Cyprus Securities Regulator to Use Blockchain Technology

Announcements, Blockchain, FinTech | October 30, 2017 By:

The Cyprus Securities and Exchange Commission (CYSEC) is planning to use blockchain technology to facilitate digital payments.

CYSEC chair Demetra Kalogirou stated that some Cypriot investment firms have already been using blockchain to carry out over-the-counter (OTC) transactions, and added that the commission has issued a circular imposing restrictions on supervised companies. CYSEC will also consider the wider use of RegTech systems to better facilitate the compliance of supervised entities.

CYSEC is now working to use blockchain in order to revolutionize the way in which any asset is moved over a foreign exchange. The commission has teamed with Blockchain Technology for Algorithmic Regulation and Compliance (BARAC), an academic and business alliance, furthering the study of ways FinTech can improve the industry.

The commission is also examining how blockchain can be used in crowdfunding. “We think it’s a product, a way to raise small funds to finance start-ups,” said Kalogirou. “2018 is the time to put crowdfunding in place. We have given it priority.”