07 April 2021
The enactment of the 5th Anti Money Laundering Directive via amendment of Law 188(I)/2007 constitutes the introduction of mandatory crypto assets regulation in Cyprus.
10 February 2021
CySEC has published circular C417, which is addressed to Cyprus Investment Firms, and contains guidance on investment in crypto-assets.Read More
07 May 2020
Fundamental aspects of the blockchain technology seem to be incompatible with the data protection regulation. Before its widespread adoption and implementation these aspects shall be considered.Read More
Considered a prime location for the Fintech industry, Cyprus is a country at the forefront of blockchain technology with great future investment potential. The economic crisis of 2013 paved the way for the acceptance of new technologies, including blockchain and cryptocurrency; since then the industry has gone from strength to strength. Cyprus has been heralded a haven for pioneering blockchain start-ups, aided by its decentralised economy.
The arrival of cryptocurrencies to the modern digital economy, paired with the ability of blockchain technology to disrupt established industries, undoubtedly presents new legal challenges. The Ministry of Finance has announced a national strategy which includes the introduction of new regulatory laws governing such technology; it is expected that a draft bill will be produced by the end of 2019.
The possible applications of Distributed Ledger Technologies that contain smart contracts are so diverse, that they potentially touch on a broad range of substantive legal areas.
Harris Kyriakides can help you to navigate these unchartered waters. We are well placed to advise on such new technology as illustrated by our expertise in areas particularly relevant to new developments, such as intellectual property, data protection and cyber law. This knowledge, combined with great experience in the banking and financial sectors, results in our lawyers possessing market-leading skills and the ability to deal with new legal challenges; from brainstorming a new product to launching it.
We can provide comprehensive and efficient advice to clients on matters such as:
We are also proud to announce that we are the first law firm in Cyprus involved in a security token offering where tokens will be backed by assets of the highest level of guarantee – real estate, which is a main backbone of Cyprus economy.