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CySEC has issued Circular C648, informing regulated entities that they can provide crypto-asset services under MiCA if authorized for equivalent services. An online questionnaire has been circulated to assess how many firms plan to notify MiCA services, requiring completion by July 26, 2024. The circular aims to gather information on the uptake of MiCA services within the financial sector.
CySEC released Circular C655, summarizing findings from 2022 annual risk assessments of Compliance Officer's and Internal Audit Reports. The assessment focused on regulated entities' adherence to AML/CFT requirements and related national laws and directives. CySEC expects regulated entities to address identified weaknesses and uphold obligations in future reporting.
CySEC has released a Policy Statement (PS-01-2024) introducing new rules for digital customer onboarding, allowing the use of remote customer onboarding solutions (RCOS) for non-face-to-face identity verification. These changes, which amend CySEC’s Anti-Money Laundering Directive, will largely come into effect by August 5, 2024, with RCOS-specific rules applicable from December 1, 2024. The new policy broadens the types of acceptable RCOS and identification documents, and requires a risk assessment and prior notification to CySEC.
The Seychelles FSA will implement new regulations from October 1, 2024, requiring annual reviews and verification of beneficial owners for all legal entities. Companies must submit a compliance declaration to their resident agent in Seychelles and failure to comply could result in penalties. This move by the Seychelles FSA will ensure greater transparency and accountability in financial markets.
CySEC has announced that it will no longer accept new applications for Crypto-Asset Service Providers (CASPs) from October 17, 2024, in anticipation of the EU's MiCAR regulation implementation on December 30, 2024. A transitional period is in place for existing registered CASPs, allowing them to operate until July 1, 2026, or until their MiCAR authorization decision. CySEC will also cease accepting notifications from EEA-registered entities for crypto-asset services by October 30, 2024.
CySEC has released Circular C700, outlining new reporting obligations under DORA for financial entities. This circular details requirements for incident reporting, classification of incidents, and annual submission of ICT service contract registers. Entities must familiarize themselves with the new forms and processes by the specified deadlines.
Match2Pay, in collaboration with Deneo Partners, organized an expert webinar titled "A Complete Guide to the Travel Rule & Offshore Regulations on Cold Wallets" on May 6, 2025. The session, featuring Andrey Kalashnikov from Match2Pay and Nicole Georgiou from Deneo Partners, aimed to provide insights into the evolving regulatory landscape for brokerages and Virtual Asset Service Providers (VASPs). The webinar covered various aspects of Travel Rule implementation, compliance challenges, and offshore regulatory considerations in jurisdictions like Mauritius and Seychelles, with Match2Pay demonstrating how it ensures compliance.
The Financial Services Authority (FSA) Seychelles has updated its guidelines for Financial Services Providers (FSPs) regarding bi-annual reporting duties under the Financial Consumer Protection Act 2022. The new guidelines emphasize consumer protection, detailing mandatory report contents, penalties for non-compliance, and submission requirements. This update aims to ensure FSPs adhere to transparent and consistent reporting standards.
The FSA Seychelles has released its latest Code of Corporate Governance, aiming to promote transparent corporate governance systems and long-term economic growth. This new code, effective January 1, 2026, outlines key principles such as independent boards, robust risk oversight, and ethical corporate culture. Licensees are required to submit Annex 1 of the Code by December 31 each year and are urged to familiarize themselves with the full document to ensure compliance.
The Financial Services Authority (FSA) of Seychelles has issued Circular No. 1 of 2026, reminding reporting entities, including securities dealers, of their obligation to assess and mitigate money laundering and terrorist financing risks. This applies to new products, services, business practices, and technologies before their introduction. Risk assessments must be documented, risk-based, and available to the FSA, with specific consideration for customer profiles, delivery channels, transaction types, geographic exposure, and technological advancements.
Deneo Partners, in collaboration with Match2Pay, hosted a webinar focusing on 'A Complete Guide to the Travel Rule & Offshore Regulations on Cold Wallets'. This event provided expert insights into crucial regulatory topics. The webinar likely aimed to enhance understanding of compliance requirements in the digital assets space.
Deneo PartnersDeneo Partners, in collaboration with Match2Pay, is hosting an expert webinar focused on the 'Travel Rule & Offshore Regulations on Cold Wallets'. This event highlights the growing importance of understanding compliance in the evolving digital asset landscape. Additionally, the Seychelles Financial Services Authority (FSA) has released new guidelines and a Code of Corporate Governance, further solidifying regulatory frameworks.
Deneo Partners