Information for obliged Entities

New legal framework

NEW AML/CFT REGULATORY FRAMEWORK FOR VASPs

From 30 December 2024 there is significant change in relation to the persons providing services related to virtual assets (hereinafter „VASPs“) who belong to one of the categories of obliged entities according to the Act No. 253/2008 on Selected Measures against Legitimisation of Proceeds of Crime and Financing of Terrorism (hereinafter „AML Act“). VASPs, as obliged entities newly stipulated by Section 2(1) b) 15. of AML Act, are classified as financial institution. It is based on the following legislation of the European Union:

Under the new rules, each VASP has to hold a license resulting from a fee-based procedure.

In case that entity intends to provide services relating to a virtual assets under the MiCA regulation, it is obliged to apply for a licence from the Czech National Bank under that regulation. The Czech National Bank will be also national competent authority with supervisory powers. More information here.

To perform business activities relating to a virtual assets, which are not covered by the MiCA regulation (i.e. crypto-assets that are unique and not fungible with other crypto-assets), the entity must obtain an authorisation from FAÚ as result of the permit procedure newly stipulated in the AML Act.

Entities providing crypto-asset services in accordance with national applicable laws before 30 December 2024 may continue to do so until 31 July 2025 or until they are granted or refused a MiCA authorisation. The same rule is applicable for FAÚ´s permission.

From 30 December 2024 all VASPs in the Czech Republic are binded by the Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (https://eur-lex.europa.eu/eli/reg/2023/1113/oj).