Officials from Cyprus presented the draft for a cryptocurrency bill to Nicosia. The EU simultaneously is creating a common legal framework across its entire territory. Interesting enough, Cyprus came second only to Stockholm in the European Innovation Scoreboard.

#Cyprus proposes legislation to #crypto assets. https://t.co/8saJBmjBke

— News (@BTCTN) May 20, 2022

Local Governments Showing Warmth

‘Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of regulations’, – says Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos. The Minister also finds it’s not easy to levitate between crypto regulations and countries that have no regulation on crypto at all.

Cyprus already has an example of neighboring Malta – the small country invited a lot of cryptocurrency and blockchain companies, but the freedom also increased scrutiny as well as criminal cases. Cyprus continues to consider whether or not they should pass their crypto bill before the EU completes the legal framework.

Kyriacos Kokkinos explains the situation: ‘We have to be careful of the frameworks of the European Union since we are a member state’. It seems that the tiny country wants to lead in innovative technology. That being said, it wouldn’t be a big surprise to see the Cyprus crypto bill passed before the EU crypto regulations kick in.

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