Transitioning Into A New Crowdfunding Hub

Despite - or perhaps even because of - the Covid-19 pandemic, the fintech sector in Cyprus exhibited strong progress in 2020. During the year, and throughout the beginning of 2021, the regtech and cryptocurrency clusters have also grown and the Cypriot government has played an important role in enabling the evolution. It aims to secure Cyprus's place as a leading international financial centre and as a result, it has promoted a properly regulated fintech sector, as well as research and innovation.

Cyprus has established the Deputy Ministry of Research Innovation and Digital Policy to promote, guide and develop the digital transformation of Cyprus and to facilitate the start-up of innovative businesses. There is also a generous EU and state financial support package in place to fund specific projects in the next few years. However, funding gaps remain, and with a historic lack of a venture capital or business angel culture in Cyprus (or Europe), it is far from