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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Fintech Study Estimates 4.4 Billion Global Users Will Adopt Mobile Wallets by 2024

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According to a recently published study by Merchant Machine, mobile wallets are predicted to have 4.4 billion users by 2024. Merchant Machine’s findings show the global pandemic propelled the popularity of digital wallets and researchers expect the numbers to grow from 44.50% of the population in 2020 to 51.70% by 2024.

Half the World’s Population Will Leverage Mobile Wallets in 2 Years, Study Says

The use of mobile wallets has grown a great deal since the start of the Covid-19 pandemic and a study published by Merchant Machine predicts growth will continue. The researchers note that since 2015, the total revenue generated by mobile wallet applications has tripled, and by 2022, it’s expected to be around $1,639.5 trillion.

“The safety, security, and convenience of digital wallets, as well as the popularity of smartphones and general digitalisation of society, were among the main reasons for the popularity of this method,” Merchant Machine’s study details. Furthermore, the research explains the top mobile payment platforms in 2022.

The top mobile wallet used worldwide today is Alipay with 650 million users and the second most popular is Wechat with 550 million users in 2022. Alipay and Wechat were followed by Apple Pay (507M), Google Pay (421M), and Paypal (377M). While credit cards, debit cards, bank transfers, and cash on delivery all dropped in use, buy now, pay later schemes increased alongside mobile wallet popularity.

“Besides mobile wallets, the only method of payment that will see an increase in popularity among consumers is buy now, pay later schemes such as Klarna or Clearpay,” the study notes. “These methods are particularly popular among Millennials and Generation Z users due to the possibility of splitting the cost into monthly installments.”

China Takes the Top Position in Terms of Adoption, Gartner Expects 20% of Enterprises to Use Digital Currencies by 2024

In terms of mobile wallet adoption, China ranked the highest percentage of digital or tap-to-pay contactless payments. China was followed by Denmark, India, South Korea, Sweden, the United States, and Canada. “The common usage of contactless payments in China is down to society utilising tech solutions in every aspect of their life,” the researchers explain.

Merchant Machine’s researchers do not expect the growth to stop and by 2024, estimates expect 4.4 billion or roughly half of the global population will be using mobile wallet applications. The study’s findings are aligned with Gartner’s research that estimates 20% of enterprises or large corporate entities will use digital currencies for payments by 2024.

What do you think about the expected growth of mobile wallet use by 2024? Let us know what you think about this subject in the comments section below.

Finder’s Experts Predict Apecoin Will End 2022 at $27 per Token, 75% Think APE Is Just ‘Another Memecoin’

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On April 28, 2022, the crypto asset apecoin tapped an all-time high (ATH) tapping $26.70 per unit and the digital currency has taken the 25th largest market capitalization among 13,371 cryptocurrencies. The same day, the product comparison platform Finder published its prediction report that covers apecoin’s market performance and Finder’s surveyed panelists predict apecoin will end the year at $27 per unit.

Finder’s Experts Predict Apecoin’s Future Value


This week finder.com published a new prediction report that polled 36 financial technology (fintech) specialists in order to forecast the future price of apecoin (APE). The digital currency has made waves in recent times and has propelled itself to the 25th largest market capitalization position as of April 28. Furthermore, APE reached an ATH on Thursday, skyrocketing to $26.70 per APE. However, APE has shed roughly 15% since the price high.

Finder’s poll predicts APE will reach $27.70 per coin by the end of 2022, and by the end of 2025, APE will be $25. 50% of the panel says it’s time to sell APE, 33% of the 36 fintech specialists insist people should hold apecoin, and 17% say people should buy. Three-quarters of all the panelists believe apecoin (APE) is simply another meme coin asset like DOGE or SHIB.

The fintech lecturer at Swinburne University of Technology, Dimitrios Salampasis, is very bullish about APE and thinks it could reach $45 by the year’s end. Although, Salampasis believes APE will only be worth $10 by 2030. “The current hype of NFTs is impacting the price of apecoin,” Salampasis said. “I am of the opinion that all these overhyped crypto assets will gradually disappear and lose their value because their utility potentialities are trivial.”

Digitalx Executive Believes Apecoin Will Be Worth Zero by 2030


Another person who is bullish about APE’s price is Thomson Reuters’ technologist and futurist Joseph Raczynski as he believes APE could reach $100 by 2030. Finder.com’s co-founder Fred Schebesta also believes APE could reach $100 by 2030, but his 2022 forecast was below the panel average. Schebesta said he expects apecoin to end the year at $20 per unit. One bearish point of view came from Matthew Harry, the head of funds at Digitalx Asset Management.

The Digitalx executive thinks APE’s current value is based on hype and he thinks by the year 2030, apecoin will be worth zero. “It looks to be an obvious play on the currently hyped themes of DAOs, Web3, and BAYC/Degen,” Harry explained in the report. “Have seen a thousand iterations of hypecoins designed to bring fresh retail capital into the space and not deliver.” While 75% of the panel believes APE is just “another memecoin,” 20% think APE has a future and 5% of the panelists said they were “unsure” about apecoin.

What do you think about Finder’s prediction report that covers apecoin’s future value? Do you think apecoin is just another memecoin? Let us know what you think about this subject in the comments section below.

Japanese Fintech Firm Kyash Raises $41 Million, Jack Dorsey’s Block Participates in Funding

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Japanese Fintech Firm Kyash Raises $41 Million, Jack Dorsey’s Block Participates in Funding

A Tokyo-based financial technology company called Kyash has raised $41.2 million in a Series D funding round which saw participation from the Block (formerly known as Square). The investment into the Japanese mobile financial app firm is the Block’s first investment in the Asia Pacific region, according to the announcement.

Fintech Firm Kyash Gets a Capital Raise Boost From the Block


According to a report by Nikkei, the financial technology (fintech) company Kyash has raised $41.2 million in a Series D financing round. Kyash was founded in 2015 and is a fintech platform that provides its users with a digital wallet and mobile banking services. The Nikkei Shinbun report notes that the funding round gives Kyash an approximate $107.7 million (12.8 billion JPY) in total funding.

While Jack Dorsey’s Block participated, the firms’ Japan Post Investment Corporation, Stepstone Group (formerly Greenspring Associates), JAFCO Group, Greyhound Capital, Mitsui Sumitomo Insurance Capital, Altos Ventures, Goodwater Capital, Yitu Capital, and SMBC Nikko Securities also joined in on the Kyash funding round. The president of Kyash explained that the Block was a “leader in financial innovation in the U.S. and other countries.” In the Nikkei Shinbun report, the managing director at Kyashi stated:

Kyash’s user-first, mobile-first philosophy and design is a key component of the global, irreversible trend toward unbundling traditional financial institutions and rebuilding them using technology.


According to the official press release, Kyashi explains the firm plans to increase product growth and the company’s number of employees. “Challenger banks are a core theme in fintech and the unbundling of traditional banking has become an irreversible trend globally,” the managing director of Japan Post Investment Corporation details in the press release.

The business firmly believes that “rebundling financial services with technology” will bolster the company’s growth. “[The Series D financing] will greatly contribute to strengthening the financial base for further accelerating business expansion in the future,” Kyashi’s announcement concludes. “With this funding, we will further expand the organization by hiring human resources, expand the business domain and strengthen the service operation system, and strive to contribute to the financial success of as many people as possible.”

What do you think about the Block participating in the Kyashi Series D financing round? Let us know what you think about this subject in the comments section below.

British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated

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According to British lawmakers, a central bank digital currency (CBDC) is likely to raise the cost of borrowing while hurting financial stability. They insist the touted potential advantages of a digital pound are being overstated.

Erosion of Privacy

British lawmakers have said the use of a central bank digital currency when making regular payments could potentially hurt financial stability and raise the cost of borrowing, a report has said. In addition, they insist the increasing use of the CBDC could also enable the central bank to monitor spending and therefore erode privacy.

As per a Reuters report, the lawmakers believe the benefits of CBDC may have been exaggerated and that there are other ways the U.K. can counter the threat posed by cryptocurrencies. One of the lawmakers who is quoted in the report speaking out is Michael Forsyth. He said:

We were really concerned by a number of the risks that are posed by the introduction of a CBDC.

Forsyth, who is the Economic Affairs Committee chairperson, also said the touted benefits of having a CBDC had been “overstated.” He suggested these benefits can still be achieved with a less risky alternative such as the regulation of crypto-issuing tech companies.

Lawmakers Want Parliament to Have a Say

In a report tabled by Forsyth’s committee to the British parliament, the lawmakers nevertheless acknowledge that a wholesale CBDC, which can be used to move large funds, will potentially result in more efficient securities trading and settlement. However, the lawmakers still want the central bank and the finance ministry to weigh the benefits of using the CBDC versus the expansion of the existing system.

Forsyth is quoted in the report arguing that lawmakers must have a say before the Bank of England and the U.K. Treasury are allowed to proceed with issuing the CBDC.

“[A CBDC could have] far-reaching consequences for households, business and the monetary system. That needs to be approved by parliament,” Forsyth is quoted stating.

Do you agree with the British lawmakers’ views on CBDCs? Tell us what you think in the comments section below.