Cyprus suspends applications for crypto asset service providers ahead of the transition to the MiCA Act

According to Cointelegraph, the European Union will transition from the national law on crypto asset service providers (CASPs) to the Crypto Asset Markets Regulation (MiCA) by December 30. As of October 17, CySEC will no longer accept CASP applications submitted under the national law of Cyprus. CASPs that are successfully registered under the national law by the deadline of December 30 will be able to operate in that jurisdiction until July 1, 2026, unless authorization is obtained or denied under Article 63 of the MiCA prior to that date. Once the MiCA regulations come into force, CASP will be subject to the European Commission's Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS).