Regulator financial Cyprus Will start using Blockchain Technology.

The Cyprus Securities and Exchange Commission (CYSEC) is planning to use blockchain technology in its electronic payment system, the regulator said in a recent statement. Cyprus is a hotbed of commercial activity, and distributed accounting technology would be a novel way to transfer funds across borders.

According to Cyprus Mail, the head of CySEC, Demetra Kalogirou, said recently that the commission has already issued a circular on this subject. CySEC is particularly interested in exploring the potential of technology to transform the way assets and currencies are transferred.

“We have already been using [blockchain] in Cyprus with investment service companies that carry out over-the-counter OTC transactions”, Kalogirou said.

In addition, the commission’s effort will focus on a wider use of RegTech (regulatory technology) and FinTech as it seeks to preserve the country’s dynamics in the provision of financial services and products. Kalogirou said that Regtech simplifies the process of monitoring the compliance of supervised entities, while making it faster and more efficient.

CySEC is also in the process of evaluating a draft Law on the introduction of the fund raising mechanism for new companies through crowdfunding.

“We think it’s a product, a way to raise small funds to finance start-ups. 2018 is the time to put crowdfunding in place. We have given it priority.”

Sources:  CySEC , Blocktribune 

Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The opinions expressed in this article are those of the author, they do not necessarily represent infocoin views and should not be attributed to Infocoin.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *