Cyprus aims to be among the first to regulate blockchain technology


Cyprus aims to be among the first countries to regulate aspects of Distributed Ledger Technology (DLT), Finance Minister Harris Georgiades said on Wednesday, addressing the Cyprus Blockchain Summit in Nicosia.

Georgiades said that “our aim is to be among the first countries to regulate aspects of Decentralized Ledger Technologies in order to create a truly attractive environment, in parallel with all the other factors that make Cyprus an attractive destination for investment and business.”

He also assured those present that the government will continue doing whatever is necessary to create an environment that favors and facilitates the development and implementation of new technologies.

“All our efforts aim at establishing a favourable economic environment, offering stability, certainty and opportunities and in this way supporting business and investment activity across the sectors” the Minister noted.

DLT, and more specifically, Blockchain, can offer endless possibilities in many different fields, according to other speakers at the summit.

House President Demetris Syllouris noted from his part said the creation of the regulatory framework should be flexible, so that it will promote innovation and provide legal certainty and protection for both consumers and investors.

[Kathimerini Cyprus]