Regulatory framework for the blockchain industry and cryptomonades

Regulatory framework for the blockchain industry and cryptomonades

Cypriot Finance Minister Harris Georgiades said the government will implement a new regulatory framework for the blockchain and cryptomonas industry this year. He also argued that blockchain technology is a new technological revolution closely linked to the internet. His statements were published by the local Financial Mirror news site.

A plan to stimulate digital innovation in Cyprus

Speaker of the House of Representatives, Demetris Syllouris, also praised the usefulness of blockchain technology:

“It is expected that the full implementation of this technology in the public and private sector will radically change the structures of modern society, how it is organized and its functioning.”

Syllouris said that the national strategy will help boost digital innovation in Cyprus. Such a regulatory framework will be created for the necessary blockchain industry and an action plan to implement DLT technology across multiple industries.

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Pilot programs to be implemented at national level will involve the Department of Customs and Beekeeping. The Department of Taxes and the National Authority for Gambling and Betting, as well as the Department for Land and Cadastre.

Extension of AML legislation to cryptomonas industry

The Cyprus Securities and Exchange Commission (CySEC) also proposed extending the AML legislation to cryptomonas industry. In particular, the Agency wishes to adopt the EU’s fifth AML Directive in the form of a law.

This would be extended to include cryptomontage trading and the provision of services associated with digital assets.

Cyprus is one of the seven EU countries that last year signed a request for assistance in promoting the use of DLT in the region.


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