The country is adapting very quickly the situation, it’s fair to say Cyprus is one of the top 10 advanced countries for the matter.
Government View
The Cyprus government has tried to divide between cryptocurrencies and regulated national tokens, for an example, Bitcoin is an unregulated coin and therefore is considered Non-Security Token. Crypto is considered means for investment or exchange.
Blockchain Projects
The Cyprus government has taken the first steps towards the implementation of blockchain technologies through the formation of an ad hoc group.
Taxes and Regulation
Any funds that derive from an ICO are subject to tax in Cyprus as they are deemed to be taxable income. However, Cyprus has one of the lowest and most attractive corporate tax rates at 12.05%. In order to perform an ICO one must register with the CySEC as a CASP, subject to complying with all the requirements set by the CySEC.
Trading Methods
Trading
Initial Coin Offerings have became increasingly popular as a way of raising funds to new start-ups.
