Parliament to consider crowdfunding fines bill

Cyprus has tabled a bill in parliament introducing fines of up to €500,000 or up to 5% of annual turnover for breaches of the law governing crowdfunding services for businesses, as the country moves to complete a harmonisation process that was due by November 2021.

The bill transposes EU Regulation 2020/1503 on European crowdfunding service providers for businesses into Cypriot law and is expected to be discussed shortly by the parliamentary Finance Committee. An accompanying note states that...