Newsroom
The President of Cyprus, Nicos Christodoulides, met with the Cyprus Securities and Exchange Commission (CySEC) at the Presidential Palace to receive their 2023 annual report. The meeting highlighted Cyprus’ growing prominence in the financial sector and ongoing efforts to enhance economic competitiveness and financial literacy.
CySEC’s chairman, Dr. George Theocharides, emphasized the steady growth of Cyprus’ capital market. He noted progress in prudential supervision and the readiness to adopt new European directives, including a major regulation for the cryptocurrency sector set to take effect in January 2024.
Dr. Theocharides also revealed that large multinational companies are showing interest in establishing their European headquarters in Cyprus. This development, alongside reforms in the investment fund sector, represents a promising economic opportunity. The investment fund sector now manages over €10 billion in assets, with €2.6 billion directly invested in the Cypriot economy, fueling projects and businesses.
President Christodoulides praised CySEC's work and pledged increased support and responsibilities to align with Cyprus’ economic rebranding strategy. He highlighted the connection between the country's reputation as a reliable investment hub and its economic competitiveness, noting the critical role of foreign investment in creating jobs and supporting social programs in education, health, and welfare.
The meeting also addressed financial literacy, with the President announcing its inclusion in the school curriculum starting in 2024. This initiative aims to cultivate a financially savvy culture among young people, ensuring a more informed and secure future for citizens.
