Breaking news

Comprehensive Overhaul Ushers In New Era For Cyprus Taxi Industry

by THEFUTURE.TEAM

June 22, 2026

Cyprus is preparing changes to its taxi service framework, in what would be the first major update in more than two decades. According to details published by PhileNews, the proposed amendment to the Road Transport Law could increase the number of taxi licences from the current total of around 1,800 to between 3,200 and 5,600 over the coming years.

Aligning Regulation With Industry Realities

The initiative by the Licensing Authority aims to address issues that have been at the centre of public debate over the past three years. Among them are unauthorized operations, high licence rental fees, and shortages in taxi services. Those concerns led to protests, including a strike by professional drivers in March 2026. The proposal also draws on findings from a 2025 study conducted by Frederick University.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Foundation Of The Reform: Five Strategic Pillars

The draft legislation introduces several measures aimed at reshaping the sector:

Combatting Unlawful Operations: Illegal passenger services will face administrative fines of €750 for drivers, €1,500 for owners, and €1,500 for intermediaries. Courts will also be able to temporarily suspend vehicle registrations.

Revamping License Allocation: A new formula would link the number of licences to population levels and tourist occupancy. The proposal also includes a 10% social quota for large families and parents of people with disabilities.

State Ownership Of Licenses: Taxi licences would move to state ownership, replacing the current system under which licences are often rented privately.

Legalizing Specialized Passenger Vans: The proposal introduces a category of “special rental vehicles” for group and hotel transfers.

Enhancing Digital Platform Accountability: Electronic intermediaries, including Bolt, would be required to register with the Department of Road Transport, appoint compliance officers, and ensure that only licensed taxis are used. Violations could result in fines of up to €50,000.

Transforming The Customer Experience

The proposed changes are also intended to affect the passenger experience:

Shortened Wait Times In Urban Centers: Additional licences are expected to address shortages in cities, including Nicosia and Limassol.

Modern And Eco-Friendly Fleets: The proposal calls for the use of new Euro VI or fully electric vehicles.

Enhanced Passenger Protection: Measures targeting illegal operators are intended to ensure that taxis operate legally and carry the required insurance.

Regulated Airport Services: Mandatory fare documentation for airport pickups would aim to address pricing concerns.

Streamlined Digital Bookings: Ride-hailing platforms would operate under a regulated framework.

Identified Gaps And The Road Ahead

Several issues are not addressed in the current proposal. No provisions have been included for wheelchair-accessible vehicles or specialised driver training for passengers with disabilities. The draft also does not include requirements for electronic payments or digital receipts.

Although the proposal calls for the use of electric vehicles, it does not provide for subsidies or charging infrastructure. The draft also stops short of addressing integration into broader Mobility as a Service (MaaS) frameworks. The proposed changes would represent a major update to Cyprus’ taxi sector. Further revisions, however, may be needed to address accessibility and other consumer-related issues.

The Future Forbes Realty Global Properties

One In Three Cypriots Open To Using Digital Euro

by News Editor

August 19, 2026

Around one in three Cypriots say they would use the digital euro in their daily lives, despite limited awareness of the new form of money, according to the first islandwide survey published by the Central Bank of Cyprus.

With the first issuance currently expected in 2029, the findings suggest that public education will be crucial, particularly among people who rely more heavily on cash or have less experience with digital tools.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Awareness Remains Low

Some 61% of respondents say they have no knowledge of the digital euro, while just 1% consider themselves fully informed.

Awareness is higher among people under 65, those with tertiary education and employed respondents. Among those who have heard of the digital euro, awareness is also more common among men, higher-income and more highly educated people, as well as urban residents.

Social media is the leading source of information, cited by 49% of respondents, followed by television at 30%.

35% Would Use The Digital Euro

Despite the knowledge gap, 35% say they are willing to use the digital euro in their daily lives. This is particularly true among people under 45, employed respondents and those with higher education and incomes.

Among potential users, 41% would use it for purchases in physical shops, 40% for online shopping and 33% for person-to-person payments.

By comparison, 28% say they are somewhat or very unlikely to use the digital euro.

Privacy And Cash Are Main Concerns

The biggest concerns are the possibility of transactions being tracked and fears that cash could eventually be abolished, cited by 53% of respondents.

Another 38% are concerned about security, while 25% worry about managing their spending. Some 30% have significant concerns about the ease of using the digital euro.

For businesses, 9% say their willingness to accept digital euro payments would depend on factors such as cost, ease of implementation and demand, while 27% say they would not accept such payments.