The Central Bank of Cyprus (CBC) has announced a comprehensive licensing and supervisory strategy for electronic money institutions and payment institutions as part of its regulatory responsibilities.
The strategy was developed in collaboration with an international consultancy firm, whose experts worked alongside CBC officials to analyse the sector and its inherent risks. The findings were presented to the CBC’s board of directors at their meeting on December 19, 2024.
The new framework aims to ensure prudent and sustainable development of the sector through enhanced licensing procedures, strengthened supervision based on institution-specific risk indicators, and the adoption of industry best practices.
To implement these objectives, the CBC has established a dedicated Electronic Money and Payment Institutions Supervision Department to oversee the sector’s prudential supervision.
The CBC currently supervises 26 electronic money institutions and 11 payment institutions, with several new licensing applications under review at various stages of the process.
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