The Cyprus Securities and Exchange Commission launched a tender over Crypto-Asset Markets Data and Blockchain Analysis Platform Services, as applications by Crypto-assets service providers rise.
Speaking to CNA, Cysec President George Theocharides recalled that the Commission has been designated, under the AML/CFT Law, as the competent authority to supervise Crypto-Asset Service Providers (CASPs) in Cyprus.
So far, he said, Cysec has received 27 applications by CAPS to acquire Cysec license, of which Cysec has approved the applications of 5 firms, which have been published in the Commission’s CAPS registry, while an additional 5 firms licensed by other European Competent Authorities have been approved by Cysec.
According to the tender documents, the €120,000 two-year tender aims to grant Cysec with access to real-time data provided by blockchain data platforms that will assist the Commission to understand the risks arising from crypto-assets, including but not limited to transactions exposed to risky activities for example related to sanctions, child abuse material, terrorist financing, darknet markets, fraud, high-risk exchanges, high-risk jurisdictions, ransomware, scams and stolen funds, investigate the source and destination of cryptocurrency transactions and trace the flow of funds, evaluate risk profile of supervised entities and applicants (for due diligence purposes) and monitor the supervised entities’ compliance on an ongoing basis.
Theocharides pointed out that it is particularly important that investors should be aware of the lax protection, as for the time being crypto-assets and associate products and services are not covered by the rules of the EU on financial services.
He noted that Cysec took part in a joint campaign by the European Supervisory Authorities outlining warnings to consumers on the dangers associated with crypto-assets, while a campaign launched by Cysec aiming at investor awareness and protection is underway.
Source: Cyprus News Agency