REVERA Cyprus Digest №1
Revolut to offer crypto services in Cyprus
Revolut has been granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA).
Revocation of 7 passports
The Minister of Interior of the Republic of Cyprus Mr. Nicos Nouris, has announced that the Republic will revoke seven more passports that were granted through the Cyprus Investment Program. The aforesaid passports were granted to four investors and three of their family members and the Cabinet’s decision is based on the findings of Mr. Myron Nikolatos who is the Inquiry Committee, the sanctions imposed by the EU and the current legislative framework.
RCB Bank as a credit recovery company
On 06th day of August 2022, RCB Bank has received a licence form the Central Bank of Cyprus to operate as a credit acquisition company and will remain active in the financial sector of the country. It is worth mentioning that RCB Bank Ltd will terminate its banking services on 07th day of October 2022.
Establishment of the national mininum wage
The Council of Ministers reached a decision regarding the decree setting the national minimum wage in the amount of 940 euros from 1/1/2023. It is clarified that in the first six months of employment the amount of the salary is set at 885 euros and if there is a continuous employment with the same employer then the salary rises to 940 EUROS. Exempt categories of employees are those working in agriculture, domestic workers and those working in shipping.