Cyprus Prepares Regulation for Cryptos
Cyprus seems to prepare his regulatory framework for use and hold cryptos and it’s possible to adopt it before EU votes a general framework for every country.
The Deputy Minister for Research, Innovation and Digital Policy Kyriakos Kokkinos stated that Cyprus is on the 2nd spot in EU regarding new innovation adoption and among them are cryptocurrencies.
Cyprus aims to follow Malta’s example, where the regulatory framework have attracted many companies in the space and have allowed the banking sector to grow even more.
The problem wouldn’t be the alignment with EU directives in the future but if ECB would be the first to issue guidance rules regarding cryptos. Governments should push higher regulatory bodies to move into bigger innovations from time to time.