CySEC establishes a Regulatory Sandbox to facilitate innovative solutions

The Cyprus Securities and Exchange Commission (CySEC), recognizing the rapid evolution of financial, regulatory and supervisory technology (FinTech, RegTech and SupTech), announced the establishment of its Regulatory Sandbox, which constitutes the evolution of its Innovation Hub.

The Regulatory Sandbox will provide testing opportunities for innovative solutions in a controlled environment under the monitoring and guidance of CySEC, a press release issued by the Commission writes, adding that following the establishment of the Regulatory Sandbox, the CySEC Innovation Hub ceases its operations.

Ahe presentation of the Regulatory Sandbox will take place on 11 June 2024 via an online event.

Commetnting CySEC Chairman, George Theocharides stated ‘the Regulatory Sandbox, marks a significant step forward in fostering responsible innovation within the financial services markets in Cyprus.”

Through this initiative, we aim to further encourage the development of innovative solutions in line with technological developments while ensuring investor protection and market integrity, Theocharides concluded.