The Ministry of Finance in Cyprus is proposing amendments to the existing Prevention and Suppression of Money Laundering Law in order to align the country with international standards for anti-money laundering and combating the financing of terrorism. The amendments require all service providers working with crypto assets to register with the Cyprus Securities and Exchange Commission (CySEC). Non-compliance can result in fines of up to €350,000 or imprisonment of up to five years. The Cyprus Bar Association has expressed reservations about the requirement for crypto service providers with licenses from other European countries to still register with CySEC. Despite this, crypto companies have reported no significant issues with registering their businesses in Cyprus. In recent months, Binance, the world’s largest crypto exchange, decided to deregister from the Cyprus market to focus on larger registered EU markets.

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Geography	Europe
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Companies	Ministry of Finance, Cyprus Mail, Cyprus Bar Association, ByBit, Prevention and Suppression of Money Laundering Law, Financial Action Task Force (FATF), eToro, Binance, MONEYVAL, Cyprus Securities and Exchange Commission (CySEC)
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