Cyprus will move to control the cryptocurrency industry

An official document released on Monday assesses the chances of money laundering related to the Virtual Asset Partnership and Virtual Asset Service Providers (VASP) of the Republic of Cyprus.

The Cypriot Ministry of Finance stated that the country has little knowledge and experience about the dangers of financial activity.

However, firms such as the Cyprus Securities and Exchange Commission (CySEC) and local regulatory bodies have indicated that they “are in a very important position in this sector.” The Ministry said the government should conduct in -depth research on the market, have “in -depth training on these issues” and improve their capabilities.

The office said that “local banking companies apply the same policies and procedures” in the wire transfer rules of virtual currencies. At the time, the minister said regulatory authorities should start storing and distributing virtual currency and VASP -specific data.

“While it is thought that the pace of action is relatively low at the moment, as activity grows, it is based on this fact to promote early detection of risk or variability of the risk level. ”

The firm said Cyprus should learn from these alliances and work with other parts of the cryptocurrency industry to find better methods.

International cooperation is an important way for Cyprus to maximize and accelerate the capabilities of the VA / VASP sector, ”the minister wrote.

Related: According to reports, Israel has adopted a new AML law on encryption

Cyprus, one of the world’s saddest countries with regard to cryptocurrency regulations, began implementing cipher restrictions this year. In September, CySEC announced new details about its crypto currency policy and plans to increase crypto currencies by incorporating EU currency exchange rules into Cyprus law.

According to social media, Cypriot’s economic system has been linked to extreme instability, with some major financial institutions, including the Bank of Cyprus, banning Bitcoin (BTC) trading this year.

Source: CoinTelegraph