The blockchain technology has the potential of disrupting industries such as financial services, remaking business practices, such as accounting and auditing, and enabling new business models. Some of the key industries that are effectively applying it include healthcare, technology, and even real estate. Blockchain appears promising, with potential applications to almost every sphere of everyday life.
Cyprus, which is considered a prime location for the fintech industry and a haven for pioneering blockchain start-ups, is taking a very positive government stance on digital currency and infrastructure for the growth of talent in this area. The Republic of Cyprus signed the ‘European Blockchain Partnership’ and the ‘Declaration of the Southern Mediterranean Countries on Distributed Ledger Technologies’, with the aim of enhancing cooperation in the digital sector and to render Southern Europe a leader in emerging technologies such as DLT. In August 2018, an ad hoc Committee was formed, by a Council of Ministers decision, following an initiative of the President of the House of Representatives and the Minister of Finance with the primary objective of drafting the National Strategy that will set out Cyprus’s vision for DLT, which is part of Cyprus’s wider vision for digital transformation, supporting and advising in the appropriate framework required to enable the transition to DLT/blockchain technologies.
EmilianidesKatsaros Blockchain Technology and Virtual Currency practice is supported by our in-house Regulatory, Advisory and Corporate teams, and can offer services across areas affecting company formation and financing, public securities laws, SEC, AML, and state regulations, intellectual property, fund formation, security token offering and other alternative securities-offering options. Our firm is adequately proficient in advising innovators and investors throughout this complex and rapidly evolving sector.