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In absence of a residence, work or other permit, a person can legally stay in North Cyprus for up to three months. A three month tourist visa is given to the individual upon entry.

The legislation on setting up an exchange/change bureau only adds a few more steps to the standard company formation procedure. The steps are as follows;

There are certain rules we advise you to follow if you or your business intend in crypto trading. If you are already trading in cryptocurrency, it is vital to heavily guard your private key (or PIN). It is advised that this key must exclusively be used for cryptocurrency transactions and should not be a replica of your other PINs. It is likely for most people to opt out for using a virtual wallet. It is vital to encrypt this wallet with a strong PIN or even consider ‘cold storage’ options which simply mean keeping your wallet offline.

Cryptocurrency is a form of virtual currency that is decentralized i.e neither backed by central bank nor funded by any government. Cryptocurrencies operate via peer-to-peer exchanges, depending on no financial institution for the transactions. You can find more details on the mechanism of cryptocurrencies in our ‘What is a Cryptocurrency and How It Differs from the Conventional Concept of ‘Money’’ article available on our website.

Despite the leading heading, it is easy to say that there is no legal status of Forex, brokerage or any related concept in the TRNC. On the other than there is a light form of regulation in the Republic of Cyprus attractive for brokers.

The Foreign Exchange Market (hereon Forex Market) operates on the basis of speculating whether a certain currency will gain or lose value. People who buy or sell a certain currency is said to access the Forex market. It is decentralized unlike the regular stock market, meaning it does not operate through a specific location. The operation is usually undertaken by a forex broker and the forex brokers make money through commissions and fees which will be explained further below, allowing you to choose the most suitable broker for you.