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Cyprus: Leading EU Efforts In Migrant Returns

Cyprus has emerged as a leader among EU nations in successfully returning irregular migrants, as highlighted by Interior Minister Constantinos Ioannou at a recent gathering in Larnaca.

The Numbers Speak

This November saw Cyprus achieving a new balance in migration, with returns outpacing arrivals, showcasing a positive trend. The focus, according to Ioannou, is to bolster the return sector to manage migration effectively.

Since April, a doubling in asylum examiners and a 50% dip in new applications have helped boost returns by 60% compared to 2022. By October 2023, a total of 9,300 individuals departed Cyprus, a significant rise from 5,800 during the same period in 2022.

European Union Support

The Minister emphasized the necessity for EU-level coordination, highlighting the importance of agreements with third countries as part of the Eastern Mediterranean Action Plan. This approach aims to alleviate pressure on frontline countries.

With the European Commission’s allocation of €162 million for Cyprus’s Internal Affairs Funds from 2021-2027, including €134 million from EU resources, Cyprus is well-equipped to handle migration challenges. These measures underscore the EU’s recognition of Cyprus’s disproportionate burden.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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