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Cyprus's SEC Embraces Blockchain Despite Unregulated Status Of Cryptocurrency
Summary: The Cyprus Securities and Exchange Commission (CySEC), the financial regulatory agency of Cyprus, published a report discussing the ongoing activities of its Innovation Hub. The Innovation Hub is a platform designed that allows for engagement between CySEC and entities operating in the fintech and regtech sectors. The Hub was developed to enable knowledge-sharing between regulators and innovators, ...
The Cyprus Securities and Exchange Commission (CySEC), the financial regulatory agency of Cyprus, published a report discussing the ongoing activities of its Innovation Hub.
The Innovation Hub is a platform designed that allows for engagement between CySEC and entities operating in the fintech and regtech sectors. The Hub was developed to enable knowledge-sharing between regulators and innovators, promote the creation of regulations that foster innovation, and ensure compliance within dynamic and emerging tech industries.
According to CySEC Chairwoman Demetra Kalogerou stated that the agency is currently “evaluating the risk and benefits of crypto innovation to determine whether further actions and legislative requirements are needed to ensure full investor protection.”
Despite their stance on cryptocurrency, CySEC recently partnered with the University College London’s Blockchain Technology for Algorithmic Regulation and Compliance (BARAC), which researches applications for blockchain technology in automating compliance and regulatory procedures. This project will allow CySEC to investigate technical, legal, and managerial applications of DLT in the services industry.
By Ramsey Baker
Tags: Blockchain,Cryptocurrency,Cyprus,CySEC
Link: Cyprus's SEC Embraces Blockchain Despite Unregulated Status Of Cryptocurrency [Copy]
