your Application

• Complete CySEC’s official application forms.
• Submit required documentation to caspregistrations@cysec.gov.cy.
• Pay the relevant application fees.
  
  

Step 3: Regulatory Assessment & Approval

• CySEC conducts thorough checks on management suitability, AML/CFT preparedness, and operational readiness.
• Typical license processing timeframe: approximately 6 to 12 months.
  
  

Post-License Obligations & Compliance

Once licensed, maintaining compliance is crucial. Ongoing responsibilities include:

• AML/CFT operations
• Transaction monitoring and reporting
• Regular client due diligence (CDD)
• Risk assessments and economic profiling of clients
  
  

How Scorechain Simplifies Your Compliance

Compliance doesn’t have to be complicated. Scorechain provides cutting-edge blockchain analytics and AML compliance solutions designed specifically for CASPs:

• Real-Time Transaction Monitoring: Instantly identify risky transactions.
• Automated AML Reporting: Save hours on compliance reports with automation.
• In-Depth Risk Assessment: Evaluate and manage client and transaction risks efficiently.
• Easy Integration: Effortlessly integrate our software into your existing systems.

With Scorechain, staying compliant becomes effortless, enabling you to focus on scaling your crypto business.

Why Choose Scorechain?

• Trusted by leading global CASPs.
• Intuitive platform for beginners and advanced users alike.
• Expert support tailored to your compliance needs.

Ready to try?

If you're preparing to apply for a crypto license in Cyprus or just want to see how our solution fits into your compliance strategy we’re here to help.

Let’s simplify your crypto compliance together.

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