CYSEC FINALISES THE INVESTMENT-BASED CROWDFUNDING RULES
The Cyprus Securities and Exchange Commission (the “CySEC”) has issued a Policy Statement setting out its finalised rules for investment-based crowdfunding which will be implemented by the way of a CySEC Directive due to be published in the official Gazette imminently.
Crowdfunding may constitute an alternative method to traditional financing via which small and medium enterprises (“SMEs”) can obtain access to financing through the issuance of transferrable securities such as shares or debt instruments. Any potential investors can access these investment opportunities through an internet-based elect...
Setting up an Electronic Money Institution in Cyprus
Licensing and supervision of Electronic Money Institutions
In Cyprus the provision of electronic payment services is regulated by the Provision and Use of Payment Services and Access to Payment Systems Law 31(I)/2018 of 2018 and the Electronic Money Law of 81(I)/2012 (the "Laws") as amended which transposed the EU Directive 2015/2366. The provision of electronic services in Cyprus can be provided by an Electronic Money Institution (the “EMI”) which has been granted an authorisation by the Central Bank of Cyprus (the “CBC”).
Electronic Payment Services:
1. Services enabling cash to be placed on a payment...