The Central Bank of Cyprus (CBC) has announced the establishment of a comprehensive strategy for licensing and supervisory electronic money institutions (EMIs) and payment institutions (PIs).
To prepare the strategy, the CBC with the assistance of international consultants, conducted a thorough analysis of the sector and its associated risks. The findings were presented to the CBC Board of Directors on 19 December 2024.
The strategy aims to:
- Promote the sustainable growth of the sector
- Improve licensing processes
- Enhance supervision based on risk
- Adopt best practices
To drive these efforts, the CBC has established a dedicated Directorate for the Supervision of EMIs and PIs, responsible for the prudential supervision of the sector.
Currently, CBC oversees 26 EMIs and 11 PIs, with several new applications under review.
This is a welcome development, responsive to the fact that the payment services industry in Cyprus is going from strength to strength.
The official announcement (available only in Greek) can be found here.
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