Cyprus Plans to Conduct On-Site Inspections of Cryptocurrency Storage Facilities

cryptonews.ruPubblicato 2026-08-09Pubblicato ultima volta 2026-08-09

Introduzione

The Cyprus Securities and Exchange Commission (CySEC) will conduct a series of on-site and documentary inspections of licensed Crypto-Asset Service Providers (CASPs) from the second half of 2026 to the first half of 2027. This initiative, coordinated by the European Securities and Markets Authority (ESMA) under its 2026 Common Supervisory Actions, aims to strengthen the operational resilience of digital asset custody services in Cyprus and across the EU. The audits will focus on CASPs authorized for custody, assessing their operational security, technical infrastructure maturity, and management of risks associated with distributed ledger technology. Key areas of scrutiny will include governance and control systems, private key and wallet storage security, access controls, transaction monitoring, incident response, smart contract security, and third-party risk management. CySEC stated that compliance readiness will be a factor in selecting firms for inspection. The action aligns Cyprus with broader EU supervisory priorities, which view operational resilience in digital asset custody as critical for financial stability and investor protection. This standardized enforcement framework seeks to harmonize regulatory approaches as the crypto ecosystem integrates further with traditional finance.

The Cyprus Securities and Exchange Commission (CySEC) will initiate a series of on-site and documentary inspections targeting authorized Crypto-Asset Service Providers (CASPs), as part of broader European efforts to strengthen operational resilience in the digital asset custody sector.

In a circular sent to regulated companies, CySEC Chairman George Theocharides stated that the regulator is preparing to audit a representative sample of local cryptocurrency organizations under the "Common Supervisory Action for 2026," coordinated by the European Securities and Markets Authority (ESMA).

This enforcement initiative, scheduled for the second half of 2026 through the first half of 2027, marks a significant intensification of direct regulatory oversight over crypto companies operating in Cyprus.

The inspections will focus on licensed CASPs authorized to provide digital asset custody services. Regulators aim to assess the maturity of these companies' operational security and technical infrastructure, with a particular focus on risks related to distributed ledger technology.

CySEC indicated that the supervisory checks will examine key areas of operational resilience, including governance and control systems, as well as key and wallet custody management. The regulator will also review security protocols governing the use of private keys, wallet storage, and access controls.

Other areas subject to review include transaction controls, incident monitoring and response, smart contract security, and third-party risk management.

This initiative aligns CySEC's actions with those of national competent authorities across the European Union and directly corresponds to ESMA's risk-based supervisory priorities. EU regulators have repeatedly identified operational resilience and digital asset custodians as high-risk areas crucial for financial stability and investor protection.

By establishing a standardized system for conducting on-site inspections and documentary audits, ESMA and national regulators aim to foster supervisory convergence among member states and ensure uniform security requirements as the crypto ecosystem further integrates with the traditional financial sector.

CySEC, which issued a consultation paper at the end of 2025 proposing a new prudential reporting directive for crypto-asset service providers, has warned local companies that the standards outlined in the circular are mandatory. The regulator stated that compliance readiness will serve as a starting point for selecting CASPs for the upcoming inspections.

Domande pertinenti

QWhat is the main purpose of CySEC's planned inspections of Cypriot cryptocurrency service providers?

AThe main purpose of CySEC's planned inspections is to assess and strengthen the operational resilience of authorized Crypto-Asset Service Providers (CASPs), particularly those offering custody services, focusing on their security maturity, technical infrastructure, and risk management related to distributed ledger technology.

QWhich European regulatory body is coordinating the broader supervisory measures under which CySEC is acting?

AThe European Securities and Markets Authority (ESMA) is coordinating the 'Common Supervisory Action for 2026,' under which CySEC is planning its inspections of crypto-asset service providers.

QDuring which time period is CySEC planning to conduct its enforcement initiative on CASPs?

ACySEC's enforcement initiative is planned to take place from the second half of 2026 through the first half of 2027.

QWhat are some of the specific operational areas that CySEC's inspections will focus on regarding custody services?

AThe inspections will focus on key areas such as governance and control systems, key management and storage, security protocols for private keys, wallet custody, access controls, transaction controls, incident monitoring and response, smart contract security, and third-party risk management.

QHow does CySEC's action align with the priorities of EU regulators regarding the crypto sector?

ACySEC's action aligns with EU regulators' priorities by addressing operational resilience and digital asset custody, which are identified as high-risk areas crucial for financial stability and investor protection. It also aims to harmonize supervisory approaches across member states and ensure consistent security standards.

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