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The Government of Cyprus has laid down its own digital assets laws to administer cryptocurrency transactions. It is very likely Cyprus could adopt the new bill before the EU reaches a consensus regarding its own regulatory structure.
Kyriacos Kokkinos, an official of the Cyprus government, shared this information in a fintech meeting at Larnaca.
Government Supports Crypto Usage
Also a member of the European Union, Cyprus has a reputable position in the consortium when it comes to innovation. Just last year, they were second on the European Innovation Scoreboard for most progress made.
Kokkinos, the deputy minister in charge of research, innovation, and digital policy, went on to say that the government’s attitude towards crypto is favorable. They are just keen on cautious adherence to laid down laws.
A daily publication, the Cyprus mail, quoted him as saying that Cyprus supports the management of crypto and digital assets. They only emphasize respecting the current legislation and the absence of restrictions.
New Laws Still in Contemplation
At the fintech meeting held in Larnaca, Kokkinos made a speech concerning these new developments. He explained that the question of passing the prepared laws before the EU completes its common regulatory structure is one they need to address immediately. This is because as a member state of the international organization, they are subject to its laws and guidelines. The Cyprus government would have to be careful to not be in the crosshairs of the European Union.
To emphasize the need for Cyprus’ own native laws, the Deputy cited Malta’s regulatory guidelines which attracted more investors and businesses as an example. Although Malta’s move consequently attracted scrutiny to its banking and financial institutions. He explained that if that would happen to Cyprus, it would have to be compliant with every laid down down-regulation.
However, he continued that the drafted Crypto and Digital assets Bill was quite attractive, and has been promptly released to the public. Kokkinos lastly revealed that the government involved a New-York based company to assist in the administration of the new laws.