塞浦路斯證券交易委員會（CySEC）主席 George Theocharides 博士在 2024 年 iFX EXPO 上接受《金融大事》採訪時確認：「在不久的將來，也就是未來幾年內，『自營交易』公司肯定會受到更多審查。」他補充道：「很可能在某個時候，這些自營公司將會受到嚴格的監管框架約束。」

Dr. Theocharides explained that while "prop trading is catching the attention of regulators, and there are some initial discussions among regulatory bodies, these discussions are still in the early stages."

談到理想的監管框架，CySEC 主席表示：「現在還不是預測它『自營交易』是否會納入 MiFID 或其他框架的時候。」

MiCA Brings "Significant Scrutiny to Europe"

On June 30, specific provisions of the Markets in Crypto-Assets Regulation (MiCA) came into effect, particularly those concerning asset-referenced tokens and e-money tokens. This is part of MiCA's phased implementation plan aimed at bringing comprehensive regulation to the EU crypto asset market.

The significance of this milestone lies in its focus on enhancing investor protection and ensuring market stability. By regulating asset-referenced tokens and e-money tokens, MiCA aims to address risks associated with these assets, such as volatility and information asymmetry, which could affect the financial system and consumer interests. This partial implementation allows for targeted regulation to begin in areas deemed most critical, setting foundational rules for transparency, governance, and consumer protection before full regulatory implementation at the end of 2024.

The CySEC Chairman stated: "This is a big step for Europe. There has been a lot of preparation and discussion around MiCA for years. It's actually the first major jurisdiction to create a unified and sound regulatory framework for the crypto asset services industry. This is an important first step, but not the end, as the industry is constantly evolving, and regulation needs to keep up."

Under MiCA, crypto service providers will enjoy passporting rights across European countries, a provision that changes the landscape for MiFID-regulated companies.

However, Dr. Theocharides pointed out that due to this passporting privilege, "any company wanting to obtain a MiCA license will face strict scrutiny from all European national regulators and the European Securities and Markets Authority (ESMA)."

He said: "To gain this privilege, I think it's a good step for investor protection, as we know the long-term lack of regulation in this industry has led to investor losses." He also emphasized that MiCA "is not the last step, but the first step towards regulation, an important first step," noting that it doesn't cover non-fungible tokens (NFTs) and decentralized finance (DeFi). "While DeFi is still small compared to market size and has low trading volumes, it may expand in the future. So, there are some areas that MiCA doesn't cover," he added.

"Cyprus Needs Judicial Reform"

The iFX EXPO in Limassol attracted over 4,000 attendees and 1,600 companies, creating a vibrant and bustling event with participants showing intense enthusiasm and engagement. Cyprus, as a gateway to Europe, has become home to many retail brokers and payment companies due to its clear regulations, attracting more companies over time.

I asked Dr. Theocharides, who delivered the opening keynote at the event, if he was proud of the financial services industry on the island. "The industry has grown rapidly over the past decade or so. We've seen Cyprus develop a fintech ecosystem. There's now a lot of local expertise to support all these financial services entities in providing services to their end users and consumers."

However, Dr. Theocharides pointed out that "the country's judicial system" needs improvement. He said: "There's a lot of bureaucracy there. The courts often have many delays in making decisions, which is a concern for investors. So, if any trouble arises, an investor wants to know he can go to court and get results."

"We need to work more on reforming our judicial system," he added, "I know the government is aware of this and is taking steps to address it. But we need to see these steps realized soon. I think this would help the financial services industry."

CySEC: "We're Committed to Supporting Responsible and Innovative Growth"

CySEC recently launched a regulatory sandbox to foster technological innovation on the island. While not an entirely new measure, it expands the scope for innovation. The CySEC Chairman explained: "We're proud to have launched the sandbox last week, which is an upgrade to our innovation hub. We've had the innovation hub since 2018. Now, the innovation hub has transformed into a regulatory sandbox."

"Our idea is to encourage regulated or unregulated entities to apply to us with innovative technologies that we can test in a controlled environment under CySEC's supervision. Our role is to provide guidance on these technologies before they apply to enter the market. I think this shows our commitment to supporting responsible and innovative growth."

"The Risk of Greenwashing"

Dr. Theocharides added: "Besides digitalization, sustainability is a major focus across the entire financial services industry," highlighting the growing focus on environmental, social, and governance (ESG) issues. "How we create sustainable investments, how we transition to a greener economy and address the climate crisis is important." However, he acknowledged the "risk of greenwashing," which CySEC is addressing.

Dr. Theocharides revealed: "Any company, fund, or fund manager wanting to offer sustainable products to investors should be scrutinized by national competent authorities to ensure the information they provide is indeed reliable and correct. We do data analysis at the European level and have done a lot of data work. There isn't much data related to sustainability at the moment, but we work with many databases and use AI tools to identify any greenwashing risks in marketing campaigns, prospectuses, etc. So, we're doing a lot of work with data to address the greenwashing issue."

Reference：Exclusive: “Prop Trading Will Fall under Robust Regulation at Some Point”, CySEC Chair