INNOVATION HUB
CySEC participates in the Blockchain Technology for Algorithmic Regulation and Compliance (BARAC) project, which is run by the University College London (UCL) Blockchain Technologies. It focuses on examining the feasibility of using blockchain technology for automating regulation and compliance. The project will focus on the technical, legal and managerial uses of distributed ledger technology in the services industry, including the significance of regulating new business models and disruptive effects on the structure of the industry.
BARAC objectives include:
demonstrating that blockchain technologies can be used to robustly acquire and record data on financial activity, in order to securely retrieve the data for regulation and compliance purposes implementing a case-study proof-of-concept platform for automatic compliance and algorithmic regulation from based on blockchain data transferring knowledge between players in the industry, international regulators, and the academic community, and disseminating it to the wider public.
Source: https://www.cysec.gov.cy/en-GB/cysec/innovation-hub/innovation-initiatives/