Cyprus Finance Minister Harris Georgiades (Harris Georgiades) said that as part of the implementation of the national strategy for the introduction of blockchain technology in this country, a draft law on the regulation of the cryptoindustry will be prepared by the end of 2019. According to the local publication, Financial Mirror , Georgiades compared the blockchain technology with the Internet in terms of revolutionism and is confident that its use will reduce costs in both the public and private sectors.
In addition, it is reported that the introduction of regulation in the cryptoindustry plan to start with the launch of pilot programs with the participation of the Department of Land Resources and Land Management, the Customs and Excise Department, as well as the Tax Department of the Ministry of Finance and the National Gambling Regulator.
Until January 1, 2020, the Ministry of Finance of Cyprus will coordinate the work in this direction, and then this responsibility will be transferred to the new deputy minister for digital politics and innovation.
Recall that the first cryptographer in Cyprus appeared in Limassol in the fall of 2017. It was installed by the fintech-company Hello Group in a cafe-restaurant directly under its office.
Posted 06/07/2019
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