Cysec Introduces Regulatory Sandbox and Invites Fintech Applications
You can also learn more about Cyprus Securities and Exchange Commission (CySEC) The Regulatory Sandbox has now been opened to FinTech and RegTech experts in Cyprus who are invited to submit their applications.
- The online launch event was attended by over 500 participants, including regulators and financial institutions.
- CySEC
Regulatory Reform Sandbox is now live
For more information on the Regulatory Sandbox, visit CySEC’s website
CySEC This section has been updated to help interested parties. Updates include videos of the presentation at the launch event, frequently asked questions, and/or explanatory presentations. SandboxThey explain the legal and operational aspects of it. Source: CySEC
The CySEC AskFX reported that the Sandbox was launched on June 11, 2024, via an online event. Over 500 participants, including representatives from regulators, financial institutions and innovative companies, attended. Participants received information on the Sandbox operating framework and its potential benefits for market participants
CySEC seeks MiCA feedback
The CySEC has consulted the market on the proposed fees for the Regulation of Markets in Crypto-Assets: Reporting Requirements (MiCA). This initiative aims to gather input from stakeholders to shape the future regulatory framework. Responses are due by July 17, 2024
MiCA is a regulator that aims to create a unified framework for crypto assets in Europe: with a focus on crypto assets that are not classified as financial instruments. MiCA aims to offer financial instruments from May 31, 2023. Clarity and consistency are key to the crypto market.
The regulations categorize crypto assets into three categories: Asset-Referenced Tokens (ARTs), Electronic Money Tokens, and Other Crypto Assets. MiCA introduces new categories under CySEC. Supervision of all crypto assets and ARTs is required, including issuers (credit institutions) and crypto asset service providers.
MiCA has already led to changes in the industry. For example, Binance announced that it will comply with MiCA requirements regarding the issuance of securities. Stablecoins are for sale.
Tareq Sikder
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