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In its session of 18 June 2019, the Council of Ministers of Cyprus, approved a National Strategy on Decentralized Technologies and Blockchain, encouraging the use of these technologies in both the public and private sectors...
In its session of 18 June 2019, the Council of Ministers of
Cyprus, approved a National Strategy on Decentralized Technologies
and Blockchain, encouraging the use of these technologies in both
the public and private sectors (the financial services sector, in
particular, as regards banking and investment transactions will be
transformed in the coming years).
One of the most interesting points in this strategy is that the
Ministry of Finance, in cooperation with the Tax Department and the
Registrar of Companies, will coordinate the drafting of a
regulatory framework based on certain principles set out in the
strategy which will be implemented in Cyprus. Smart contracts are
encouraged, and the framework will provide for these, while matters
on crypto-wallets and others are decided to be left out for the
time being.
This national strategy came as a result of the efforts in the
framework of the European Cooperation in Blockchain, which was
entered into on 4 June 2018 between Cyprus, Greece, Malta, Italy,
France, Spain and Portugal, subject to the relevant Declaration of
the Southern Mediterranean Countries on Distributed Ledger
Technologies of 4 December 2018.
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