CRYPTO SETTLEMENTS IN CYPRUS

CRYPTO SETTLEMENTS IN CYPRUS

On May 15, 2018, the Cyprus Securities and Exchange Commission (CySEC) published Circular C. 268. The law is entitled “Introduction of new rules, regulation of the production of financial instruments in virtual currencies”. In this law, CySEC clarified several aspects of cryptocurrency regulation in Cyprus. First of all, they announced that cryptocurrencies are not currently regulated by CySEC.

Second, the Circular made it clear that the cryptocurrencies produced could be classified as financial instruments under Cypriot law. In particular, derivatives in cryptocurrencies can be classified as one of three financial instruments:

• as “any other contract relating to securities which may be settled in physical or in cash”;
• as “financial contracts for the difference in prices”; or
• as “any other production contracts relating to assets not mentioned in this section that have the characteristics of other production financial instruments”.

Accordingly, investment services for cryptocurrency derivatives may need to be explicitly authorized by CySEC depending on the specific characteristics and use of the investment services.

Third, the Law contains an inexhaustible list of obligations of a firm that provides investment services in derivatives on cryptocurrencies:

• These firms must behave honestly, fairly and professionally and serve the best interests of their clients. Acting on behalf of its customers requires companies to provide transparent and accurate information and to avoid providing misleading information. Transparent and honest information includes providing customers with an accurate estimate of fees and costs.
• Companies that provide derivatives in cryptocurrencies must manage their customers accordingly, including reporting on the risks associated with investing in cryptocurrencies. In addition, CIF must act in the interests of its customers.
• Firms must have effective product management mechanisms.
• Firms offering these financial services must maintain sufficient capital to cover the risks of investing in cryptocurrency.

Cryptocurrency lawyer in Cyprus

Assistance to a crypt lawyer in Cyprus

• Legal use of cryptocurrency
• Legalization of income from cryptocurrency transactions and investments in cryptocurrencies
• Bitcoin and Ethereum mining
• Advising on EMI
• Taxation of withdrawal of assets in fiat money
• Legal support of ICO and IEO projects
• Structuring blockchain companies
• Assistance to crypto investors
• Assistance of a lawyer in investing in cryptocurrencies
• Registration of ICO / IEO / DeFi and Mining

We provide full legal support for cryptocurrency transactions, ICO / IEO, DeFi registration and cryptocurrency mining, which is why you came to this page when entering “cryptocurrency lawyer”, “cryptocurrency lawyer”, “bitcoin lawyer consultation” into the search engine. cryptocurrency assistance “,” bitcoin advice “,” cryptocurrency legal advice “,” blockchain agreement “,” etherium contract “,” legal advice on cryptocurrencies and taxes “.

Assistance of a lawyer in Cyprus – Bitcoin and cryptocurrency

Therefore, the assistance of lawyers in cryptocurrencies, their mining, registration of IEO, DeFi and other crypto projects is a set of measures aimed at formalizing such relationships in full compliance with current legislation of Cyprus and the EU.

The most common questions to our lawyers are:

• Payment for services, works, real estate and other assets in Cyprus by Bitcoin (BTC) and Ethereum (ETH). Truth or myth?
• In which cities in Cyprus can you exchange Bitcoin, Ethereum, Ripley and other cryptocurrencies?
• How to buy goods for bitcoin in Cyprus?

You can get answers to these and other questions by calling our lawyers or leaving your phone number.

Importantly! We recommend a mechanism for acquiring certain property for a “crypt” by concluding a mine contract. The conclusion of a contract of sale of goods or services where payment is made in cryptocurrency may be declared null and void in court because the crypt as a currency is not recognized at the legislative level in Cyprus. For example, cryptocurrency in Cyprus is not recognized as a means of payment, and by virtue of some regulations and positions of central authorities is equated to surrogate money.

Cryptocurrency exchange in Cyprus (Cyrene, Larnaca, Limassol, Nicosia)

Buying and selling cryptocurrency in Cyprus through Prykhodko and partners is profitable and safe. Try us at work!

Our lawyers are well versed in all trends in the settlement of cryptocurrency in the world, including in Cyprus, and guarantee the most secure ways to use it.