CySEC has paused accepting crypto asset service provider (CASP) registration applications in anticipation of the Markets in Crypto-Assets (MiCA) regulation coming into effect in the European Union on 30 December 2023. Firms that have already submitted applications can continue operating under the same conditions as local investment firms until July 2026, CySEC said. MiCA aims to harmonize crypto regulation across the EU, establishing a single rulebook for CASPs operating in the region. The regulation will cover areas such as anti-money laundering, market abuse, and consumer protection. CySEC's decision is a significant development in the regulation of crypto assets in Cyprus. It reflects the growing recognition of the need for a comprehensive regulatory framework for the crypto industry.