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Cyprus Parliament Approves New Business Development Agency

by THEFUTURE.TEAM

July 17, 2026

Parliament Approves Cyprus Business Development Agency

Cyprus’ House of Representatives unanimously approved legislation on Tuesday establishing the Cyprus Business Development Agency (KOAE), following the adoption of several amendments proposed by lawmakers.

The agency is intended to improve access to finance for small and medium-sized enterprises, startups and self-employed professionals, helping address longstanding funding gaps in the market.

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Approval of the legislation also enables the government to unlock between €50 million and €69 million from the Recovery and Resilience Fund.

What Changes

One of the key amendments, jointly proposed by DISY, DIKO and the ALMA movement, requires the criteria governing the agency’s maximum financing exposure, including lending to connected enterprises, to be set through regulations approved by Parliament.

The amendment strengthens parliamentary oversight while providing a clearer governance framework for the agency.

Parliament Backs Bill After Debate

Although the bill received unanimous support, several MPs criticised the government for submitting it only on June 25, leaving Parliament with limited time to examine the legislation.

DISY MP Savia Orphanidou said lawmakers had completed their review in the national interest, stressing that easier access to finance is essential for the sustainability of businesses. She also welcomed safeguards added during parliamentary scrutiny, including the planned €60 million capital allocation through 2030.

AKEL MP Andreas Pasiourtidis said the agency should prioritise very small businesses and welcomed provisions strengthening board governance, annual reporting to Parliament and disclosure requirements relating to politically exposed persons.

DIKO MP and House Finance Committee Chair Christiana Erotokritou said similar institutions have operated successfully in other countries for years, adding that the legislation now includes modern safeguards to ensure responsible use of public funds.

Meanwhile, Giannis Laouris of Direct Democracy noted that Cyprus is the only EU member state without a dedicated institution supporting small businesses. He warned that failure to pass the bill would have put between €50 million and €69 million in Recovery and Resilience funding at risk, while maintaining reservations about establishing KOAE as a semi-state organisation.

Why It Matters

The new agency is expected to expand financing options for businesses that often struggle to secure bank financing due to limited collateral or short credit histories.

If implemented effectively, KOAE could strengthen Cyprus’ SME ecosystem, improve access to capital for startups and self-employed professionals, and help convert Recovery and Resilience funding into long-term economic growth.

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Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.