Cyprus is a prime location of the computer programs used to enable banking and other financial services, making it one of the countries with blockchain start-up scene that has resulted in cryptocurrency investments.
The potential of Distributed Ledger Technologies is immensely diverse and provides exciting scope for advancing business sentiments inquiring about economising crypto assets and the various benefits they exhibit. The industry is growing rapidly, and fresh challenges arise in legal areas. Regulators aspire to institute protection and embrace a rigid legitimate framework. It is should ensure their reliability, carry on exoteric self-reliance, and simultaneously guard consumers, users, and investors involved in buying and selling.
The team on board is ideally assigned to give recommendations on these areas, aggregating our complete detailed interpretation of technical resources, data protection, banking, and real estate. The following are the specified areas on which we provide advise:
- The Anti-Money Laundering regulatory framework applicable to the cryptocurrency industry in Cyprus.
- The legal responsibilities concerning to the registration and licensing of Crypto Asset Service Providers in compliance with the guidelines and directives of the Cyprus Securities Commission (CYSEC).
- The privacy and data security implications for blockchain technologies in the context of GDPR.
- Corporate structuring and fund formation.
- Whitepaper review.
- Security token offerings (STOs).
- Initial coin offerings (ICOs)
The latest development of blockchain technology in a methodised environment has driven the crypto-assets market expansion. As a result, it has expanded the intentions for desiring market penetrators into the decentralized finance interspace. The crypto asset market has formed a new digital ecosystem that has propagated multifield technical and legitimate issues that regular centralised operators have never grappled with.
Under the 5th AML Directive, every EU Member state should ensure that implicit asset exchange utility suppliers and custodian wallet providers are registered, Cyprus has implemented this requirement. The regulatory regime for such providers has been introduced whereby controlled by Cyprus Securities and Exchange Commission. We also apprehended implementing the Markets in Crypto-Assets Regulation, which applies throughout the EU. A draft bill aspires to provide legal certainty regarding smart contracts and aims to facilitate the application of blockchain technology, “the Distributed Technology Law of 2021”.
The Blockchain & Cryptoassets team fetch legal proficiency from multiple disciplines transversing our firm, including our Financial Services, Intellectual Property, Data Protection, and Corporate and Commercial practices. To stay one step ahead of the curve, we provide value-added legal advice and support to start-ups and existing businesses.
AML/KYC and GDPR are specific areas where we offer our legal advice for blockchain and crypto assets technology. We also provide legal advice on licensing guidance for Crypto-Asset Service Providers, Initial Coin Offerings and Security Token Offerings for issuers. We are also able to offer value-added legal advice both to start-ups or to existing businesses that are seeking to explore setting up in Cyprus regarding:
- Intellectual property protection
- Data Protection
- Commercial contracts & agreements
- Corporate services & advice
- Employment
- Tax
Discover the solutions Blockchain & Distributed Ledger Wallet Technology (DLT) provides for your business and the opportunities provided by Cyprus Law in this area.
Since its inception, Blockchain & Distributed Ledger Wallet technology is being used in a multitude of applications including smart contracts, crowdfunding, file storage, governance, protection of intellectual property, record keeping, etc. The technology is revolutionizing the way people around the world transact with each other by helping bridge the trust barrier. Undoubtedly, Blockchain is the future and its list of applications could potentially be endless.
With all this innovation comes a new set of legal implications. The regulatory and legal of Cyprus is considered as Crypto friendly and favourable for Crypto related projects. No regulation or statute in Cyprus forbids cryptocurrencies, on the contrary blockchain related business, such as payment and exchange services are supported by the existing legal Cyprus and European framework. Simon Zenios & Co LLC is one of the few firms with knowledge in the Blockchain and Crypto space and we are thus able to advise and assist you if you are interested to set up or move, any aspect of your project in Cyprus.
We will help you navigate and efficiently tackle the procedures of setting up your Blockchain business in Cyprus and assist and advise you on corporate structures, commercial law matters, as well as any other related issues regarding Blockchain.
For any queries regarding any aspect of blockchain, digital assets & cryptocurrencies, or any other legal matters under the sun our law firm, Simon Zenios & Co LLC, is dedicated to providing comprehensive assistance and support and we are always available. Whether you need assistance with the Anti-Money Laundering, GDPR, security token offerings, initial coin offerings or require any other legal advice, our firm is here to help.
