The regulator is planning to increase its staff in order to be able to effectively regulate and monitor the market.
As the trading industry in Cyprus continues to grow, not only in size but in complexity, the role of the country’s local regulator – the Cyprus Securities and Exchange Commission (CySEC) has gotten more complicated.
This Tuesday at the iFX Expo in Cyprus the Chairwoman of the regulator Demetra Kalogerou stated that the Cypriot watchdog is up to the task and it plans to triple its personnel in two years-time in order to be able to effectively regulate and monitor the market.
When asked whether CySEC has enough personnel at present to effectively monitor the market, Kalogerou responded by saying, “We never have enough personnel.” She then went on to explain that this is one of the regulator’s main priorities.
“I think I got out the right message to the government that we need support, we need to have expertise, because as I said before, a lot of regulations are still coming, and existing ones are so complex that we need enough personnel, we need expertise, to monitor the market. But I am confident that they will support me.”
Kalogerou also highlighted that even when the country was going through its economic crisis in 2013, the regulator still put market surveillance at its forefront and doubled its teams during this time.
As of April 2019, there are 676 regulated entities in Cyprus. This was a 173.7 percent increase from 2011 when there were only 247 regulated entities in Cyprus. At present, trading venues only contribute a small amount to the total regulated entities, with one-third of regulated entities being investment firms.
Left unchecked, crypto could jeopardize the integrity of the trading industry
During her speech at the iFX Expo, the first and largest financial business to business expo in the world, in Cyprus, Kalogerou also spoke about technology, as well as Blockchain and cryptocurrency.
Specifically, the chairwoman spoke about the importance of regulating and monitoring the crypto space, because if left unchecked, it could jeopardize the financial market.
To do this, the regulator has advised that the EU 5th directive should bring crypto activities into the scope. “AML provisions must apply to crypto assets,” the CySEC Chairwoman said.
“On the one hand, we recognize the value of new technology based on crypto assets, including say, the long-term applicability of blockchain to modern day trade. On the other hand, we see proven AML and FTC risks on crypto assets themselves which jeopardizes not only investor protection but the integrity and the legitimacy of the market and the infrastructure which underpins it.”
As the trading industry in Cyprus continues to grow, not only in size but in complexity, the role of the country’s local regulator – the Cyprus Securities and Exchange Commission (CySEC) has gotten more complicated.
This Tuesday at the iFX Expo in Cyprus the Chairwoman of the regulator Demetra Kalogerou stated that the Cypriot watchdog is up to the task and it plans to triple its personnel in two years-time in order to be able to effectively regulate and monitor the market.
When asked whether CySEC has enough personnel at present to effectively monitor the market, Kalogerou responded by saying, “We never have enough personnel.” She then went on to explain that this is one of the regulator’s main priorities.
“I think I got out the right message to the government that we need support, we need to have expertise, because as I said before, a lot of regulations are still coming, and existing ones are so complex that we need enough personnel, we need expertise, to monitor the market. But I am confident that they will support me.”
Kalogerou also highlighted that even when the country was going through its economic crisis in 2013, the regulator still put market surveillance at its forefront and doubled its teams during this time.
As of April 2019, there are 676 regulated entities in Cyprus. This was a 173.7 percent increase from 2011 when there were only 247 regulated entities in Cyprus. At present, trading venues only contribute a small amount to the total regulated entities, with one-third of regulated entities being investment firms.
Left unchecked, crypto could jeopardize the integrity of the trading industry
During her speech at the iFX Expo, the first and largest financial business to business expo in the world, in Cyprus, Kalogerou also spoke about technology, as well as Blockchain and cryptocurrency.
Specifically, the chairwoman spoke about the importance of regulating and monitoring the crypto space, because if left unchecked, it could jeopardize the financial market.
To do this, the regulator has advised that the EU 5th directive should bring crypto activities into the scope. “AML provisions must apply to crypto assets,” the CySEC Chairwoman said.
“On the one hand, we recognize the value of new technology based on crypto assets, including say, the long-term applicability of blockchain to modern day trade. On the other hand, we see proven AML and FTC risks on crypto assets themselves which jeopardizes not only investor protection but the integrity and the legitimacy of the market and the infrastructure which underpins it.”
Exclusive: Prop Trading Firm FTMO to Become a Broker, Hires Michael Kamerman
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa