Cyprus has its own legislation to regulate crypto assets, and government officials say Europe is likely to adopt it before it completes a common regulatory framework. Nicosia’s authorities welcome the “careful” use of cryptocurrencies, he added.
Cyprus government submits “attractive” crypto bill
Cyprus is in an “envious position” in the EU when it comes to innovation, making the second best progress last year. According to the European Innovation Scoreboard, Cyprus’ Deputy Minister for Research, Innovation and Digital Policy is the local fintech community. The event was dedicated to digital assets, entrepreneurship and financial technology.
Commenting on the future of Cyprus’ digital assets, including cryptocurrencies, the minister has walked a delicate line between embracing innovation and having to pay attention to the law, Cyprus mail wrote in a Thursday report. rice field. According to the English daily, Kokkinos details:
Although Cyprus welcomes the use of digital and crypto assets, it is still necessary to pay close attention to and respect the lack of regulations, not just the ones currently in force.
Government representatives gave an example in Malta. The witch’s regulatory framework has attracted many crypto companies and investors, but it has also led to increased oversight and investigation of some of their companies and banking institutions. “We have to be careful Framework We are members of the European Union because we are members, “he emphasized.
Later, the Deputy Minister revealed that the Cyprus government had already drafted a “very attractive bill on crypto assets.” He pointed out that the bill has been published and stakeholders can consider it. The executive branch has also outsourced to a New York-based company to assist the island nation in implementing regulations.
“Our challenge is not in line with the EU. It’s about the dilemma of waiting for the ECB to complete its own regulatory framework or whether we proceed alone. The former scenario is It also includes the possibility that the framework will be over-regulated, “said Kiriacos Coccinos. “My answer is to work alone, respecting the rules,” he added.
The Deputy Minister acknowledged that there are certain challenges, including some discrepancies between the government and the Central Bank of Cyprus (CBC). “It should be remembered that the CBC is the subject of the ECB and central banks tend to be conservative, so our job is to challenge them through discussions with them,” he said. Told the audience at an event held in Larnaca.
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