Technology has been disruptive and highly transformative of the financial services sector. The profound impact of emerging, disruptive, and other technologies on financial services is undeniable and widespread; large, public companies and incumbents as well as small, technology-reliant start-ups leverage technology to offer enhanced and innovative financial services products. Synergies and collaborations between traditional banking, investment, and financial players and emerging startup businesses, new startup entrants disrupting the financial services landscape, and businesses transforming their models by turning to technology emerge with an increased pace in the financial services industry. Within this context, fintech has become prominent in Cyprus, too. Cyprus hosts a sophisticated and globally distinguished financial services market, and as such has seen significant development in fintech activity, with and more and more incumbents, and startup and SMEs becoming involved with fintech.
While digitalization, innovation, and technology development profoundly affect financial services, the relevant regulatory framework is ever-changing and complex. This newly formed financial services landscape and these new technology-based business models necessitate constant and strong legal support regarding their regulatory and compliance obligations.
Our law firm, strongly oriented towards accommodating technology and innovation, assists businesses of all sizes to navigate in, and comply with the applicable regulatory framework with certainty and confidence. The legal framework in fintech is not as developed or straightforward but is rather the product of a nexus of a complex set of laws, rules, and regulations. With a deep knowledge of the nature and details of the technologies involved, and by maintaining an active approach towards the fast-paced industry and ever-evolving legal framework, our law firm guides fintech businesses with all their regulatory needs ensuring their compliance with all their obligations.
Our regulatory services cover a wide range of areas, including, online/remote banking, open banking and third-party providers (payment service providers, account information service providers), e-money providers and platforms, remote/mobile, digital and innovative payments, blockchain, cryptocurrencies – ICO/STO/IEO and crypto-exchanges, crowdfunding, peer-to-peer lending, data in financial services.