The 11 Action Steps for Implementing the National Blockchain Strategy

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The Cyprus Blockchain Association participated today in the 3rd conference for the 4th Industrial Revolution organized and hosted by the Parliament of Cyprus.

Special thanks for the initiative of the President of the Parliament Demetris Syllouris, and the continuous support of the Chief Scientist Kyriacos Kokkinos.

Board members of the CBA’s participated in the parallel workshops of the conference and expressed the following suggestions for Cyprus to become a centre for blockchain innovation and other emerging and exponential technologies:

  1. Timeframe

The need to set a specific timeframe for actions and steps taken on implementing the national strategy.

  1. Technological Literacy and Expertise

The education of the citizens, and the effective and efficient exploitation of the local human capital. In particular, we have suggested the active role of the Human Resource Development Authority (Αρχή Ανάπτυξης Ανθρώπινου Δυναμικού) to certify trainers on the relevant fields.

  1. Executive Members

The establishment of a full-time executive team to truly implement the next steps of the Blockchain strategy. The experience and expertise can be in collaboration with advanced economies in the industry of DLTs, such as Switzerland, Japan and Singapore.

  1. Framework

Introduction of a specific framework for the DLTs, which will be flexible, technology neutral and international standards’ oriented, will approve the use of DLTs and be directed towards all necessary amendments of existing laws and regulations, where these are needed, such as contract law, the law of evidence, banking and investment laws, company law, immovable property law etc.

  1. Regulatory Sandboxes and Innovation Hubs

Establishment of Innovation Hubs and Regulatory Sandboxes to attract innovative business cases and allow them to operate. This will allow pilot business cases to innovate and accelerate. That will also lower the financial entry requirements and the reduction of relevant costs.

  1. Incentives

Specific incentives to attract foreign investments and innovative companies, similar to the national strategy followed on start-ups; easy registration of companies, tax and VAT relief, financing by a national fund, etc.

  1. National Digital Inventory/Gateway

The creation of a national digital inventory-gateway of use-cases, business models, platform types, and generally Blockchain. That can be accessible by everyone and also allow the submission of relevant information, knowledge and experience.

  1. Cypriot Banking

The need for structural reforms and the change in the Cypriot banking culture to understand and support innovative businesses. Additionally, their business models have to become more technologically competent and capable to compete with larger banks and fintech, in making the Cypriot banking system attractive again.

  1. Legal Innovations

The creation of a system that would provide a dispute resolution in the technology field, including the possible establishment of a technology court.

  1. Alternative Finance and SMEs

The need for alternative channels of finance for SMEs, plus the significant role DTL technologies have in this. In support to this, the need of developing angel investors’ and other similar networks.

  1. Innovative Governmental Model

New opportunities for a modern national governance with incentives to its citizens. That can include tax and other benefits. Moreover, it can reform the transparency standards through DLT electronic voting and opportunities for direct financing of the central government through P2P financing, such as microloans between the government and its citizens.