REGISTRATION PROCEDURE AND REQUIREMENTS — REGISTRATION PROCEDURE AND REQUIREMENTS On the 25th of June 2021, the Cyprus Securities and Exchange Commission (“CySEC”) published the Directive on the Register of Cryptoasset Service Providers (“the Directive”). The Directive was adopted in accordance with the powers granted to CySEC under the new Anti-Money Laundering Law 188(I)/2007 (“the Law”)…

Key developments and the introduction of cryptoassets service providers — Key developments and the introduction of cryptoassets service providers A. INTRODUCTION The Cyprus House of Representatives on 18.02.2021 has enacted the long-awaited amending law to the Prevention and Suppression of Money laundering and Terrorist Financing Law 188(I)/2007 thus fully implementing EU Directive 2018/843 of the European Parliament and of the Council of…

I. THE LAW — I. THE LAW For taxation purposes, companies and individuals, are categorised as: (a) residents or (b) non — residents. A company or an individual are taxed in Cyprus only if they are residents of Cyprus according to the meaning of “resident” as defined in the taxation laws. The tax system considers a company…

A. GENERAL — A. GENERAL I. THE LAWS APPLICABLE TO TRUSTS — GENERAL PROVISIONS The Laws The legal framework governing trusts in Cyprus is based on The Trustees Law, Cap. 193, (“The Trustees Law”), which is largely based on the English Trustee Act of 1925 and on The International Trusts Law, №69(I)/92, (“The International Trusts Law”), enacted in July 1992 and amended with the…

A. INTRODUCTION — A. INTRODUCTION Security Token Offerings (STO) is the new method of fundraising. STO follow a similar structure to ICO. They involve the sale of crypto tokens which are built on a blockchain and are backed by something of value (i.e. shares, dividends, bonds, other assets or profits from the company), which can…

INTRODUCTION — INTRODUCTION The law as to Listed Companies will undergo significant changes upon the implementation of the European Union Directive 2017/828, (hereinafter to referred to as “the Directive”). As per the Directive, the shareholders of Listed Companies, upon relevant request by the Listed Company they hold shares, will be fully disclosed…

A. INTRODUCTION — A. INTRODUCTION The Cyprus Film Scheme (the “Scheme”) which was drafted in accordance with European regulations, the objective of which is to promote the European culture and to provide investment aid for small and middle-sized enterprises (the “SMEs”), was approved in September 2017 as a means for promoting and advancing the film…

OVERVIEW OF THE REGISTERED ALTERNATIVE INVESTMENT FUND (RAIF) — OVERVIEW OF THE REGISTERED ALTERNATIVE INVESTMENT FUND (RAIF) Contents Page A. INTRODUCTION B. WHO CAN BENEFIT FROM THE SET UP OF A FUND C. WHY SET UP A FUND IN CYPRUS D. TYPES OF ALTERNATIVE INVESTMENT FUNDS IN CYPRUS E. THE REGISTERED ALTERNATIVE INVESTMENT FUND (RAIF) 1. Authorisation Process 2. Legal Forms 3. Fund Manager 4. Depositary Requirements 5. Investment…

The term ICO has been at the epicentre of discussions in the FinTech industry, being the main method of fundraising used by startup… — The term ICO has been at the epicentre of discussions in the FinTech industry, being the main method of fundraising used by startup companies to develop innovative ideas on the Blockchain technology or other applications using Distributed Ledger Technology (“DLT”).