Cyprus SEC Creates First Blockchain Central Hub
The country’s SCE has officially announced a new hub designed to continuously develop the industry with a special focus on services and products of finance utilizing blockchain-tech and DLT.
The new project is designed to house enhanced and more efficient networking between companies and other bodies functioning within the industry as well as applying proper regulations. The project will bridge the Cyprus SCE and both monitored and unmonitored companies and provide compliance between them with regulatory necessities being integrated.
The new platform is a means of establishing direct relations and data transfer between financial technology companies and the SEC. The companies will also be on the receiving end of the latest and most innovative fintech through the SEC. Head chair member of the SEC in Cyprus, Demetra kalogerou, stated that the new hub is a new milestone in the regulators continuous monitoring over new emerging companies within the country involved in financial technology. Additionally, protecting investors is the main priority through acknowledging the evident threats attributed with the tech with more networking between new and emerging companies.
The new hub will most likely see its complete launch during September of this year and companies deemed as qualified will be able to present their own products to the SCE in Cyprus for examination after the hub becomes completely functional. The approval requirements will also be posted on the Commissions website.
Only the latest
Cyprus’ Securities and Exchange Commission is the newest financial regulator to provide attempts in networking with the blockchain-tech environment.
The FCA in the UK received 40 percent of blockchain applications during its new round. CFPB implemented new regulations that back financial-tech businesses attempting releases of brand new products and services. The UAE also began its first testing regulated digital currency exchange, Palmex.