Exness founder and CEO Petr Valov took center stage at the Digital Agenda Cyprus Summit 2024 held on 9 October 2024 at the Nicosia Municipal Theatre. During his keynote speech, he reinforced his commitment to establishing Cyprus as a leading tech hub by calling for regulatory restraint to boost the European Union’s technology competitiveness.

The summit, titled "Digital Democracy: Digitisation - Innovation - Participation," was held under the auspices of the Cyprus Presidency. It brought together industry leaders, policymakers, and stakeholders to discuss the future of digital innovation.

In his keynote speech, “Deregulation: How strict EU regulation strangles innovations and makes EU startups less competitive,” Mr. Valov argued that Europe’s heavy regulatory environment hinders the growth of startups. He cited the 100 laws and 270 regulations that tech companies must navigate in the EU, stating, “This prevents startups from being born within the EU. Instead, entrepreneurs establish their businesses outside the EU and only later bring their products here.”

Mr. Valov highlighted that this over-regulation can stifle innovation and make regional startups less competitive globally. He pointed to the complexity of AI regulations and the cumbersome framework of GDPR as examples. While acknowledging the need for safeguards, he stressed that over-regulation disproportionately impacts small businesses, which often lack the resources to navigate complex legal frameworks. Mr. Valov called for a more balanced approach that fosters entrepreneurship.

Mr. Valov's participation in the summit underscores Exness' dedication to supporting the development of Cyprus' tech sector. The company, a leading global multi-asset broker, has consistently invested in the island's growth, contributing to its emergence as a hub for financial technology.