Following 24 months of intense collaboration with stakeholders, market leaders and other relevant parties, the project has been successfully completed and we are now pleased to explore the new go-to-market opportunities for the end deliverable of the Project – the Trustnexus platform.

The platform introduces a novel digital KYC (Know Your Customer) and KYB (Know Your Business) platform based on blockchain technology and AI. It shifts data authorization flow back to individuals and establishes a mutual approach for KYC checks and data sharing across industries. This comprehensive solution minimizes the risk of financial crime, puts data management in the hands of end-users, and improves accuracy and reduces compliance costs.

Trustnexus is a portal that simplifies access to services in ways that extend beyond simple onboarding and KYC. Operating via a federated community network of peer-verification, it creates a marketplace of services in a way that is easy, fast and secure for everyone involved. This novel approach opens the gateways to the future of KYC and e-identities, redefining onboarding with federated assurance and interoperability. With Trustnexus, users can create their own e-ID, manage your data, and decide who gets access to their personal data — no more, no less.

The solution is not just a tool; it’s a movement toward user empowerment, federated assurance, and interoperability. Trustnexus shifts control of data, to data owners, who decide to share uploaded information with specific providers in order to gain access to their services. At any point in time, users know what they have shared and with whom, and are free to revoke that consent.

The core values and principles upon which the solution is built are:

Pioneering Interoperability
A unified hub offering instant access to integrated third-party services. The Trustnexus portal streamlines KYC/KYB workflows across providers. Users gain access a marketplace of services with just one click.

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Our firm’s membership with GDF allows us to contribute to the advancement and adoption of market standards in the areas our firm operates, including innovation and technology, blockchain digital assets and digital identity, and collaborate in specialised working groups delivering unique outputs such as pilot regimes, codes of conduct and consultation responses. It further provides an engagement forum with global regulators and agencies to promote industry stewardship, regulatory certainty and meaningful compliance.

GDF members are at the forefront of creating market and conduct standards and best practices for digital finance participants in a shared engagement forum with market participants, policymakers and regulators.

We are proud to align ourselves with the GDF division, supporting the democratization of finance through digital assets and financial solutions.

For further insights on our collaboration with GDF and our role in advancing the global digital finance movement, don’t hesitate to get in touch.

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During the Ministerial Meeting, Mr. Hadjizacharias highlighted the importance of taking advantage of digital technologies and optimizing innovation capacity, in the interest of supporting sustainable growth. He mentioned that advanced digital technologies have already created significant benefits, notably in the form of increased efficiency, accuracy, timeliness, and convenience in a wide range of public services.

The Deputy Minister stressed that Cyprus is determined to achieve a green and digital transformation, accelerating the implementation of advanced technologies such as 5G, fiber optics, high-performance computing, and blockchain technology. He made special reference to AI, outlining Cyprus’ national strategy that includes implementing AI solutions in the public sector, in education and in crisis management, whilst drawing the attention of the delegates to the significant challenges entailed in the fields of human rights, democracy and the rule of law.

It is reminded that in 2020, the Government of Cyprus approved a national AI strategy based on four main pillars: i) maximizing investments through partnerships, ii) creation of national data spaces, iii) promotion of talents and lifelong learning, and iv) development of an ethical and reliable AI.

At the same time, the proposed EU’s AI Regulation is at the final stages before adoption and is expected to become the world’s first comprehensive legal framework for ΑΙ.

Our firm invests heavily in innovation and was amongst the first law firms to lead the completion of a tender for the provision of technology and legal consulting services on the adoption of emerging technologies in the public sector.

Our Alternative Products service offering includes the provision of legal advisory services to innovative Research & Technology enterprises as well as their EU funded consortia. The developments on the AI regulatory and ethics compliance in these sectors are expected to heavily influence the workings and procedures of such consortia.

As a firm, we are regularly appointed to undertake the legal, regulatory and ethics management of local, national and EU Horizon 2020 funded projects and provide advice on the AI and ethics frameworks that may be applicable.

We look forward to the developments in this sphere and remain available to assist our clients in their engagement with innovative and emerging technologies, whilst in compliance with the applicable legal frameworks.

For more information or to discuss your business needs you may contact us directly at:

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The objective of this funding scheme is to encourage investments in digital entrepreneurship and to strengthen the integration of digital technology in businesses that are established or will be established in Cyprus.

Beneficiaries to the scheme include established or upcoming SMEs that will specifically undertake activities within the scope of digital transformation (including e-shops and/or implementation of innovative technologies such as blockchain, Internet of Things, Artificial Intelligence etc.).

The scheme may cover up to 50% of the total cost of the project, with maximum funding of €50.000. Businesses in mountain regions and other less favoured areas (as identified in the Scheme Guide) may be eligible for funding up to 60% and a maximum of €60.000. The eligible costs include acquisition of equipment required for the digital upgrade, off-the-shelf software, specialist software, IT systems, programmes and services or other digital upgrade costs not directly related to IT systems.

Applications will be treated on a “first come – first served” basis; it is therefore crucial for entities to act promptly and submit their funding proposals the soonest possible.

As part of our “Bridging the Gap Between Law and Innovation” initiative, our team may advise on, undertake and submit the relevant application on behalf of our clients.

If you are interested in finding out more about the new Digital Upgrade Scheme for Businesses our team at DS Partners Law Firm stands ready to assist you.

For more information or to discuss your business needs you may contact us directly at:

Christiana Themistocleous Advocate| Of Counsel Email: ct@dspartners.law

Mikaela Kantor Advocate| Of Counsel Email: mk@dspartners.law

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Project lead Electi Consulting Ltd, a leading consultancy firm offering high-end digital transformation strategy and blockchain technology advisory services, provided the technology advisory services to the OCECPR while our DS Partners Law Firm team ensured the proposed solution is in compliance with applicable laws and regulations.

The OCECPR is the first national regulatory authority to have completed a public tender for tech and legal consultancy services for the implementation of a blockchain solution. The potential adoption of blockchain technology in the transferability process (number portability) is seen as the inaugural application and forms part of the OCECPR’s vision to digitally enhance the telecommunication sector.

The project constitutes a first step towards the adoption of blockchain in public services, and its materialization will transform the telecommunications sector, facilitating the launch of more applications based on distributed ledger technology.

The collaboration between DS Partners Law Firm and Electi Consulting Ltd further showcases the importance of providing a holistic service offering to clients, including technological and legal advisory services. It is the optimal service offering for clients who envisage to adopt innovative technologies in their business processes in line with their regulatory and compliance obligations.

For more information or to discuss your business needs you may contact us directly at:

Mikaela Kantor Advocate| Of Counsel Email: mk@dspartners.law

Daniel Sakellariou Advocate| Partner Email: ds@dspartners.law

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If you are a drone pilot and owner, irrespective whether you operate a drone for commercial or leisure purposes, you need to undertake an online exam and obtain the Remote Pilot Certificate, register yourself as a drone operator and register your drone with the Civil Aviation Authority.

There are three categories of drone operations with different safety requirements, proportionate to the risk involved (Open, Specific or Certified). Depending on the category within which each drone operation falls there are different obligations with regards the need to obtain prior authorisation by the Civil Aviation Authority and any additional training that may be required.

If, on the other hand, you are a drone manufacturer, you must ensure that the drones are designed and manufactured in compliance with the requirements set out in the EU Regulations.

Violation of the Regulations constitutes an offence and offenders will be liable to penalties.

Six rules of air that all drone pilots and operators should be aware of when operating a drone include:

If you would like to find out more about registering as a drone pilot and/or manufacturer or would like to discuss your specific needs, you can contact us at:

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