TechFlow news, October 18 — According to Cointelegraph, the Cyprus Securities and Exchange Commission (CySEC) announced it will suspend applications from crypto-asset service providers (CASP) in preparation for the transition to the European Union's Markets in Crypto-Assets (MiCA) regulation, which takes effect on December 30.
CySEC stated that as of October 17, it will no longer accept CASP applications under national laws of Cyprus. CASPs successfully registered before the December 30 deadline may continue operating under national law until July 1, 2026, unless they obtain or are denied authorization under Article 63 of MiCA prior to that date.
CySEC advised stakeholders to consult the draft technical standards issued by the European Securities and Markets Authority (ESMA) to prepare for the upcoming implementation of MiCA. Starting October 30, CySEC will cease accepting notifications from European Economic Area entities wishing to provide services under Cyprus national rules.
