Evdokia Pitsillidou represents SALVUS at the Cyprus Gaming Show
Today, Evdokia Pitsillidou, Risk & Compliance Director at SALVUS, represented SALVUS Funds at the Cyprus Gaming Show which took place at the Crowne Plaza Limassol Hotel.
Evdokia was accompanied by a panel of experts within the investment services sector who discussed key points in relation to Anti-Money Laundering (AML), ways of Combating the Financing of Terrorism (CFT) and the overall outlook being shaped by the Cyprus Securities and Exchange Commission (CySEC) in the Cypriot jurisdiction.
To recap the panel, we outline learning outcomes below.
In 2015, the year of the Cyprus Gaming Commission (CGC) was established, Cyprus introduced the Cyprus Casino Control Law. As CySEC has been around for longer than CGC, the Cypriot investment services and AML regulator has been building a well-founded jurisdiction for Cyprus as a financial services hub. For many years, CySEC has focused on creating a strong and fair regulatory framework that helps encapsulate many different business models. In the process, CySEC has been able to create new opportunities to attract and retain projects beyond the traditional financial institutions and investment services. Notably, we have seen an increase in fintech and regtech firms and as a by-product of such ventures, the talent pool available in Cyprus has naturally increased. For the gaming and casino industry in Cyprus, this means that such businesses can benefit from having access to a highly skilled – overlapping – talent pool to hire from, which strengthen the overall traditional and online services landscape in Cyprus.
Another learning outcome from the panel has to do with CySEC’s introduction of Crypto-Asset Services Providers (CASP) in Cyprus, which was finally introduced last month. Thus, there is a growing belief that strong synergies will develop between the casinos, gaming and CASP, enabling the creation of new and potentially disruptive products to enter the market.
Moreover, the collective effort of key stakeholders has helped establish Cyprus as a credible European investment hub where a range of investment opportunities have been realised. Through the official opening of the Cyprus casino resort, we can expect more initiatives and more growth to follow in the gaming and casino sector but also to the overall investment and financial services industry in Cyprus.