Cyprus Prioritises Single Market Reform During EU Presidency Agenda

A Vision For A Stronger Single Market

Speaking at the “Shaping Europe’s Growth and Competitiveness” conference in Nicosia, Michalis Damianou outlined Cyprus’ commitment to strengthening the European Single Market as part of the country’s EU Presidency priorities. Amid growing geopolitical uncertainty, technological disruption and energy challenges, Damianou said Europe must move faster in coordinating reforms that reinforce competitiveness and economic resilience across the bloc.

Capitalising On Europe’s Competitive Advantages

Damianou argued that Europe continues benefiting from major structural strengths, including the world’s largest integrated market, advanced research capabilities and a highly skilled workforce. According to the minister, the focus has now shifted from discussing Europe’s potential to accelerating its ability to compete globally through targeted reforms, stronger coordination and more effective regulation.

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Legislative Reforms And Regulatory Modernisation

Reducing administrative burdens for businesses, particularly SMEs and scaling companies, remains a central part of Cyprus’ agenda. Damianou referenced initiatives including the European Commission’s “Terrible Ten” proposals and the planned “28th Regime,” both aimed at simplifying cross-border business activity and reducing regulatory fragmentation within the EU market. He stressed that the objective is not deregulation, but smarter regulation capable of supporting innovation while limiting unnecessary bureaucracy.

Driving Investment And Industrial Competitiveness

The minister also highlighted broader European efforts aimed at strengthening industrial competitiveness and accelerating investment. Proposals, including the European Competitiveness Fund and the European Industrial Accelerator, are expected to simplify access to funding, reduce delays and support decarbonisation across energy-intensive sectors. Damianou additionally linked energy policy directly to Europe’s economic security, arguing that affordable and sustainable energy remains critical for maintaining industrial competitiveness globally.

Cyprus As A Regional Bridge

Cyprus’ geographic position between Europe, the Middle East and Asia also places the country in a strategic role for regional cooperation and market connectivity. During his remarks, Damianou described Cyprus as a bridge for innovation, investment and collaboration, while reaffirming support for reforms intended to strengthen Europe’s long-term resilience, competitiveness and strategic autonomy.

A Broader Call For European Competitiveness

Closing his address, the minister said competitiveness extends beyond economic performance and remains closely tied to Europe’s long-term stability and quality of life. He called for greater speed, ambition and unity across the EU as member states continue responding to an increasingly competitive global environment.

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Cyprus Crypto Users Face New Risks As MiCA Rules Take Effect

by News Editor

August 18, 2026

Why Investors Need To Check The Company Behind Their Crypto Platform

Crypto users in Cyprus are being urged to verify exactly which company holds their assets after the EU’s Markets in Crypto-Assets Regulation (MiCA) transition period ended on July 1, 2026.

MiCA rules for crypto-asset service providers have applied since December 2024, but Cyprus allowed companies operating under its previous national framework to continue temporarily. CySEC required providers wishing to remain in the market to apply by February 27, 2026.

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The end of the transition means that appearing on an old national register is no longer enough. Investors must check the specific legal entity providing the service and the activities it is authorised to perform.

Two Regulatory Routes

CySEC maintains separate registers for providers authorised under Article 63 and companies using the Article 60 notification route.

The lists should not simply be treated as a count of licensed crypto exchanges. Providers have different regulatory statuses and may be authorised for different services, including custody, transfers, exchanges or operating trading platforms.

Companies authorised elsewhere in the EU can also serve Cypriot customers through MiCA passporting. Investors should therefore check the wider ESMA register.

Familiar Brands Can Still Be Used In Scams

MiCA authorisation applies to a specific legal entity, not automatically to every website, subsidiary or service using the same brand. Fraudsters can copy a legitimate company’s name, logo and licence number while changing its website or payment details.

The regulatory transition creates another opportunity for scammers. They can imitate legitimate notices about account closures or transfers and claim that customers must urgently move their assets to a new “regulated” platform.

In its July announcement, CySEC warned that customers using unauthorised providers do not receive MiCA protections and advised investors to verify providers through ESMA.

A Wider European Shake-Up

The changes affect the broader European crypto market. VASPnet estimated that more than 1,700 unlicensed crypto companies could face closure, relocation or restructuring after the transition period.

ESMA’s register contained 323 authorised providers at the end of July, while TRM Labs identified 1,343 operating providers in the European Economic Area on July 1, including 281 with MiCA authorisation. The different figures reflect different methodologies, but point to a substantial number of providers operating without the new authorisation.

ESMA instructed unauthorised companies to stop accepting new EU customers, opening accounts and marketing their services, while allowing limited activity needed for an orderly withdrawal.

What Investors Should Check

MiCA introduces common requirements for areas such as governance, disclosures and safeguarding client assets, but it does not make crypto investments risk-free.

For Cyprus users, the key questions are which legal entity provides the service, what it is authorised to do and whether the website or contact details are genuine.

Requests to transfer assets urgently, pay recovery fees, reveal private keys or install remote-access software should be treated as red flags. MiCA may bring greater clarity to the market, but the transition has also created a new opportunity for criminals to exploit a very real regulatory change.

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