Cyprus has become the latest EU country to draft a Bitcoin regulation. Having prepared its own legislation to regulate crypto assets.

The Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community in Larnaca that it was necessary to pay heed to laws while embracing innovation. During this meeting Kokkinos elaborated:

I can tell you that 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 any regulations.

The minister also revealed that the bill drafted on crypto assets was a very attractive one and interested parties can go ahead to review the published bill.

He further drew an example to Malta’s regulatory framework which has attracted many crypto companies and investors but has also brought heavy scrutiny and investigations into some of its companies and banking institutions. He however emphasized on the need to be careful with EU’s frame work as they are a member state.

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