The Cyprus Securities and Exchange Commission (CySEC), recognizing the rapid advancement of financial, regulatory, and supervisory technology (FinTech, RegTech, and SupTech), announced the completion of the Regulatory Sandbox, which succeeds the Innovation Hub.

According to an announcement from CySEC, the Regulatory Sandbox will allow for the testing of innovative solutions in a controlled environment under CySEC's supervision and guidance. With the creation of the Regulatory Sandbox, the Innovation Hub will cease its operations.

The presentation of the Regulatory Sandbox will take place on June 11, 2024, via an online event.

CySEC President Dr. George Theocharides stated that "the Regulatory Sandbox represents a significant step forward in promoting responsible innovation in the Cypriot financial market."

"Through this initiative, we aim to further encourage the development of innovative solutions in line with technological advancements, while ensuring investor protection and market integrity," he said.