Cyprus official comments on cooperative sector reconstruction challenges

During a session of the Parliamentary Committee on Finance on October 23, 2026, the Registrar of Cooperative Societies, Kypros Protopapas, addressed the ongoing initiative to reconstruct the cooperative sector in Cyprus. He characterized the endeavor as difficult, emphasizing that the primary hurdles involve securing substantial equity capital and ensuring public participation in funding the project. Protopapas noted that the success of the revival hinges entirely on the willingness of the public to support the initiative.

Regarding the regulatory landscape, Protopapas clarified that since the 2013 financial events, the Ministry of Commerce and the Registrar of Cooperative Societies no longer hold jurisdiction over banking operations or the licensing of credit institutions. These powers were transferred to the Central Bank of Cyprus and, by extension, the European Central Bank. While his office is legally restricted from developing commercial business activities, he confirmed that they have provided guidance to interested parties, steering them toward professional organizations for necessary studies and instructing them to engage with the Central Bank of Cyprus for future licensing requirements.