Cyprus has prepared its own legislation to regulate crypto assets and may implement it before a common regulatory framework is finalized in Europe. According to the European Innovation Scoreboard, Cyprus has an enviable position in the EU in terms of innovation, ranking second in progress last year, Kyriacos Kokkinos, Cyprus’ Undersecretary for Research, Innovation and Digital Policy, told a meeting with the local fintech community.
The theme of the event is digital assets, entrepreneurship and financial technology. The deputy minister then revealed that the Cypriot government has drafted a very attractive bill on crypto assets. He noted that the bill has been published and can be reviewed by interested parties.
The deputy minister acknowledged certain challenges, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We have to remember that the CBC is at the mercy of the European Central Bank, which tends to be conservative, so our job is to challenge them by having a debate with them.”