Blockchain Innovation Hub Planned By Cyprus Securities Regulatorbr>
The Cyprus Securities and Exchange Commission (CySEC) will be creating an innovation hub to explore financial and regulatory technologies, including blockchain.
The innovation hub, which is expected to become operational in September, will be a place where both supervised and non-supervised entities in innovative or new industries will have ongoing access to CySEC to best understand and implement their regulatory requirements. FinTech and RegTech firms will receive regulatory expertise and gain access to industry and academic roundtables.
“FinTech and RegTech are constantly, and quickly evolving,” the CYSEC said. “To this end, CySEC has taken the decision to establish the innovation hub to foster a better, more effective relationship between entities operating in this area and the way they are regulated.”
Entities will also have a voice to improve CySEC’s understanding of the risks and benefits of new innovative investment products and platforms that use blockchain, enabling a more informed regulatory landscape.
“The establishment of the innovation hub marks an important and exciting step for CySEC’s supervision of new and innovative FinTech companies in Cyprus,” said Demetra Kalogerou, Chair of the CySEC. “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.”