The finance minister of Cyprus, Harris Georgiades, has said that the country’s blockchain regulation draft will be ready this year. English-language local finance news outlet FinancialMirror reported the news on July 4. Per the report, Georgiades described blockchain technology as “a new technological revolution similar to that of the internet.” Demetris Syllouris, House speaker, also praised the technology’s potential during the event: “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organized and their operation.” According to him, the national strategy will sustain Cyprus’ …

Some things never change, like the Megalithic Temples built in Malta over 5,000 years ago. These days, however, that may be the only thing that remains unchanged in Malta. With a population of just under half a million and being mostly famous as a destination for European teenagers to study English during their summer vacation, Malta has recently become a star on the crypto map. Having already had a positive experience hosting online gambling companies, which makes up a very significant portion (13%) of Malta’s GDP, the island is now turning its head toward the world of crypto in an …

London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). The development was announced in a press release on July 1 Being FCA-authorized gives Prime Factor Capital the right to operate as a full-scope AIFM under the European Union’s AIFM Directive (AIFMD). The Directive is a regulation applied to private equity funds, hedge funds, and real estate funds, which sets standards for marketing in regards to raising private capital, risk monitoring and reporting, among other issues. As required by AIFMD, Prime Factor …

Dutch ministers have urged the government to regulate cryptocurrencies and certain cash payments over money laundering concerns in a statement on July 1. The officials said that the government should ban cash payments over 3,000 euros, regulate cryptocurrencies and ban 500 euro banknotes, as these instruments can purportedly facilitate money laundering. The Netherlands do not recognize cryptocurrency as a legal currency, although last year a Dutch court found bitcoin (BTC) to be a legitimate “transferable value” in a penalty payment case. According to the statement, Minister of Finance Wopke Hoekstra and Minister of Justice and Security Ferdinand Grapperhaus sent the …

European Union banks could have an instantaneous payments system in place by 2020, Reuters reports on June 26. Per the report, real-time payments have been possible in the eurozone since 2017, but only about half of the banks in the bloc adhered to the initiative. Still, Reuters notes that adoption may accelerate now that Facebook’s Libra stablecoin is shaping up to be a competitor to local banks. Director general of the European Payments Council (EPC) Etienne Goosse reportedly said that — regardless of the success of Facebook’s Libra’s project — competition from technology firms was here to stay, and banks …

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations. Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation. Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face …

Napster creator Shawn Fanning’s new company Helium has released its internet of things (IoT) wireless hotspot devices with a blockchain-based incentives program, according to an official blog post by Helium on June 12. According to the post, a Helium Hotspot provides wireless connectivity to the Internet; one node on its own will cover about 1/50 to 1/150 of a city, according to the company’s research. The nodes are intended to support a network of internet coverage, one which is decentralized and powered by individual contributors. Contributors are rewarded by an incentives program on the Helium blockchain, which is powered by …

The captains regent of the Republic of San Marino, Nicola Selva and Michele Muratori, have issued a governmental decree on blockchain tech for businesses, according to a recent document. The new decree outlines procedures for registering a blockchain-based organization with the “Istituto per l’Innovazione della Repubblica di San Marino,” or San Marino Innovation Institute. According to the decree, blockchain-based organizations in the Republic of San Marino, the EU, or any country not classified as “high risk” and also considered relevant to the purview of San Marino legislation, may apply for registration with the institute. The institute sets out to provide …

On June 1, Finnish peer-to-peer (p2p) bitcoin (BTC) trading platform LocalBitcoins quietly removed in-person cash trading from its service. Three days later, the company publicly confirmed the ban on Twitter. As per the accompanying statement, LocalBitcoins had to renounce local cash trading to “adapt to the current regulatory environment.” The removal of the option has angered users, who seemingly began looking for decentralized platforms with more room for anonymity. However, as the Wild West-like unregulated days of crypto might be coming to an end, the more p2p services might have to apply Know Your Customer (KYC) and Anti-Money Laundering (AML) …

The European Union is increasing the amount of data that can be reused as raw material for artificial intelligence and blockchain projects, the trading bloc announced in a news release on June 6. Officials hope the relaxed rules will “boost the EU data economy, contribute to the development of a data-based society and stimulate growth.” High-value datasets will be available free of charge — including statistics, company ownership records and meteorological information. As well as allowing AI and blockchain products to use research data that is already in the public domain, real-time weather and transport data will be made available. …

The European Union has told Malta it needs to improve the resources it has to fight potential financial crime as a result of cryptocurrency popularity, local daily news outlet Malta Today reported on June 5. In a letter to member states advising how to spend EU funds, the European Commission flagged Malta’s burgeoning cryptocurrency sector as a potential weak link in the fight against financial crime. “The Commission, in its recommendations to member states for the use of EU funds, said that the size of Malta’s financial and gaming sector, and the efforts to attract crypto-currency operators required an effective …

Finnish P2P bitcoin (BTC) trading platform LocalBitcoins has kept silent after users reported it had removed cash trading from its service on June 1. LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash, angering social media commentators. “It’s time to no longer recommend LocalBitcoins, EVER,” the top response to the original Reddit report reads. Executives from the company have so far refrained from publicly commenting on the move, which follows a slow process of Anti-Money Laundering (AML) and Know Your Customer (KYC) implementation. As Cointelegraph reported, …