The Cypriot Parliament will consider a draft framework law on distributed ledger technology. Blockworks writes that the document aims to create favorable conditions for companies associated with digital assets.

In 2021, the bill was opened for public comment.

It clarifies policies for the digital asset industry and changes property law and tax codes. Key provisions also regulate the issuance of tokens and CySEC authorized to issue the relevant regulations.

We aim to create a new foundation for the economy by focusing on the technology sector, especially fintech and blockchain.” – said Kyriakos Kokkinos, Deputy Minister of Research, Innovation and Digital Policy of Cyprus.

He said the question now is whether Cyprus will adopt its legislation before it is made at European Union level. He added that MPs are in close contact with EU officials.

Recall that in March 2022, the Committee on Economic and Monetary Affairs of the European Parliament adopted unanimously. Mica. Further discussion of the bill will take place at the level of the European Council and the European Commission.