The Cyprus Securities and Exchange Commission (CySEC) on Wednesday announced that Crypto-Asset Service Providers (CASPs) in Cyprus can now apply for a preliminary assessment under the EU’s Markets in Crypto-assets Regulation (MiCAR).

This aims to ensure a smooth transition ahead of the regulation’s full implementation on December 30, 2024.

The commission explained that “the decision by CySEC to implement a preliminary examination phase for MiCAR, also allows its authorised entities to notify the regulator of their intention to provide crypto-asset services”.

“Cyprus has gone from zero to over 330 licensed investment entities managing €9 billion in assets in just a decade,” according to Maria Panayiotou, president of the Cyprus Investment Fund Association (CIFA).

Speaking at the 5th Fund and Asset Management Conference in Athens, Panayiotou attributed this growth to “relentless effort and strategic vision.”

She added that “we now have over 330 licensed entities—collective investment management companies and schemes—with most assets under management classified as Alternative Investment Fund Managers (AIFMs),” crediting this to “systematic and hard work, in cooperation with the Supervisory Authority and all stakeholders.” 

Diners in Cyprus are paying more but often getting less when visiting restaurants, according to a survey conducted by the Cyprus Consumers Association.

The association, which conducted the survey with funding from the Energy Ministry, reported that, despite slight service improvements, many establishments have reduced portions and quality, leading to mixed customer experiences.

“Encouragingly, in 2024 compared to 2023, there is a marked improvement in the picture of services offered in food,” the report said.

“This may be due to the publicity given to the 2023 assessment,” it added.

Energy technology firm EnergyIntel recently hosted Chief Scientist and Research and Innovation Foundation (RIF) president Demetris Skourides, according to an announcement released on Wednesday.

Skourides visited the company’s headquarters to discuss their achievements under the foundation’s Disrupt programme.

During the visit, Skourides emphasised the “crucial role of collaboration and mutual support in fostering innovation in Cyprus”.

The announcement stated that this visit highlighted the government’s support for “maximising the impact of grants” by fostering productivity and innovation within key local companies.

EnergyIntel secured a €1.5 million Disrupt grant as well as an additional €1 million in equity capital.

Deputy Shipping Minister Marina Hadjimanolis flew to Hong Kong on Wednesday at the invitation of the President of the International Chamber of Shipping.

According to an official announcement from the ministry, Hadjimanolis will participate as a speaker at the Hong Kong Global Maritime Trade Summit, discussing issues related to global maritime trade.

During her time in Hong Kong, the Cypriot minister will engage with local authorities, shipping companies, and representatives from both the regional and international maritime community.

The Cyprus Environmental movement said on Wednesday, that solar panels need to be installed on empty, non-fertile land and not in forests or agricultural fields to limit their environmental impact.

“Solar panels shouldn’t be installed in forests or green areas,’’ the movement told the Cyprus Mail.

They added that the government needs to provide equal financial incentives – such as subsidies, tax exemptions, or low-interest loans – to both individuals and large corporations to promote environmentally responsible solar panel placement.

The head of the contractors’ association (OEV) called on all parties not to give up on talks on Wednesday, after concrete manufacture workers endorsed a renewal of the call to indefinite strike.

Workers at ready-mixed concrete factories were set to continue the strike on Wednesday, after employers rejected the negotiation framework submitted by the labour minister.

OEV member Stelios Gabriel said the problem must be solved by end-of-week as the strike was causing “disproportionate” harm to the building industry.

All sorts of work have been affected by the strike he detailed, including bricklaying, plastering and exterior works, as well as ironworks and molding.

The industry must “get back to normal” as the hiatus was surely having an effect on the economy, he added.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 13 with gains.

The general Cyprus Stock Market Index stood at 206.18 points at 12:32, reflecting an increase of 0.22 per cent.

The FTSE / CySE 20 Index was at 125.61 points, reflecting a rise of 0.24 per cent.

The total value of transactions amounted to €1.46 million at the aforementioned time during trading.

In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.39 per cent, 1.13 per cent and 0.12 per cent respectively. The alternative index rose by 2.73 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.44 per cent), Hellenic Bank (+0.23 per cent), Salamis Tours (+27.88 per cent), Pandora (-7.69 per cent), and Vassiliko Cement Works Public Company (no change).