Regulation of Cryptocurrencies in Cyprus
Cyprus prepared legislation for regulation of crypto assets even before the European Union completed the development of a common regulatory framework.
The government of Cyprus has adopted a rather "attractive" law on the regulation of cryptocurrencies, thanks to which Cyprus has taken an “enviable position” in the EU in relation to digital assets. Such a loyal attitude contributes to the development of innovations in the country.
By regulating cryptocurrencies, the government draws a fine line between the introduction of innovations and the need to strictly follow the laws and requirements of the regulator.
Cyprus welcomes the use of digital and crypto assets. At the same time, the regulator has repeatedly warned crypto investors and users of digital assets to be very careful and respect not only the rules currently in force, but also the absence of any rules.
The country's authorities believe that a loyal attitude to digital assets and their support at the legislative level, on the one hand, attract many crypto companies and investors to the country, on the other hand, lead to the emergence of a huge number of scams and further strengthen control and investigations against some of companies and banking institutions.
A similar situation has developed in Malta and Estonia. Using the experience of these countries, the Government of Cyprus is trying to combine a loyal approach with strict control of compliance with legislation and prevention of fraud using digital assets.
The presence of legislative regulation combined with a loyal approach to crypto investors and startups in the field of blockchain technologies has led not only to attracting investments in the country, but also to an increase in the number of users of digital assets.
More and more citizens of the country are actively using cryptocurrencies and the adoption of digital assets continues to grow. Residents of Cyprus are increasingly using digital assets, and thanks to OWNR Wallet, you can now buy cryptocurrency with your credit/debit card.