Regulatory Agencies Looks Towards Blockchain

The financial sector in the worlds most robust economy is looking towards blockchain technology, with the financial regulatory initiative (fintech) taking the lead in this respect.
The Cyprus Securities and Exchange Commission (CySEC) announced that it would be joining the trend. The regulatory agency will busy itself with the development of financial and regulatory technologies.
The agency in their statement said that the technology would help them meet up with the standard, and be at par with contemporaries in developed countries. With the adoption of the new technology, bodies under the supervision of the agency and those not directly under them will have access to the agency’s insight.
This will afford the body to have a clear understanding of how they should go about in prescribing to the dictates of the body. Another merit of the creation of the hub will be the agency’s expertise that will be enjoined by firms and other interested bodies, who wish to tap from the abundance the technology has to offer.
The Cyprus regulator agency affirmed that companies in the hub would be able to influence the agency’s decision, to make it more encompassing as new laws are being implemented.
Given its strategic geographic location, Cyprus has been the financial centre of Europe for a while. However, the country fell a victim of a dilapidating debt in 2013. This downward slope in its fortune forced the country to think outside the box and seek financial redemption.
One of the areas they looked at is the adoption of blockchain technology. The incorporation of the technology into virtually all the major sector of the economy, revamping the country’s dwindling fortune and shooting it back to financial prominence; putting it back among the financially healthy countries in Europe.
The progress of the technology, led it to embrace virtual currencies, Cyprus currently ranks at par with the ‘blockchain paradise’, Malta, as one of the best countries to start a blockchain project.

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