On Tuesday, April 4, 2023, the Ministry of Finance hosted a seminar for relevant authorities and organizations with the purpose of providing information about the “Digital Finance Package” introduced by the European Commission.
Advancements in technology have significantly influenced various aspects of our daily lives, including the financial sector. Innovations such as artificial intelligence, social networks, distributed ledger technology, and cloud computing have given rise to novel services and business models within established financial institutions.
In recognition of these developments within the financial sector, the European Commission embraced the “Digital Finance Package” on September 24, 2020. This comprehensive package includes a series of measures aimed at facilitating the digital transformation of the financial sector, enhancing the competitiveness of Europe’s financial industry, and concurrently safeguarding consumer interests and financial stability.
The seminar featured keynote speakers, Mr. Peter Kerstens, an Advisor specializing in Technological Innovation and Cybersecurity at the Directorate General for Financial Stability, Financial Services, and Capital Markets Union (DG FISMA) of the European Commission, and Mr. Konstantinos Kaniouras, Officer A at the Cyprus Capital Market Commission.
During the seminar, various topics were addressed, including the proposed Regulation on Cryptocurrency Markets, the Proposal for a Regulation on the Transfer of Money and Specific Cryptocurrencies, the Regulation on Digital Business Resilience within the Financial Sector, and the Regulation on a Pilot Scheme for Market Infrastructure Utilizing Distributed Ledger Technology.
The seminar received a highly positive response from both competent authorities and stakeholders. Attendees had the opportunity to gain insights into the essence and implications of these legislative measures, and they engaged in constructive dialogues with the speakers, seeking clarification on these important subjects.
Source: https://mof.gov.cy/gr/-the-eu-s-digital-finance-package