Cyprus Blockchain Legislation Slated To Come Out This Year

Harris Georgiades, the Finance Minister of Cyprus, has recently stated that the blockchain regulation draft being prepared by the country will be ready soon, possibly by the end of this year itself. This statement was reported by financial news media outlet Financial Mirror on the 4th of July.

According to the report, Georgiades has spoken of blockchain technology in glowing terms, calling it “a new technological revolution similar to that of the internet.”

The speaker of the House, Demetris Syllouris, also had words of praise for the technology, as he said:

“Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organized and their operation.”

As per what he said, the national strategy that will be unveiled soon, is expected to ensure Cyprus’s continued enjoyment of digital innovation. It is also anticipated to devise a thorough roadmap to explore how distributed ledger technologies (DLT) can be applied across multiple different industries while overcoming existing challenges and obstacles.

Apparently, the national blockchain pilot programs will involve participation of several government departments, including the Department of Land and Surveys, the Department of Customs and Excise, the Tax Department and the National Betting Authority.

This is exciting news for the blockchain space as one more country decides to embrace the technology with the laying down of dedicated legislation for the same. We can only hope to see greater applications and more use cases of blockchain with the implementation of the draft regulations.