Cyprus aims to become a global crypto hub with a new bill. The Distributed Ledger Technology Bill is undergoing legal review after a public comment period. Officials are weighing the implications of adopting a policy before the EU publishes its framework.
Cyprus is considering an “umbrella”cryptocurrency bill to make the island a top destination for digital asset innovators and companies, Blockworks reports. The Distributed Ledger Technology Bill was published for public comment in 2021 and is currently undergoing legal review, said Kyriacos Kokkinos, Cyprus’ deputy minister to the president for research, innovation and digital policy. It aims to clarify policies regarding the digital asset industry and amend existing relevant laws.
“What we see as an opportunity for Cyprus and what we’re working on is to develop a new pillar of our economy,” Kokkinos said. “Through focusing on the technology sector, especially on new and disruptive technologies, like fintech and blockchain, we aim to build a new pillar of the economy that will give economic competitiveness and social prosperity.”
Discussions are ongoing over whether the country should enact its own legislation before the European Union publishes its own policy, Kokkinos said. “Because we are members of the European Union, we will have to be very careful,” he said. “We don’t want to run ahead and regulate something then the European Union comes forward in a year with a different point of view.”
Cyprus lawmakers are in close contact with EU officials to properly coordinate their own policies. “We are fully aware of our small size, so the name of the game is collaboration with our neighboring countries, especially Greece, Israel and other geographies in the Middle East, so that we can complement each other,” Kokkinos said.
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