Article 60 Notifications: Fast-Track Route for Regulated Entities

Not every firm wishing to offer crypto-asset services in Cyprus needs to go through a full CASP authorisation from scratch. MiCA provides a simplified route, under Article 60, for certain categories of already-regulated financial entities to extend their existing authorisation to cover crypto-asset services.

Who Can Use This Route

Entities such as Cyprus Investment Firms (CIFs), credit institutions, UCITS management companies and Alternative Investment Fund Managers (AIFMs) that are already authorised under existing EU financial services law can notify CySEC of their intention to provide crypto-asset services equivalent to those they are already authorised to provide, rather than applying for authorisation as a standalone CASP.

How the Notification Works

CySEC issued Circular C648 inviting eligible regulated entities to express their intent through a detailed questionnaire, and requires notifying firms to submit information including their organisational and group structure and an updated internal operations manual covering the intended crypto-asset activities. CySEC Form 1-MiCAR is the standard notification form used for this purpose.

Benefits of the Simplified Route

For firms that already hold a CIF or similar licence, this route can offer a faster and less resource-intensive path to offering crypto-asset services, since it builds on an existing authorisation and supervisory relationship with CySEC rather than requiring an entirely new application.

Limitations to Keep in Mind

The notification route is only available for services equivalent to those the entity is already authorised to provide. Firms wishing to offer additional crypto-specific services outside that scope, such as custody where they were not previously authorised for safekeeping services, may still need a fuller authorisation.

Enalian advises crypto-asset businesses, investment firms and payment institutions on MiCA authorisation, notification and ongoing compliance in Cyprus. If you are planning a CASP application or reviewing your regulatory status, our team can guide you through the process. Get in touch with our team to discuss your specific circumstances.

This article is provided for general informational purposes only and does not constitute legal, tax or regulatory advice. Regulatory requirements are subject to change; readers should seek specific advice on their circumstances before taking action.