Cyprus moves on its own: here is the first attempt to regulate Bitcoin and crypto
is a country characterized by a long tradition of welcoming financial operators and intermediaries, as well as the cradle of the bulk of brokers offering retail trading in Europe. A country from which we would therefore expect greater attention to the crypto world and possibly less restrictive interventions. Let’s try to understand together how it went and how this country has changed its attitude towards crypto.

Cyprus fears too strict rules from the ECB
I can tell you that Cyprus welcomes the use of crypto and digital assets, but we need to pay the utmost attention and comply not only with the regulations currently in force and also beware of unregulated sectors.


In other words, translating what happened in Malta, where an overly “open-minded” attitude has ended up attracting EU arrows and repeated controls on the country’s banking sector. It will therefore be, at least in the words of Deputy Minister ChKyriacos Kokkinos, a draft that will be made public shortly and which will be a sort of middle ground, adding:

The challenge we face does not concern alignment with the EU, but the dilemma concerning waiting for the regulatory framework of the European central bank and the alternative to go our own way, taking into account the fact that any regulations of the ECB may be excessive. My idea is to go on our own, respecting the rules.

An attitude that claims the freedom of a country that has already been at loggerheads several times with the EU and its institutions precisely because of the excessive (according to some) liberality with which it issues licenses to financial intermediaries.

Cyprus new crypto hub in Europe?
We believe not, in the sense that what is primarily of interest to the Cypriot authorities is to continue to be attractive to financial intermediaries, with low taxes and rules reduced to the essentials.

A formula that could obviously work even now, given that Portugal seems ready to take important steps backwards precisely with regard to zero taxation on capital gains which had attracted many traders and investors to the country. Even in Europe, a relentless fight has been sparked as to who offers the best conditions in the crypto world.

By crypto