Draft Law titled “The Distributed Ledger Technology Act of 2021”
In June 2019, the Council of Ministers, upon the proposal of the Ministry of Finance, approved the National Strategy for Decentralized Technologies-Blockchain. This strategy was developed through collaboration between the government, the House of Representatives, the Central Bank, the Cyprus Securities and Exchange Commission (CySEC), the Cyprus Bar Association, the Institute of Certified Public Accountants of Cyprus, and experts from the private sector.
In accordance with the provisions of the National Strategy, with the support of international experts and a local law firm, and under the coordination of the Ministry of Finance, the draft law titled “The Distributed Ledger Technology Act of 2021” was prepared.
The draft law includes the following:
Definitions for distributed ledger technology and cryptocurrencies.
Legal certainty regarding smart contracts and cryptocurrencies as assets.
Authoritative provision to CySEC for the issuance of secondary legislation within its jurisdiction for the supervision of cryptocurrency service providers.
As part of establishing effective regulations and consultation processes with market participants regarding proposed changes to national legislation, the Ministry of Finance is publishing this draft law (in Greek and translated into English) for the purpose of gathering opinions.
Source: https://mof.gov.cy/