Cyprus wants to apply a regulatory framework against money laundering
The country wants to adapt its laws to those provided by the EU, given that there are certain aspects addressed that in the Cypriot nation do not occur
Cyprus, through the Securities and Exchange Commission, is evaluating the possibility of adopting the regulatory framework of the European Union (EU) related to money laundering.
The CySEC indicated that it requested the transposition of the Fifth Directive of the European Union (EU) against money laundering (AML).
In this legal framework, European financial regulators are authorized to monitor those companies that are related to the cryptocurrency business and service providers, in order to protect users from illicit activities.
“The CySEC has issued a consultation document today proposing the transposition of the provisions of the 5th AML Directive (“AMLD5”) to national legislation,” the agency said.
The Financial Technology Innovation Center of the Cypriot organization has received on more than one occasion queries related to entities linked to the world of cryptocurrencies, many of which are not yet established “within the existing regulatory framework“.
K. Tovar
Source: Cointelegraph
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