Cyprus is in yet another infringement procedure by the European Commission, as the Commission decided to send a letter of formal notice for the incomplete transposition into national law of Directive (EU) 2023/2226, which concerns tax transparency and the exchange of information on crypto-assets. In addition to Cyprus, letters of formal notice are also being sent to 11 other Member States: Belgium, Bulgaria, Czech Republic, Estonia, Greece, Spain, Luxembourg, Malta, the Netherlands, Poland and Portugal.