The uncollected fines imposed by the Hellenic Capital Market Commission are a mountain. Specifically, the Commission has to receive € 20 million. Yesterday, the chairman of the Hellenic Capital Market Commission, George Theocharidis, stated before the Parliamentary Committee on Finance, which examined the budget of the Hellenic Capital Market for 2022, that the Hellenic Capital Market Commission imposed fines of € 30. which received only € 10 million.
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As he said, fines of € 20 million have not been collected, adding that there are fines that have been pending for 18 years. “The uncollected amounts are problematic, as they call into question the credibility of Cyprus as a financial center,” he added. According to the chairman of the Hellenic Capital Market Commission, many cases are before the Court, noting that the proceedings in the Cypriot courts are extremely time consuming. “Among the cases that date back and concern the banks of Cyprus and Laiki, but also members of their boards, but also to a publisher who owes about € 7 million,” he added. He noted that decisions on the issue should be taken immediately, as there are cases that have been before the courts for several years. He said that in recent years you have been promoting the conciliation process, adding that the Commission has received an amount of € 3 million through the compromises.
They are asking for permission for digital currencies
Applications to the Hellenic Capital Market Commission to operate in Cyprus were submitted by investment companies offering digital currencies. Yesterday, the chairman of the Hellenic Capital Market Commission, George Theocharidis, stated before the Parliamentary Committee on Finance, which examined the capital market budget for 2022, that the Commission has issued a relevant directive and has already received the first applications from companies interested in offering investment programs in digital . He noted that the digital currency sector will grow significantly in the future and the EU is preparing to issue a directive. At the same time, Mr. Theocharidis referred to the countries which are more advanced in matters of cryptocurrencies. As he said, these are America and Singapore, adding that in Europe most countries are at the same level. He also pointed out that the digital currency space has a huge risk. He estimated that a large number of new currencies will disappear, while regarding the risks arising from their use, he referred, among other things, to cases of money laundering through cryptocurrencies, but also to cases of exploitation of the world with the loss of money.
In the meantime, Mr. Theocharidis referred to the development of the Commission's supervisory sector. In 2011 it supervised around 250 entities, today there is an increase of more than 200%, with the entities reaching 800.