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October 16, 2017

Question:Is Cryptocurrency trading included in MiFID regulated activities?

Answer:

According to CySEC:

Trading in such products is not covered by MiFID and therefore falls outside the scope of the CIFs’ MiFID regulated activities.

In this case, the “such product” includes “virtual currencies and/or CFDs relating to virtual currencies in relation to these products”.

Regarding to virtual currencies(Cryptocurrencies), there is no regulatory framework nor coverage by MiFID.

CySEC also mentions that traders of Cryptocurrencies have no rights to report to the Cyprus Financial Ombudsman in case of a dispute with their brokers either.

We assume that new regulatory framework to be introduced in the future.

*The information above is according to the document published by CySEC on October 13th. There may be updates made on the matter.

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