By Nathan Ferguson
The government official mentioned that autonomous legislation has been drafted and established by Cyprus to cover crypto assets along with potentially adopting it in advance of the finalization of the uniform regulatory instructions. The Deputy Minister of Research, Innovation, and Digital Policy, Kyriacos Kokkinos, declared this at a Larnaca conference with the native fintech community.
The conference was conducted on the behalf of Kendris (a consulting business in Switzerland) which possesses offices in different countries, taking into account Cyprus. Kokkinos commented that the focus of Cyprus on research brought out victories in the respective discipline, however, the country also learned a few lessons in this way.
Cyprus to back crypto utilization
As per the report from Cyprus Mail on Thursday, when Kokkinos discussed the digital assets’ future in Cyprus, taking into account crypto, he drew a strict demarcation between opening hands for innovation as well as abiding by the legislation. Cited in an English-language newspaper, Kokkinos explained that he can verify that the utilization of crypto and digital assets is supported by Cyprus, nonetheless, they ought to be very careful as well as regard the legislation existing at present, nevertheless, also the lack of restrictions.
As the island-based country was a participant of the EU (European Union), Kokkinos highlighted the requirement for judiciousness. He noticed that no carefulness was shown by it whether it allied with Europe or not. Rather, he said that the country decided to determine whether it should hold on to see if ECB constructs an autonomous regulatory agenda or if it should move ahead on its own. As per him, they will do this independently while valuing the rules.
Assessing the operations of crypto
The publication of the legislation has been carried out and the willing entities are persuaded to assess it, as mentioned on the behalf of the deputy minister. The Cyprus government additionally welcomed a New York-based firm to help with the legislation’s application. In the case of the banking industry in general, a relatively pessimistic picture was drawn by Kokkinos, lamenting the conservative attitude taken on the behalf of the commercial banks after the financial crisis of 2013.
In his words, banks should have an additionally accommodating strategy for individuals and firms pursuing to organize businesses within Cyprus. He moved on to note that though they have progressed during the recent 18 months, a room still exists for improvement.