Cryptocoins in Cyprus
Cyprus was long used as an offshore haven for fiat currencies, but the financial crisis of 2012-2013 culminated in massive levies on uninsured bank accounts in Cyprus with deposits of at least 100,000 euro. That was in the spring of 2013, and the so-called “bail-in” shook many people’s confidence in the security of their fiat wealth. Bitcoin’s value against fiat currencies took off right around this same time, leading many to conclude there was a significant causal effect. Since then, Cyprus has become a hotbed of Bitcoin and cryptocoin activity. The University of Nicosia began accepting....
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Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added. Government of Cyprus to Submit ‘Attractive’ Crypto Bill Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and....
Despite having issued a couple of warnings in the past with regard to the use of bitcoin, the Central Bank of Cyprus has essentially confirmed that bitcoin is not illegal, and there isn't quite anything they can do about it - but again warned of the potential dangers of getting involved. "Bitcoin is not illegal, but at the same time neither is it subject to control or regulation," a source at the bank told the Cyprus Mail. Cyprus-based Neo & Bee have taken the central bank's hands-off attitude to their advantage, launching the first of what is expected to be a number of physical branches....
By now, we are all aware of the financial calamity that has befallen Cyprus in the past three weeks. Since the deposit haircut was first announced and banks were shut down, many have lost their jobs as businesses suddenly find themselves without the means to pay anyone, others have seen their plans for retirement ruined, the economy has largely reverted to cash, and the banking sector, one of the two key pillars of Cyprus' economy together with tourism, will never be the same again. We at Bitcoin Magazine and the team behind GoldMoney GoldMoney, however, have decided to actually go to....
A solution based on VeChain will help people in Cyprus to combat Covid-19. The Digital Transformation Consultant at Mediterranean Hospital of Cyprus, Chris Pana, announced the launch of the new E-HCert App. Built as part of a partnership with i-Dante, a company specialized in pharmaceutical and healthcare solutions, the app will operate as an “electronic […]
U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow it to establish a European crypto hub in the island nation.
Revolut to Expand Crypto Services for Europeans From Cyprus
A leader in the neobank sector, Revolut, has received approval from the Cyprus Securities and Exchange Commission (CySEC) to operate with cryptocurrencies and other digital assets. The company plans to establish a cryptocurrency hub on the island that will allow....