Crypto Asset Services Provider (CASP) License

Secqoia Ltd can help you obtain a Crypto Asset Services Provider (CASP) license in Cyprus.

If you are a Crypto Asset Services Provider (“CASP”), within the meaning of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (“AML/CFT Law”), that provides services in or from Cyprus, you must formally register with the Cyprus Securities and Exchange Commission (“CySEC”).

If you are a CASP established in the EEA and registered with one or more EEA National Competent Authorities for AML/CFT purposes in relation to all services or activities undertaken or intended to be undertaken in Cyprus (i.e. involving Cypriot residents, including incorporated or unincorporated entities based in Cyprus), you must submit a notification, providing evidence in relation to your valid registration for each service or activity. Where these services or activities are not covered by the framework that governs your registration for AML/CFT purposes, you should submit an application to be registered as a CASP with CySEC.

New businesses must register with CySEC before commencing their operations in or from Cyprus.

Crypto-asset activities and initial capital

CASP	Type of crypto-asset activity	Initial Capital
Class 1	CASPs that provide investment advice	€50.000
Class 2	CASPs providing the service referred to in Class 1 and/or any of the following services:  reception and transmission of client orders  execution of orders on behalf of clients  exchange between crypto-assets and fiat currency  exchange between crypto-assets  participation and/or provision of financial services related to the distribution, offering and/or sale of crypto-assets, including the initial offering  placement of crypto-assets without firm commitment  portfolio management.	€125.000
Class 3	CASPs that provide any of the services referred to in Class 1 or 2 and/or: administration, transfer of ownership, transfer of site, holding, and/or safekeeping, including custody, of crypto-assets or cryptographic keys or means enabling control over crypto-assets underwriting and/or placement of crypto-assets with firm commitment operation of a multilateral system, which brings together multiple third-party buying and selling interests in crypto-assets in a way that results in a transaction.	€150.000

Secqoia provides complete, readymade solutions, which include the following:

1. Incorporation of a Cyprus Company limited by shares (including all relevant corporate documentation, including but not limited to Memorandum and Articles of Association, Certificate of Registered Office, Certificate of Shareholders, Certificate of Directors and Secretary).
2. Consulting related to the choice of Crypto Asset related Services, based on proposed business model(s).
3. Consulting on structuring a cost-effective organizational structure.
4. Preparation of the “Application File”, which includes, among others:
   • Preparation of a truly customized Procedures and Policies Manual relating to prevention of money laundering and terrorism financing
   • Preparation of all relevant KYC and Client Acceptance Policies and Procedures
   • Assistance in the preparation of the required Brief Summary of the activities of the applicant
   • Assistance in the development of all Policies and Procedures relating to the safekeeping and usage of clients’ funds
   • Review of the questionnaires of the shareholders, directors, and senior management of the proposed CASP
   • Assistance and guidance in providing necessary documentation and certificates
   • Completion and Preparation of the application form
   • Preparation of letter(s) to accompany the application, if necessary
   • Submission of the application form to CySEC
5. Post Application submission follow up and response to communication with CySEC.
6. Assistance in locating and recruiting appropriate personnel.
7. Advise on fees payable to CySEC.
8. Support on inquiries concerning the application process.

Post-authorization

Secqoia is committed to providing quality post-authorization services to your newly authorized CASP Firm, relevant to your ongoing regulatory obligations:

• Outsourced Regulatory Compliance Services
• Compliance and Money Laundering Compliance Support Services
• CETE (Compliance Enquiries Through Emails)
• Due diligence of specific processes and procedures
• Preparation and documentation of internal procedures and processes
• Specialized Support in a variety of areas (such as specialized advising, drafting of legal documentation, providing assistance on resolving ad-hoc operational issues etc.)

Despite the fact that our prices are, most probably, the best in the industry, we are committed to provide you with a beneficial counteroffer in case you receive a better offer from any other firm.

For more information and to receive a preliminary quotation, please feel free to contact us.