Pelaghias, Christodoulou, Vrachas LLC

📢 EU AI Act – Key Provisions Applicable from 2 February 2025 The EU Artificial Intelligence Act (AI Act) begins its phased implementation, with Chapter 1 (General Provisions) and Chapter 2 (Prohibited AI Practices) becoming applicable. Key Updates: ✅ General Provisions (Articles 1-4): 📌 Defines AI regulation scope and key AI system categories. 📌 AI Literacy (Article 4): Encourages businesses, regulators, and individuals to develop AI literacy to ensure informed use and deployment of AI 📌 Establishes governance structures for AI providers, deployers, and users 🚫 Prohibited AI Practices (Article 5): ❌ Subliminal manipulation ❌ Exploitation of vulnerabilities ❌ Social scoring ❌ Real-time biometric surveillance in public spaces ❌ Predictive policing based solely on profiling 📅 What’s Next? This marks the beginning of AI regulation enforcement in the EU. The next phase in 2026 will bring stricter high-risk AI obligations. For more detailed info, navigate to the publication & link below⬇️ 🔗 https://lnkd.in/dMUzeqq4 #AI #Regulation #EUAIACT #Compliance #AIethics #GeneralProvisions #ProhibitedAIPractices #AILawyers

📢 How Urgent is a MiCA License for Crypto Businesses? With the Markets in Crypto-Assets Regulation (#MiCA) officially in effect, Crypto Asset Service Providers (#CASPs) across EU are navigating a rapidly shifting regulatory landscape. CASPs licensed in an EU country before 30th of December 2024, can benefit from national transition periods ranging from approximately 5 to 18 months. ❓ However, the critical question arises: Should CASPs strategically choose jurisdictions with longer transition periods to delay compliance? The reality is quite the opposite—CASPs are accelerating efforts to obtain MiCA licenses. 📖 This urgency stems not just from the enhanced credibility and trust that regulation brings, but from the fundamental need to sustain and grow their businesses: Transition periods are limited to national boundaries. CASPs without existing licenses in certain EU member states are restricted to operating under reverse solicitation rules, which limit their ability to onboard and serve clients. Strict European Securities and Markets Authority (ESMA) guidelines on reverse solicitation impose significant constraints, including limitations on #marketing, client communications, and services for both new and existing customers. This creates an unsustainable operating environment for unlicensed CASPs. 💡 The takeaway is clear: A MiCA license is not just a regulatory requirement; it is a business imperative. Without it, CASPs face restricted growth and diminished market access within the EU. By securing a license, they gain the ability to operate seamlessly across all 30 EEA countries. 🔎 For CASPs, the priority is evident: Compliance must be swift to remain competitive in the evolving EU crypto market. 🔗 https://lnkd.in/dk4H__xR #MiCA #CryptoRegulation #EUCompliance #CASPs #CryptoBusiness #DigitalAssets #Cyprus

📢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