Greece introduces new licensing system for crypto companies

Key points:

• Greece has tightened regulations on cryptoc companies as part of the implementation of MiCA rules.
• The requirement applies equally to international players, who must adapt to the new regulatory framework.

Greece has introduced a new licensing system for companies offering cryptocurrency-related services as part of the implementation of MiCa rules. Under the new rules, all crypto companies, including exchanges and digital wallet operators, will be required to obtain licenses from the Hellenic Capital Market Commission (HCMC) before they can start providing services to customers. This move, coordinated by the Ministry of Finance and the HCMC, reflects Greece’s desire to comply with EU legislation while countering the growing risks associated with tax evasion and financial crime.

Requirements for crypto companies in Greece are in accordance with the updated regulatory framework

The licensing procedure begins with a preliminary meeting in Hellenic Capital Market Commission (HCMC). Applicants must then submit a complete dossier, including a detailed business plan, disclosure of information about shareholders and management, and mechanisms for protecting client funds.

If the application is not complete, it will be returned for revision. The final decision — approval or rejection — will be made within forty business days. Platforms that do not obtain a license will be prohibited from working with customers. This requirement applies equally to international players, which means that large exchanges such as Binance or OKX must adapt to the new regulatory framework in order to continue operating in Greece.

Link between supervision and tax and AML control

The licensing system is expected to be combined with stricter supervision aimed at combating money laundering and tax evasion. Both the Anti-Money Laundering Authority (AML) and the Independent Authority for Public Revenue (IAPR) will have the power to monitor capital flows. In the event of suspicious activity, authorities may initiate asset tracing, source of funds checks, and even the freezing of digital assets.