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Crypto Banking
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Cyprus · CASP
Crypto banking for crypto-asset service providers authorised by CySEC
Until July 2026 a Cyprus crypto firm could operate from a place on CySEC's AML register. That register now counts for nothing: only a MiCA authorisation, or a notification by a firm CySEC already licenses, lets you serve clients. The platform you run has to stand up to that level of review.
- One ledger for client crypto and euro
- Liquidity through Kraken
- Stablecoin transfers mapped for payment rules
- ICT and DORA sections for your CySEC file
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What you can offer under a CySEC CASP authorisation
Custody and administration
Each client gets crypto accounts with deposit addresses. Keys sit with the custody provider you contract, and your firm answers to CySEC for them.
Buy and sell against euro
Clients exchange crypto for euro or for another coin at a price and fee they see before they confirm, with liquidity from a connected provider.
Stablecoin wallets with a payment licence alongside
If you hold or move e-money tokens for clients, the platform keeps those flows apart so they can run under your own payment licence or through a payment service provider you partner with.
Euro accounts next to crypto
IBAN accounts from your banking partner with SEPA and SWIFT, on the same ledger as each client's crypto positions.
Crypto services for an investment firm's clients
A Cyprus Investment Firm that notifies CySEC under Article 60 of MiCA can add crypto accounts for existing clients without building a second back office.
Clients across the EEA
After authorisation, passport your services to other member states and serve them from the same environment.
What this licence does not cover
- Serving clients on the strength of a CySEC CASP registration. The transition for registered firms ended on 1 July 2026.
- Issuing your own e-money tokens. That needs authorisation as a credit institution or an e-money institution.
- Custody or transfers of e-money tokens without payment authorisation or a payment service provider partner, now that the EBA's transition to 1 March 2026 has passed.
What the regulator asks about your IT
Each requirement, what the platform gives you for it and who owns it after launch.
Technical sections on the ICT systems, security and data flows of the platform, mapped to the headings the standards ask for.
You, with our inputClient positions kept on ledger accounts separate from the firm's own, with exports to reconcile against custody wallets.
Your operations team, on platform dataThe euro owed to each client shown per account, ready to match against your client money account.
Your finance team, on platform dataE-money token wallets and transfers flagged separately, so they can sit under a payment licence or a partner's licence.
You, with your lawyersOriginator and beneficiary data captured at onboarding and on each transfer, exchanged through a connected Travel Rule provider.
Your compliance officerArchitecture, hosting, subcontractors, access roles, backups and incident handling described for your policy and register.
You, with our inputExports of every client's crypto and euro positions, and a description of how accounts can be closed or moved.
You, with our input
Payment rails and providers
Rails your customers can use
SEPASEPA InstantSWIFTOn-chain transfersInternal transfers
Kraken
Holds a MiCA authorisation from the Central Bank of Ireland that it can use across the EEA. Liquidity for your exchange service. Kraken Embed availability for Cyprus clients is not confirmed, so check with Kraken.
24/7
real-time processing, no batch window
60+
payment and provider integrations connected
150+
companies run on Crassula
15+
languages the platform speaks
Dates to plan around
Rules that change what you have to build, in the order they apply.
17 Oct 2024
CySEC stops accepting new registrations for its national CASP register. Notifications from firms registered elsewhere in the EEA close on 30 October.
13 Nov 2024
CySEC opens a preliminary assessment phase and starts taking MiCA applications and Article 60 notifications.
30 Dec 2024
MiCA applies to crypto-asset service providers, together with the Travel Rule under Regulation (EU) 2023/1113.
18 Jun 2025
Cyprus amends its AML law to fit MiCA and the Travel Rule. The provisions for the local CASP register are removed.
27 Feb 2026
Last day for registered CASPs to apply to CySEC for MiCA authorisation. Firms that do not apply must submit a wind-down plan.
1 Mar 2026
End of the EBA's suggested transition for e-money token custody and transfers. CASPs need a payment authorisation or a payment service provider partner.
1 Jul 2026
The transitional period ends. Crypto services in Cyprus now require a MiCA authorisation or an Article 60 notification.
Preparing a CySEC CASP application? Name us in your file.
CySEC reviews governance, client asset protection and ICT in depth, and many applicants come from a lighter AML registration. We bring a configured platform and write the technical parts of the file around it, so your advisers can focus on the legal and governance sections.
01
A platform you can demonstrate
A configured environment to show the regulator, not slides.
02
The technical part of your application, prepared
ICT systems, security and DORA, outsourcing, business continuity and wind-down data, written for your CySEC application.
03
Providers lined up
Liquidity through Kraken, plus banking, custody and KYC providers from our network, matched to your licence.
Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application.
A Limassol firm moving from registration to authorisation
Picture a Limassol company that was on CySEC's CASP register and filed its MiCA application before the 27 February 2026 deadline. Its stablecoin wallets were the sticking point: holding and sending e-money tokens for clients counts as a payment service under the EBA's reading of PSD2, so it agreed a partnership with a licensed payment institution rather than apply for a second licence.
We set the platform up in its brand, with Kraken liquidity and the custody provider it chose, and move client balances onto the ledger with e-money token flows routed through the partner. Its ICT and DORA sections are rewritten around the new set-up. Once CySEC authorises it, the firm notifies its passport for Greece and Germany.
Regulatory background: our MiCA CASP licence guide and the guide to the Cyprus Investment Firm licence for firms using the Article 60 route.
Read the licence guides
FAQ
Nothing on its own. The register belonged to the national AML regime, and its legal basis was removed from the Cyprus AML law in June 2025. Registered firms could keep serving clients only until 1 July 2026, or until CySEC decided on their MiCA application if that came first.
Not necessarily. An investment firm can notify CySEC under Article 60 of MiCA and offer the crypto services that match its existing investment services. Services outside that match still need a full authorisation.
CySEC's Circular C722 relays the EBA's view that custody and transfer of e-money tokens are payment services under PSD2, and that national authorities should allow until 1 March 2026 to get a payment licence or partner with a payment service provider. Exchanging crypto for money is not covered.
KPMG in Cyprus counted 12 on ESMA's interim MiCA register in June 2026, level with Ireland and behind Germany, the Netherlands, France and Malta.
Kraken holds an EEA-wide MiCA authorisation from Ireland, but we have not confirmed that Kraken Embed is offered to Cyprus clients. Ask Kraken directly before you plan around it.
The European Commission ran a consultation on reviewing MiCA from 20 May to 31 August 2026. No new rules have been proposed yet, so build for the current text and keep your policies easy to update.
