Kyriacos Kokkinos, Deputy Minister of Research, Innovation and Digital Policy of Southern Cyprus, at a meeting with the local fintech community cryptocurrencies made statements about
“We Should Be Careful About the Lack of Regulation”
According to the news of Cyprus Mail, the Minister drew a fine line between promoting technology and complying with the law when commenting on the future of crypto assets in Southern Cyprus:
“I would say that Southern Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and pay attention not only to the regulations currently in effect, but also to the absence of any regulation.”
While referring to Malta, the government official said that this country’s regulatory framework has attracted many cryptocurrency-centric companies and investors. He also said that it has led to increased investigations and scrutiny by various companies and banking institutions:
“As we are a member state, we must pay attention to the regulatory frameworks of the European Union.”
Southern Cyprus Claims To Have A ‘Very Attractive’ Cryptocurrency Law
According to the minister, a “very attractive” draft law has been prepared by the Southern Cyprus government. The minister also said that interested parties could examine the bill. He also noted that the government has commissioned a well-known firm from New York to assist in the preparation and implementation of the framework.
The deputy minister continued his crypto money statements as follows:
“Our problem is not to align with the EU, but to wait for the ECB to complete its regulatory framework or go on our own. The first scenario also includes the possibility that this framework is overregulated.”
*Not investment advice.