Cyprus to consider framework bill to foster crypto startups

The Cypriot Parliament will consider a framework bill on distributed ledger technology. The document aims to create favorable conditions for companies involved in digital assets, writes Blockworks.

In 2021 the bill открыли для публичных комментариев.

It clarifies policy regarding the digital-asset industry and amends the property law and tax codes. The key provisions also regulate token issuance and give CySEC the power to issue the corresponding secondary legislation.

“Focusing on the tech sector, especially fintech and blockchain, we aim to create a new foundation for the economy,” said Kyriakos Kokkinos, Deputy Minister of Cyprus for Research, Innovation and Digital Policy.

The official noted that the question now is whether Cyprus should enact its own legislation before it is done at the EU level. He added that local authorities are in close contact with EU officials.

As reported in March 2022, the ECON Committee of the European Parliament, by a majority, adopted MiCA. Further discussion of the bill will take place at the level of the Council of the European Union and the European Commission.

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