The Cyprus Securities and Exchange Commission (CySEC), the financial regulatory agency of Cyprus, will be using blockchain technology, according to latest reports.

As reported by Cyprus Mail, CySEC head Demetra Kalogirou recently said that the commission has already issued a circular on this issue. CySEC is particularly interested in exploring the potential of the technology to transform the way of transferring assets and foreign exchange.

“We have already been using it [blockchain] in Cyprus with investment services companies that carry out OTC [over-the-counter] transactions,” Kalogirou said.

In addition, the commission’s effort will focus on a wider use of RegTech (regulatory technology) as well as FinTech (financial technology) as it seeks to preserve the country’s dynamics in the provision of financial services and products. Kalogirou said that regtech simplifies the process of supervising the compliance of supervised entities, while making it more faster and efficient.

CySEC is also in the process of assessing a draft legislation on the introduction of fundraising mechanism for startups through crowdfunding.

“We think it’s a product, a way to raise small funds to finance start-ups,” she said. “2018 is the time to put crowd funding in place. We have given it priority.”