A decision of the Capital Market Commission stipulates the step-by-step process that cryptocurrency service providers who wish to obtain the relevant license and operate in Greece must follow.
This practically means that any platform that obtains a license will follow Greek rules, while those that do not receive the approval of the Capital Market Commission (CMC) will not be able to address Greek customers.
More specifically, the CMC stipulates that the company must submit an application for a Crypto-Asset Service Provider (CASP) license and undergo a pre-screening through a preliminary meeting. This meeting helps to better prepare and submit the license application while enhancing mutual understanding of important operating issues of the provider.
The preliminary meeting does not replace the formal evaluation of the license application.
To schedule the initial evaluation, the applicant must send a relevant request for a preliminary meeting to the Capital Market Commission’s [email protected] email address.
The applicant submits an application for a license accompanied by the supporting documents by completing the application form for a license for a crypto-asset service provider (CASP) (The questionnaires are posted on the EC website).
Within five (5) working days from the submission of the application, the EC confirms in writing to the applicant its receipt. Within twenty-five (25) working days from the receipt of the application, the EC assesses the application and the information in the dossier.
If the application is not complete, the EC informs the applicant-candidate crypto-asset service provider (CASP) and sets a relevant deadline for its completion, which may not exceed 20 days.
Once the application is complete, the EC immediately informs the applicant crypto-asset service provider accordingly. Within forty (40) working days of receipt of the complete application, the EC evaluates the application and the documents and proceeds with a reasoned decision to grant or refuse the license. Then, it notifies the applicant.
In the coming weeks, the findings of the working committee on the taxation of cryptocurrencies are expected to be delivered to the Minister of National Economy and Finance.
