Pelaghias, Christodoulou, Vrachas LLC

📢DOUBLE TAX TREATY BETWEEN CYPRUS AND OMAN A new agreement for the avoidance of double taxation between Cyprus and Oman was formalised on the 8th of December 2024, and subsequently published in the Official Gazette on the 13th of December 2024. The provisions of this Agreement came into force on the 1st of January 2025 following the completion of the ratification process by both nations. 🔗 https://lnkd.in/dkzDXiWZ

📢 THE DIGITAL OPERATIONAL RESILIENCE ACT (DORA): A COMPREHENSIVE GUIDE FOR FINANCIAL ENTITIES The Digital Operational Resilience Act (DORA) represents a pivotal regulatory step in the European Union’s approach to enhancing the resilience of financial entities against Information and Communication Technology (ICT) risks. Officially adopted as Regulation (EU) 2022/2554, DORA establishes a comprehensive framework to ensure that financial institutions can maintain critical operations even in the face of severe ICT disruptions. This regulation, coming into force on 17 January 2025, aligns with the EU’s broader agenda of financial stability and consumer protection in the digital era. 🔗 https://lnkd.in/dTvaijZr ☎️ For more information on how we can assist you in navigating your compliance needs under DORA, including tailored strategies for ICT risk management, incident reporting, and resilience testing, please do not hesitate to contact us at info@pelaghiaslaw.com.

📢 Key Updates on AI Regulation: EU Faces Challenges, Korea Takes Bold Steps ➡️ EU Publishes Second Draft of AI Code of Practice ➡️ MEPs Push for Improved Consultation ➡️ EU Faces Narrative and Enforcement Challenges ➡️ Korea Passes Second Comprehensive AI Law 🔗 https://lnkd.in/di7D5Q7f ☎️ For tailored advice or assistance in navigating EU AI's ACT requirements, please do not hesitate to contact us at info@pelaghiaslaw.com

📢MARKETS IN CRYPTOASSETS (MiCA) REGULATION IS OFFICIALLY LIVE As of 30 December 2024, the Markets in Cryptoassets Regulation (MiCA) has officially come into force across the European Union. MiCA represents a landmark regulatory framework designed to foster innovation and ensure robust consumer protection in the rapidly evolving cryptoasset market. Below, we provide an overview of MiCA, its implications for stakeholders, and the steps required for compliance. 🔗 https://lnkd.in/dFmZ39PV ☎️ For tailored advice or assistance in navigating MiCA’s requirements, please do not hesitate to contact us at info@pelaghiaslaw.com

🎄 Merry Christmas and Happy New Year from all of us at Pelaghias, Christodoulou, Vrachas LLC ! As we reflect on 2024, we are grateful for your trust and collaboration. Here’s to a joyful holiday season and a prosperous 2025 filled with success and new opportunities. Wishing you and your loved ones health, happiness, love and peace 🌟

📢 GPDR & DATA PROCESSORS | RESPONSIBILITIES AND LIABILITIES Since its enforcement in 2018, the General Data Protection Regulation (GDPR) has transformed data protection standards across the EU, establishing a framework that holds both data controllers and processors accountable. Previously, compliance responsibilities primarily rested with data controllers. However, GDPR introduced direct obligations for processors, making them liable for non-compliance and subject to potential fines or penalties. 📧 If you have any questions or require further clarification, please do not hesitate to contact us at info@pelaghiaslaw.com. 🔗 https://lnkd.in/dQ6UCGqq

The European Securities and Markets Authority (ESMA) has released its final set of regulatory technical standards and guidelines ahead of the Markets in Crypto-Assets Regulation (MiCA) taking full effect on 30 December 2024. This milestone marks a transformative moment for the EU's crypto market, establishing its first-ever comprehensive regulatory framework. 📜 Key Updates from ESMA: ➡️ Market Abuse Standards: Clear processes to detect and prevent market abuse in crypto-assets, including cross-border cooperation ➡️ Reverse Solicitation Guidance: Reinforces strict limitations to avoid circumvention of MiCA’s rules ➡️ Suitability Standards: Ensures CASPs offering advice align with MiFID II requirements for investor protection ➡️ Crypto-Asset Transfer Services: Enhanced policies for secure and investor-protective transfers ➡️ Qualification as Financial Instruments: Defines conditions distinguishing cryptoassets under MiCA versus other frameworks like MiFID II. Operational Resilience: Streamlined ICT risk management protocols for offerors outside MiCA's direct scope. 🔜 What’s Next? As MiCA’s implementation period progresses, collaboration between ESMA, NCAs, and market participants will ensure smooth adoption. This is a pivotal opportunity for businesses to align with regulatory standards and foster trust in the evolving cryptoasset landscape. 💡 Call to Action: If you are navigating MiCA's requirements or fostering compliance, now is the time to act. Let’s discuss how to position your business for success under this groundbreaking framework. For more info, please contact info@pelaghiaslaw.com #MiCA #CryptoRegulation #ESMA #CryptoAssets #InvestorProtection #Compliance #DigitalInnovation

📢 AMENDMENTS OF PENALTIES FOR LATE UBO SUBMISSIONS The amendment publication of the Law 141(I)/2024 introduces significant changes to the obligations related to the reporting of ultimate beneficial owners (UBOs) for companies, legal entities, and trusts. These changes are designed to ease the regulatory burden on businesses while maintaining transparency and accountability standards. 💡 Implications and Recommended Actions for You ⬇️ Review and Update Your Records: Ensure that all Beneficial Ownership information in the Register is accurate and up to date Stay Informed: Stay vigilant and promptly address any correspondence or notifications from the Registrar of Companies to mitigate the risk of penalties or potential removal from the Register Seek Professional Assistance: Should you encounter compliance challenges, such as fines or discrepancies, our team is available to assist with objections, corrections, and penalty revocation processes For more information, please do not hesitate to contact us at info@pelaghiaslaw.com

📢 Cryptoasset Service Providers (CASPs) in Cyprus: Complying with the Markets in Cryptoassets Regulation (MiCA) With the full implementation of the Markets in Crypto-Assets (MiCA) Regulation on 30 December 2024, the regulatory landscape for #CASPs across the #EU will undergo a transformative shift. #Cyprus stands out as a premier jurisdiction for compliance and operational setup under #MiCA. Renowned for its robust yet business-friendly regulatory framework, Cyprus offers a well-established infrastructure tailored to the needs of CASPs, supported by a highly skilled legal and financial services sector. CySEC - Cyprus Securities and Exchange Commission has consistently demonstrated a proactive approach in adopting EU regulatory requirements, ensuring a seamless transition into MiCA compliance. 💡 Choosing Cyprus not only ensures alignment with MiCA’s stringent standards but also positions CASPs to thrive in a compliant and supportive environment within the single EU market. #Cyprus #CASPs #EU #MiCA #Deadline

🤖 Insights and Innovation at the Cyprus Fintech Summit 2024 Today, I had the privilege of attending the Cyprus Fintech Summit 2024 at Crowne Plaza in Limassol. The event brought together industry leaders, innovators, and visionaries to discuss the future of fintech and AI-powered solutions. As a qualified Lawyer and Head of Tech and AI at Pelaghias, Christodoulou, Vrachas LLC, I’m particularly passionate about the intersection of technology and regulation. The discussions highlighted the critical role of legal frameworks in fostering innovation while ensuring compliance and trust in rapidly evolving financial ecosystems. The insights gained today will undoubtedly shape the way we approach the challenges and opportunities in the fintech space. A big thank you to the organisers XValley Technologies and speakers for making this event a hub of knowledge and collaboration. Let’s keep the conversation going! Feel free to share your thoughts or connect to explore the synergies between law, technology, AI and finance. #Fintech #AI #Innovation #LawAndTech #CyprusFintechSummit