Security Alert
On 10 April 2025, law 5193/2025 on strengthening of capital markets and other provisions (Law 5193/2025) was passed before the Hellenic Parliament. Chapter C of Law 5193/2025 finally adopts the provisions supplementing Regulation 2023/1114 on Markets in Crypto Assets Regulations (MiCAR) and of Regulation 2023/1113 on Transfer of Funds Regulation II (TFR II). Now, crypto-asset service providers may validly commence offering their services in Greece under MiCAR.
MiCAR fully applicable
MiCAR, directly applicable throughout EU member states, sets the applicable EU legal framework governing the offer to the public and admission to trading of crypto-assets and the provision of crypto-asset services by crypto-asset service providers, as well as the prevention of market abuse relating to crypto-assets.
Although MiCAR was fully entered into force as of 30 December 2024 (with the exemption of the provisions of Title III on asset-referenced tokens (ARTs) and Title IV on electronic money tokens (EMTs) which were applicable as of 30 June 2024), the adoption of Law 5193/2025 was the missing piece in the jigsaw of the implementation of MiCAR provisions in Greece. It is also anticipated that new tax provisions on crypto-assets will follow in the course of this year.
Pursuant to Law 5193/2025, any entity having its registered seat in Greece that engages in the provision of crypto-asset services, the issuance of EMTs, issuance of ARTs and the offering to public of crypto assets other than EMTs and ARTs, must comply with MiCAR and Law 5193/2025.
Key provisions of Law 5193/2025
Authorisation
Entities that have their registered seat in Greece and:
provide crypto-asset services (in accordance with Title V of MiCAR); or
issue ARTs (in accordance with Title III of MiCAR)
must be established as sociétés anonymes and authorised by the Hellenic Capital Market Commission (HCMC) according to MiCAR and Law 5193/2025.
If, however, the above activities are provided by entities subject to authorisation and supervision by the Bank of Greece (BoG), i.e. credit institutions, payment institutions or e-money institutions, such entities will be further authorised by the BoG for the above activities. Credit institutions and e-money institutions are entitled to issue EMTs in accordance with Title IV of MiCAR.
Designation of competent authorities
The HCMC and, in specific cases, the BoG are designated as competent authorities for overseeing the application and implementation of the provisions of MiCAR in Greece (depending on the activities offered and the type of service providers). The HCMC will be exclusively responsible for overseeing of compliance with market abuse provisions.
The below table summarises the supervised entities and activities falling within the supervision of the HCMC or the BoG (as the case may be) under MiCAR:
Administrative and criminal sanctions
The HCMC and the BoG are granted with the necessary supervisory and investigation powers (including on-site inspections) as per article 94 of MiCAR and may impose administrative sanctions (including fines).
Any natural person, who intentionally engages in the provision of crypto-asset services, in a professional capacity, without being properly licensed, will be subject to criminal sanctions (i.e. imprisonment of at least one year). This applies also to directors/managers of legal entities.
AML and other provisions
TFR II is also supplemented by Law 5193/2025, which amends Greek law 4557/2018, as amended (AML Law), transposing AMLD 4 and AMLD 5 in Greece. Crypto-asset service providers are included in the definition of financial institutions that are “obliged persons” within the meaning of the AML Law.
New articles of enhanced due diligence measures are added in relation to risks associated with transfers of crypto-assets directed to or originating from a self-hosted address and cross-border correspondent relationships involving the execution of crypto-asset services. A central contact point may need to be appointed in Greece by crypto-asset service providers established in Greece in a form other than a branch.
Other sectorial laws (such as Greek law 4261/2014, law 4990/2022 etc) are adjusted to include crypto-asset services and their providers (as the case may be).
Grandfathering period for VASPs
The Greek legislator exercised the discretion for the provision of grandfathering period in relation to virtual-asset service providers (VASPs) under AMLD 5 (namely providers engaged in exchange services between virtual currencies and fiat currencies and custodian wallet providers), who were registered with the VASPs registry of the HCMC until 27 December 2024.
Such VASPs are entitled to continue their operations under the previous regime of the AML Law until 31 December 2025 or until the granting or refusal of granting a licence by the HCMC or the EU competent authority or the respective expiration date of the period provided in the relevant member state where they have their registered seat (whichever date is earlier).
Next steps
Now, crypto-asset service providers can commence the procedure to seek authorisation from the Greek competent authorities (in case they have their registered seat in Greece) or submit the EU passport notifications for the cross-border provision of services in Greece in accordance with the delegated acts already issued.