Insider Business CySEC issues a Progress Report on the Activities of the Innovation Hub

CySEC issues a Progress Report on the Activities of the Innovation Hub

The Cyprus Securities and Exchange Commission (CySEC) on Monday issued a progress report on the Innovation Hub’s activities since its launch in October 2018. Market participants can download the report here.

The Innovation Hub serves as a knowledge-sharing platform for both supervised and non-supervised entities to enhance understanding about new and evolving financial and regulatory technologies.

The Hub has engaged with 19 companies in relation to specific queries and/or products with a wide range of interests in innovation, including:

  • Regtech (regulatory and AML) compliance tools based on data analytics and big data reporting;
  • Companies that use Distributed Ledger Technology for offering, transferring and verifying the ownership of financial instruments;
  • Artificial intelligence tools for both Fintech and Regtech purposes;
  • A venture capital fund investing in blockchain start-ups;
  • Tools for asset managers operating using big data; and
  • Trading facilities intending to operate using Distributed Ledger Technology.

In addition to the above the Innovation Hub also engaged with more than 10 third parties, including Legal practitioners, Auditing Firms, University representatives, Credit Institutions and Associations, who were seeking to grasp a better understanding on CySEC’s view on financial innovation. Engaging with these institutions means all parties are abreast of current and upcoming trends.

CySEC has worked with the Hub’s members to outline how emerging technological applications to both regulatory reporting and product innovation are covered by existing investor protection legislation, and prior to any stage of licensing and ultimate supervision, what the requirements are to comply with national and EU rules and regulations.

Demetra Kalogerou, Chairwoman of CySEC, said: “The update on the Innovation Hub is a timely reminder of the work we are doing to strengthen investor protection by embracing new innovations in financial and regulatory technology. CySEC’s approach to innovation fits into the broader national agenda of aiming to create a robust ecosystem in which fintech firms can flourish responsibly in Cyprus. We are committed to ensuring our supervisory aims are aligned to national and international standards.”

Top Stories

Drop in new covid cases and hospitalised, 202 and one death

  Cyprus recorded one covid-19 death over the past 24 hours, raising the number of victims to 167, 111 men and 56 women with an...

Rapid test locations on Sunday

  Here are the rapid test locations for Sunday January 17 Limassol Tassos Papadopoulos Building-Technical University Limassol (corner of Ifigeneias and Themidos) 8.30-04.30 Ayia Varvara Church Zakaki 9.00-04.30 Ayios Stylianos Church,...

Low visibility on highways as bad weather continues

  Visibility is very low on the Larnaca-Nicosia and Nicosia-Limassol highways, with the network near the Mosfiloti area becoming waterlogged. Police are calling on drivers to...

Explainer: Can Trump pardon himself? Would the courts reject the move?

  As he prepares to end a tumultuous four years as U.S. president facing potential legal jeopardy, Donald Trump has discussed the possibility of pardoning...

U.S. state capitals on edge for armed protests as Trump presidency nears end

  U.S. law enforcement officials are gearing up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and calling in their National...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...