📢CySEC ISSUES CIRCULAR C682: MANDATORY SUBMISSION FOR CASPs

On the 12th of February 2025, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C682, addressing Crypto Asset Services Providers (CASPs) regarding the Risk Based Supervision Framework (RBS-F) and the electronic submission of information for the year 2024. This initiative aims to collect statistical data to enhance CySEC's risk management and supervisory functions.

Key Details of Circular C682

1. Introduction of Form RBSF-CASP Version 2

CySEC has released Version 2 of the Form RBSF-CASP, which is designed to gather various statistical information from CASPs. This form is issued annually and is crucial for CySEC's analytical and supervisory activities.

2. Mandatory Submission Requirements

Who Must Submit: All CASPs registered with CySEC and operational as of 31st of December 2024, are required to complete and submit the form. This includes CASPs that were registered but not operational by that date.

Submission Deadline: The completed form must be submitted electronically via CySEC’s Transaction Reporting System (TRS) by Wednesday, 19th of March 2025.

3. Submission Process

   
   

Accessing the Form: The form is available in the Appendix of Circular C682.

TRS Submission Steps: Detailed instructions for submitting the form through the TRS can be found here.

Confirmation of Submission: After submission, CASPs should ensure they receive a feedback file from the TRS in the Outgoing directory. This file will indicate either a "NO ERROR" status or detail any errors that need correction.

If errors are present, CASPs must address them and resubmit the form to achieve a "NO ERROR" confirmation.

4. Important Considerations

Timely Submission: Meeting the 19th of March 2025 deadline is crucial. Failure to comply may result in administrative penalties under section 37(5) of the CySEC Law. CySEC will not issue reminders to CASPs that fail to submit the form on time.

Data Reporting: The form should cover the reporting period from 1st of January 2024 to 31st of December 2024, using 31st of December 2024, as the reference date. All data must be reported in euros (€), rounded to the nearest unit.

Form Version: Ensure that Version 2 of the form is used for submission.

Validation Tests: Before submission, confirm that all validation tests within the form (Sections A through K and the Validation Tests Worksheet) are marked as TRUE (green color).

5. Digital Signature Requirement

A digital signature is mandatory for the successful submission of the form. After completing the required fields, CASPs should name the Excel file according to the specified naming convention:

• Username: The TRS username provided by CySEC's Authorisations department, in capital letters

• yyyymmdd: The end of the reporting period, formatted as 20241231

• RBSF-CASP: The form's code, to be included exactly as specified

• Excel Version: The file should be saved in Excel 2007 or later versions, with the ".xlsx" extension added automatically upon saving.

For more information, contact us at info@pelaghiaslaw.com. Adherence to these guidelines is essential to ensure compliance and avoid potential penalties.