Cyprus Securities and Exchange Commission launches fintech hub
The Cyprus Securities and Exchange Commission (CySEC) has unleashed its innovation hub for fintech and regtech developments.
CySEC wants to “foster a better, more effective relationship between entities operating in this area and the way they are regulated”.
The hub will be a place where both supervised and non-supervised entities can have ongoing access to CySEC to understand and implement its regulatory requirements.
Demetra Kalogerou, chair of the CySEC, says: “In promoting closer ties with these fledgling but fast-growing industries, we aim to best protect investors by fully understanding the risks and benefits these new products bring.”
FinTech firms will have access to specialised regulatory expertise, industry and academic roundtables – and will also have a voice to improve CySEC’s understanding of the risks and benefits of new investment products and platforms, using distributed ledger technology (DLT).
The hub is expected to become operational in September 2018.