Due to the fact that FinTech and RegTech are constantly and quickly evolving, the Cyprus Securities and Exchange Commission has taken the decision to establish the Innovation Hub. The main objective is to foster a better, more effective relationship between entities operating in the area of innovative industries and the way they are regulated. Moreover, the Distributed Ledger Technology (DLT) (e.g.Blockchain) will be used to enable a more informed regulatory landscape.
The Innovation Hub is expected to become operational in September 2018. Eligible firms interested in having their sector or products included and examined by the Innovation Hub will be able to submit a request for further study once the hub is operational.