The Cyprus Securities and Exchange Commission (CySEC) will regulate crypto-regulated business by integrating EU anti-money-laundering (AML) policy into the Cyprus laws, Finance Magnates notes.
As it states, CySEC has been contacted by entities engaging in crypto-asset activities; a number of which "do not appear to fall within the existing regulatory framework."
Thus, the regulator wants to transpose some parts of AMLD5 model into the Cyprus jurisdiction.
Previously, the International Monetary Fund (IMF) reported regarding the possibility of Malta’s financial system being used for money laundering and financing of terrorism with the significant risks imposed by the growth of the local crypto-friendly industry.
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