Today, we'll delve into the intricacies of the Cyprus currency, exploring its history, significance, and impact on the island's economic landscape.
Currency in Cyprus before Euro
On January 1, 2008, the Cypriot pound yielded its status as the official currency of the Republic of Cyprus, making way for the euro at an irrevocable fixed exchange rate of £C 0.585274 = €1. Despite this transition, pound banknotes and coins retained their legal tender status and were still accepted for cash payments until January 31, 2008.
What is the currency in Northern Cyprus?
The official currency in Northern Cyprus is the Turkish Lira. If you've made holiday arrangements in this region, it's important to note that Euros are not accepted, so ensure you have the correct Cyprus currency before your trip. The currency includes coins referred to as kurus, available in denominations of 5, 10, 20, and 50, leading up to the 1 Lira coin. Beyond that, there are paper notes in denominations of 5, 10, 20, 50, 100, and 200 Lira.
What currency do I need in Cyprus?
The Euro serves as the official currency in Paphos and throughout the entire island of Cyprus, having replaced the Cypriot pound in 2008. This transition facilitates convenience for EU travelers, eliminating concerns about exchange rates during their holidays.
Cryptocurrency regulation in Cyprus
Cyprus aligns its regulatory framework for the cryptocurrency ecosystem with European Union (EU) standards, primarily focusing on consumer protection, anti-money laundering, and counter-terrorist financing. The regulatory rules encompass the registration of cryptocurrency companies and ongoing monitoring of their activities.
The key legislation governing and overseeing cryptocurrencies in Cyprus is the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (AML/CFT Law), enforced by the Cyprus Securities and Exchange Commission (CySEC). CySEC is responsible for supervising compliance with anti-money laundering and counter-terrorist financing (AML/CFT) regulations for crypto asset service providers (CASPs) operating within or from Cyprus.
The key legislation governing and overseeing cryptocurrencies in Cyprus is the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (AML/CFT Law), enforced by the Cyprus Securities and Exchange Commission (CySEC). CySEC is responsible for supervising compliance with anti-money laundering and counter-terrorist financing (AML/CFT) regulations for crypto asset service providers (CASPs) operating within or from Cyprus.
