• February 28, 2024

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Cyprus Keeps Developing its Crypto Regulation

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Last year Cyprus ranked second in innovation according to the European Innovation Scoreboard.

Kyriacos Kokkinos, Deputy Minister for Research, Innovation and Digital Policy of Cyprus, has talked about the future of digital assets in Cyprus, including cryptocurrencies, at a meeting with the local fintech community. He has said:

“I can tell you that Cyprus welcomes the use of digital and crypto-assets, but we still have to be very careful and respect not only the current regulations but also the lack of any regulations.”

The official then said the Cyprus government has already prepared a “very attractive bill on crypto-assets. It has already been published and interested parties can view it. He has added:

“The dilemma is not whether to wait for the ECB to finalize the regulatory framework or to go it alone, while the first scenario also implies the possibility of over-regulation of the institution. My answer is that we will act on our own, respecting the rules.”