SALVUS welcomed at the iFX ExpoSalvus Team
The largest international online trading and FinTech event, returned to Cyprus earlier this week. The iFX Expo took place at the Parklane Resort & Spa in Limassol, between the 4th and 6th of October.
It was an honour to have our very own Evdokia Pitsillidou, Risk & Compliance Director and partner at SALVUS, participate as a panellist alongside other renowned investment services industry professionals. The panel engaged in insightful discussions relating to Data, Leverage and Licensing from a Global Regulatory Outlook.
We have compiled the highlights from the panel. What did we learn?
To start off, there is a high level of demand for Cyprus Securities and Exchange Commission (CySEC) licenses. To put things into perspective, the Cypriot regulator was forced to suspend its fast-track licensing scheme due to the overwhelming number of applications. As Evdokia shared, in our experience, there is a high demand for new license applications and also for the acquisition of existing licenses in the Cypriot jurisdiction.
Further, from a local standpoint the Anti-Money Laundering (AML) certification introduced by CySEC in December 2019, has improved the competence level of professionals operating in relevant positions within financial services, investment services and other complementary fields. Demand for becoming a certified Anti-Money Laundering Compliance Officer (AMLCO) and being registered in CySEC’s Public Register is evident by examination slots filling up quickly after their announcement. Taking a global stance, we are beginning to see new technological advancements shaping AML and KYC processes. Consequently, blockchain technology is becoming an influential mechanism within the regtech space. It enables for more efficiently automated procedures to occur, especially with AML regulatory frameworks and KYC. It is the implementation of such technologies that are part of the reason why regulators around the world are gaining confidence to accept crypto-businesses under their regulatory framework.
Last month, CySEC announced the inception of Crypto-Asset Services Providers (CASP) in the jurisdiction. This development is exciting news for the industry as we expect CySEC to continue elaborating its regulatory framework to accommodate a variety of different business models. This involves cryptocurrency exchanges, crypto wallet providers, Initial Coin Offerings (ICO) and Security Token Offerings (STO).
Our Risk team is already working on CASP applications, and we anticipate a high CASP registration demand in the year to come.