Cyprus suspends applications for crypto asset service providers pending transition to MiCA law

According to a report by Cointelegraph, the European Union will transition from national laws regarding Crypto Asset Service Providers (CASP) to the Markets in Crypto-Assets Regulation (MiCA) by December 30th. As of October 17th, CySEC will no longer accept CASP applications submitted under national law in Cyprus. CASPs successfully registered under national law before the December 30th deadline will be able to operate in the jurisdiction until July 1st, 2026, unless authorized or refused authorization under Article 63 of MiCA before then. Once MiCA regulations take effect, CASPs will be subject to regulatory technical standards (RTS) and implementing technical standards (ITS) by the European Commission.