February 14, 2020
Cyprus’ FinTech agenda broadly includes tax incentives for FinTech firms, the Startup Visa Scheme to attract & retain tech talent, the establishment of a €20 million fund to promote startups and innovative companies as well as the private sector’s support of innovative industries through accelerators, incubators, and Tech Sprints.
Cyprus ranks 54 in ease of doing business, and financial services is one of the fastest-growing sectors of the Cypriot economy. The Cyprus Securities and Exchange Commission (CySEC) governs activities and ensures financial regulations and operations comply with the European MiFID financial harmonized law. Cyprus doesn’t have any FinTech-specific regulations, and regulators treat FinTech players the same as any other entity in the financial services landscape.
Cyprus is laying a healthy FinTech foundation with the government’s plan to double the expenditure on developing technologies and increase private contribution as part of the 2019–2023 national strategy on research and innovation. Some other interesting FinTech developments include:
2017 – Launch of Cy ...