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Cyprus: E-Commerce

Facilities

ISP and Hosting Services

Cypriot ISPs have included planitis.net, thunderworx.com, logos.net, avacom.net, CYTAnet, teledev.net and Spidernet.

Online Banking

All the main banks in Cyprus permit online banking services. The Bank of Cyprus Internet Banking Service offers the following:

  • Money transfers (between accounts, to 3rd party accounts held in Bank of Cyprus, to other banks and cooperative companies in Cyprus, abroad) 
  • Account balances 
  • Past transactions 
  • Ordering chequebooks
  • Ordering statements
  • Stopping payment of a cheque 
  • Utility payments (CYTA, EAC) 
  • Online dealing in securities

Customers of the Bank of Cyprus and all other commercial Cypriot banks are able to Stock Exchange (CSE) and have access to a live update of their portfolio. The cosy existence of established sources of information on the CSE has been threatened by newcomers to the field such as Stockwatch and Cypria.com who offer equity prices and live ticker prices to all users. Another established force offering information on CSE prices was the giant multinational news agency, Reuters.

Online Gambling

Online gambling in Cyprus has been permitted since the Betting Law of 2007, and remained fully legal for some time. EU directives demand a public consultation and an impact study on possible repercussions of a gambling ban, neither of which has been carried out.

Then, in 2012, licensed operations based on sports betting were given a regualtory framework. Online exchange games and casino betting were, however, made strictly illegal. It was only in October 2016 that the National Betting Authority started to accept licence applications. Still, there are plenty more illegal online betting operations than legal ones. Sports betting companies are taxed by 10% of their revenue.

 

 

 

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