CySEC establishes a New Innovation Hub
The Cyprus Securities and Exchange Commission (CySEC) has recently announced the establishment of an Innovation Hub which will be created to explore FinTech and RegTech developments.
This Innovation Hub aims to build practical relationships between CySEC and the companies involved in such sectors and activities, and overall improving their regulation as well as the way regulatory requirements and practices are understood.
The Innovation Hub will be created based on a two-way communication model and through this platform, Fintech companies will have access to specialised regulatory expertise, industry and academic roundtables. They will also have the chance to provide feedback to CySEC concerning new innovative investment products and platforms such as Blockchain, which will be used to develop an appropriate regulatory framework.
It is expected that the Innovation Hub will be operational in September 2018, following announcement of CySEC, and participation of interested businesses will be based on eligibility following an examination.