Cyprus’ Ministry of Finance intends to impose severe penalties on cryptocurrency service providers that fail to register with relevant authorities

Odaily News The Cyprus Ministry of Finance plans to impose severe penalties on cryptocurrency service providers (CSPs) that fail to register with relevant authorities. These penalties include fines of up to €350,000 and imprisonment of up to five years, or both. The Ministry of Finance of Cyprus intends to amend the current Law on the Prevention and Suppression of Money Laundering and has submitted the amendments to the Parliamentary Legal Affairs Committee. Under the amendment, every service provider working with crypto-assets must register with the financial regulator the Cyprus Securities and Exchange Commission (CySEC). (Cyprus Mail)