Cyprus Blockchain Regulations Draft Bill Is Set To Be Ready By This Year - Report.

Cyprus Blockchain Regulations Draft Bill Is Set To Be Ready By This Year - Report.

2019-07-05 | Selina Mathew

Cyprus Blockchain Regulations Draft Bill Is Set To Be Ready By This Year - Report.

In line with a recent report by native reporting media ‘'’, Cyprus finance minister named ‘Harris Georgiades’, has said that the country’s blockchain regulation draft is set to be ready by this year.

According to the report, Georgiades represented 'blockchain' technology as “a new era’s revolution almost alike the internet.” Demetris Syllouris, House speaker, conjointly praised the technology’s potential throughout the event:

“Full implementation of this technology across the general public as well as the private sector is predicted to transform the structures of the existing modern societies, the way they're organized and their operation.”

As per him, the national strategy will sustain Cyprus’ digital innovation, offer the required framework, and a roadmap exploring the employment of DLT [Distributed Ledger Technology] across several industries whereas conjointly addressing the associated risks and threats. The national blockchain pilot programs can reportedly involve the Department of Land and Surveys, the Department of Customs and Excise, the Tax Department as well along with the National Betting Authority.

As 'reported' earlier in Feb, the Cyprus SEC [Securities and Exchange Commission] is already 'asking' for the transposition of the EU’s [European Union] 5th AML [Anti-Money Laundering] Directive [AMLD5] into national law - managing native regulation of cryptocurrencies beneath its provisions.

Also in Dec. last year, Cyprus was among the 7 EU states that co-signed a 'declaration line' for facilitating the promotion of DLT use in the region.

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