According to Cyprus Mail, the Cyprus Ministry of Finance plans to impose severe penalties on cryptocurrency service providers (CSPs) that fail to register with the relevant authorities. These penalties include a fine of up to 350,000 euros and a prison sentence of up to five years, or both. The Cyprus Ministry of Finance intends to amend the current Law on the Prevention and Suppression of Money Laundering and has submitted an amendment to the Parliamentary Legal Affairs Committee. According to the amendment, every service provider using crypto assets must register with the financial regulator, the Cyprus Securities and Exchange Commission (CySEC).