The Cyprus Securities and Exchange Commission (CySEC) has launched its Regulatory Sandbox during an online event held on the 11th of June 2024. This initiative marks a significant milestone in the advancement of financial, regulatory, and supervisory technologies (FinTech, RegTech, and SupTech) in Cyprus.

After the conclusion of the event, Chairman of CySEC George Theocharides, emphasised the initiative’s importance.

“With the introduction of the Regulatory Sandbox, 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,” he said.

The virtual launch event attracted over 500 stakeholders from the financial sector, including representatives from regulatory bodies, financial institutions, and technologically innovative firms. The attendees were briefed on the Sandbox’s operational framework and the potential benefits for market participants.

CySEC is now inviting interested parties to submit their applications to participate in the Regulatory Sandbox.