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CySEC Launches Its Regulatory Sandbox

The Cyprus Securities and Exchange Commission (CySEC) has launched its Regulatory Sandbox during an online event. This initiative marks a significant milestone in advancing financial, regulatory, and supervisory technologies (FinTech, RegTech, and SupTech) in Cyprus.

After the conclusion of the 11 June 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 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.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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