It really doesn't matter about whether .LY is a safe cctld or not, because there is no local market for this domain and it doesn't work as a domain hack either.
It's a reg fee domain, but even at reg fee I don't think i'd want it.
Those who are trying to substantiate a high-ish valuation by saying that similar-looking names have sold for that in the past are failing to understand that just because a few domains have sold quite well in .LY in the past it does not mean that a market has been created in that extension...
Really, it doesn't!... Optimism is a good thing, but domainers tend to take this way too far, and many need a reality check, lol.
Good luck,