On June 18, 2019, the Council of Ministers has unveiled its National Strategy regarding Distributed Ledger Technologies (DLT), aiming to establish a foundation for both public and public-private initiatives utilizing blockchain applications. This strategy outlines a comprehensive framework and a high-level roadmap for the exploration of DLT applications across various sectors, with an emphasis on enhancing operational efficiency and cost-effectiveness. Additionally, it tackles the potential risks associated with the emergence of new DLT-based products.
The Cypriot national strategy for advancing and implementing these technologies addresses several key issues. It primarily centers on establishing a balanced regulatory framework that encourages and supports innovation, ensures legal certainty, and safeguards the interests of consumers and investors, all while maintaining technological neutrality.
The Council of Ministers approved the National Strategy on Blockchain and Distributed Ledger Technologies (DLTs). Following this announcement, dedicated sub-committees for both the technological and legal/regulatory aspects have been actively engaged in implementing the National Strategy.
One of the initial steps in the execution of the National Strategy involves identifying and selecting the most prominent use cases, with the aim of progressing towards the development of Proof of Concepts. This effort is being led by the Chief Scientist for Research and Innovation and their team. Additionally, work is underway to establish the necessary legal framework for blockchain technologies.
Furthermore, a call for interest is set to be announced in September, inviting stakeholders in Cyprus who are interested in these technologies to participate. This call aims to kickstart the formation of a community of practice dedicated to Blockchain and DLTs.
Sources: https://www.nbri.gov.cy/blockchain-and-dlts-as-part-of-the-national-strategy/
https://mof.gov.cy/assets/modules/wnp/articles/201907/480/docs/blockchain_strategy_english_final.pdf