The Cyprus Securities and Exchange Commission (CySEC) launched its Regulatory Sandbox on June 11, 2024, through an online event. This initiative signifies progress in financial, regulatory, and supervisory technologies such as FinTech, RegTech, and SupTech in Cyprus.

Hosting Virtual Launch for Regulatory Sandbox

More than 500 stakeholders from the financial sector participated in the virtual launch event. Attendees included representatives from regulatory bodies, financial institutions, and technologically innovative firms. They received information on the Sandbox's operational framework and its potential benefits for market participants.

Following the event's conclusion, Dr George Theocharides, Chairman of CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, underscored the initiative's significance, stating: “With the introduction of the Regulatory Sandbox Sandbox A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Read this Term, we are taking another major step in fostering responsible innovation in the financial services sector.”

“Our goal is to support the development of cutting-edge solutions that meet technological advancements, without compromising market integrity and investor protection.”

The Day is Here!

We can’t wait to welcome you to today’s Regulatory Sandbox launch event.

Tune in!#RegisterNow #CySEC #RegulatorySandbox #Innovation #FinTech #RegTech #SupTech pic.twitter.com/GQgsz42WhF

— CySEC (@CySEC_official) June 11, 2024

Focusing on Risk Management and Market Stability

The CySEC aims to bolster oversight of firms involved in cross-border activities, focusing on mitigating risks in complex financial products like Contracts for Difference, as reported by Finance Magnates.

As part of its supervisory priorities for 2024, CySEC plans to safeguard investors' interests and market integrity by enhancing its supervisory framework and fostering a compliance-oriented culture among registered entities.

Emphasizing proactive risk management, CySEC aims to address potential adverse events promptly to maintain market stability and resilience. In 2024, CySEC's focus areas include assessing practices impacting investors and markets, implementing sustainability requirements, and evaluating firms' business models within the investment services sector.