Blockchain regulation and cryptocurrency legality

Blockchain regulation and cryptocurrency legality

Cyprus Blockchain Summit took place in Nicosia, Cyprus last week. Several high-level government representatives were among the speakers. In particular, Cyprus Finance Minister, Mr.Harris Georgiades and House President, Mr.Demetris Syllouris, both spoke on the blockchain regulation and cryptocurrency legality. As In-Cyprus reports:

Finance Minister Harris Georgiades said that Cyprus aim to be among the first countries to regulate aspects of DLT. The creation of the regulatory framework should be flexible, so that it will promote innovation and provide legal certainty and protection for both consumers and investors, House President Demetris Syllouris noted from his part.

In his address, Georgiades said that “our aim is to be among the first countries to regulate aspects of Decentralized Ledger Technologies in order to create a truly attractive environment, in parallel with all the other factors that make Cyprus an attractive destination for investment and business.”

Given that AlleoTech Ltd is based in Cyprus, it is great to see the support of the blockchain technology by the government.

As Cyprus is aiming to be one of the first countries in the world to have an effective and efficient blockchain regulation, it is definitely not the first in the list just yet. Block Stuffs looks at the top 10 countries to adopt blockchain technology. They list the following countries:

  1. Malta
  2. Estonia
  3. Switzerland
  4. United Arab Emirates
  5. Singapore
  6. United Kingdom
  7. China
  8. Japan
  9. USA
  10. Sweden

Furthermore, if you are interested in the cryptocurrency legality, and in particular the legal state of Bitcoin, this Wikipedia page provides a great overview by country and territory.


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