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Tuesday, March 28, 2023

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations – According to a government official, Cyprus has created its own law to regulate crypto assets and is inclined to adopt it before Europe completes a common regulatory framework. He stated that the authorities in Nicosia support the careful use of cryptocurrency.

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According to the European Innovation Scoreboard, Cyprus has an enviable position in the EU whenever it comes to innovation, with the second-best performance last year, according to the country’s Deputy Minister for Research, Innovation, and Digital Policy Kyriacos Kokkinos. Entrepreneurship, digital assets, and financial technology were all discussed at the event.

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The minister walked a delicate line between welcoming innovation and adhering to legislation while commenting on the future of digital assets in Cyprus, including cryptocurrency, the Cyprus Mail reported on Thursday. Kokkinos elaborated as quoted by the English-language daily newspaper:

“I can tell you that Cyprus embraces the usage of digital and crypto assets, but we must nevertheless exercise caution and respect not only existing regulations, but also the absence thereof.”

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Malta’s regulatory environment attracted numerous crypto startups and investors, but it also led to heightened scrutiny and probes into some of its enterprises and banking institutions, according to the government representative. “Because we are a member state, we must be careful of the European Union’s frameworks,” Kokkinos stressed.

The deputy minister went on to say that the Cypriot government has already written a very appealing bill on crypto assets.  He noted that the legislation has already been published and that interested parties can evaluate it. In addition, the executive branch has hired a New York-based firm to help the island nation implement the regulations.

Also Read: Public Consultations Reveal Positive Interest in Bank of Israel’s Digital Shekel

“Our problem isn’t being in line with the EU; it’s the choice between waiting for the ECB to finish their own regulatory framework or going alone,” Kyriacos Kokkinos noted. “My response is that we will go at it alone while adhering to the rules,” he added.

The deputy minister recognized that there are certain obstacles, such as differences between the government and the Cyprus Central Bank.

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