About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Streamlining licensing for Cyprus Investment Firms – MiFID II and MiCA
At present, Cyprus-based crypto exchanges that wish to provide services both in relation to spot crypto products and financial instruments such as crypto derivatives are subject to dual-licensing under the local AML legislation and the traditional investment services regime implementing EU Directive 2014/65/EU. The Cyprus Securities and Exchange Commission administers both regimes.
25 Apr 2024
Harneys BVI Regulatory team facilitates approval for a leading cryptocurrency market maker under VASPA
Our BVI Regulatory team recently advised Portofino Technologies Global, a prominent cryptocurrency market maker, in successfully securing approval from the Financial Services Commission under the Virtual Assets Service Providers Act.
11 Apr 2024
Cayman Islands advances Virtual Asset Regulation through collaborative consultation
On 28 February 2024, the Cayman Islands Ministry of Financial Services and Commerce is seeking feedback on proposed amendments to the Virtual Asset Service Providers Act via online tool, GitHub.
28 Mar 2024
Introducing the Harneys MiCA Assessment Tool: A guide to navigate EU crypto regulations
With the rules in EU Regulation 1114/2023 on markets in crypto-assets (MiCA) becoming applicable by the end of 2024, staying compliant is crucial for businesses operating within the European Union/the European Economic Area (EEA). To assist crypto-industry participants in understanding their regulatory obligations under MiCA, Harneys proudly presents its new MiCA Assessment Tool.
25 Mar 2024
CSSF updates FAQ for guidelines for UCIs investing in Virtual Assets
On 22 February 2024, the Commission de Surveillance du Secteur Financier revised its FAQ on Virtual Assets for Undertakings for Collective Investment relating to the promotion of UCIs engaged in direct or indirect investment in virtual assets.
11 Mar 2024
Comprehensive guide to crypto assets in trusts and foundations
Partner Joshua Mangeot, Counsel Marc Piano, and Associate Myles Chingara contributed the BVI chapter in the upcoming Crypto Assets in Trusts and Foundations comprehensive guide, co-published by Globe Law and Business and STEP.
01 Mar 2024
ESMA consults on essential MiCA draft guidelines: Reverse solicitation and financial instruments
On 29 January 2024, the European Securities and Markets Authority published two consultation papers relating to draft guidelines proposed to be issued under Regulation 2023/1114 on markets in crypto-assets.
09 Feb 2024
CySEC Circular: EBA public consultation on Travel Rule Guidelines for AML/CFT in crypto-asset transfers
On 28 November 2023, the Cyprus Securities and Exchange Commission published circular 605 informing regulated entities about the European Banking Authority's public consultation on new money laundering and terrorist financing guidelines for preventing the abuse of funds and certain crypto-assets transfers.
19 Jan 2024
CySEC enhances concept of “good repute” under its CASP regime
On 3 November 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Directive R.A.D 343/2023 (the CASP Amending Directive) which was published in the Cyprus Official Gazette. Through the CASP Amending Directive, CySEC amends its existing Directive on the Prevention and Combating of Money Laundering from Illegal Activities (Registry of Service Providers of Crypto Asset Service Providers) 2021 in a number of important respects.
08 Jan 2024