The Cypriot registry (nic.cy) has released the .cy extension. Registrations under .com.cy were already possible. And from now on it’s also possible to register domain names directly under .cy. Moreover, you no longer have to have a local address to be able to register a Cypriot domain name. The registry will handle all requests for .cy names according to the first come, first served principle. This also means that there is no so-called grandfathering period where owners of a .com.cy name are given priority to register the same name directly under .cy.
With the relaxation of the registration conditions and the liberalization of the .cy domain, the registry seems to be willing to give .cy domain name registrations a huge boost.