365Crypto
Big changes are coming to Europe’s crypto scene! Cyprus is freezing new crypto applications as the EU prepares for its new crypto law, MiCA, which will replace national regulations by the end of the year.
Why Cyprus Is Pausing Applications
Cyprus’ regulator, CySEC, stopped accepting new applications from crypto companies on October 17. If your company gets approved before the December 30 deadline, you’ll be able to keep operating until 2026 — unless you’re reviewed under MiCA before then.
MiCA will introduce a new set of rules for all crypto companies in Europe. While the full details aren’t out yet, CySEC recommends checking out the draft rules published by ESMA to start getting ready.
What Happens After October 30?
Starting October 30, CySEC will no longer accept notifications from companies in the European Economic Area looking to offer services in Cyprus. If you submit your notification before then, you’re good to go until mid-2026.
What Should Crypto Companies Do?
Companies in Cyprus operate under one of three different national laws, but soon they’ll need to follow MiCA. CySEC is reminding businesses to check out ESMA’s standards so they don’t get caught off guard.
Meanwhile, other regulators across Europe, like in the Netherlands, are already cracking down on potential fraud ahead of MiCA’s arrival. With MiCA’s tighter rules, fraud detection and security are expected to improve.
