The Greek Cypriot administration is working on its own legislation to regulate crypto assets. The bill may be adopted before a common regulatory framework of the European Union (EU) is finalised.
The country’s Deputy Minister of Research, Innovation and Digital Policy, who attended the event organized by the local fintech community Kyriacos Kokkinos, He made statements about the regulation of crypto assets.
On the future of digital assets in Cyprus, including cryptocurrencies, the Minister said:that they walk a fine line between adopting innovation and complying with the law” told.
I can say that Cyprus welcomes the use of digital and crypto assets. But we still need to be very careful and respect not only existing regulations, but also the absence of any regulation.
Because they are member states Paying attention to EU frameworks Emphasizing the need for a new law, the deputy minister explained that the government has already prepared “a very attractive bill on crypto assets.” Stating that the legislation has been published and those concerned can review it, Kokkinos said that the executive power can assist in the implementation of the regulations. He commissioned a New York-based firm. told.
About the regulation of crypto assets that they are not trying to be compatible with the EU however of the European Central Bank (ECB) Expressing that they are in a dilemma about acting alone, waiting for it to complete its regulatory framework, Kokkinos said:
My answer is that we must act alone, respecting the rules.
said.
The Deputy Minister also Central Bank of Cyprus (CBC) He noted that there are some disagreements between the two companies over the regulation of crypto-assets.
We must remember that the CBC is subordinate to the ECB and central banks tend to be conservative, so our job is to challenge them through the discussions we have with them.