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Cypriot investment companies earned EUR 1.9 billion in 2020

The Cyprus Securities and Exchange Commission (CySEC), the chief financial market regulator in Cyprus, reported the annual revenues generated by investment firms in the country in 2020.

According to the data published in the new statistical bulletin for 2020, the total number of eligible entities decreased by 1% in 2019-2020 (from 494 in 2019 to 490 in 2020). This decrease was due to the number of Cypriot entities providing administrative services (from 153 in 2019 to 146 in 2020). In 2020, authorized regulated entities (460 companies), in which data were collected, accounted for a total of approx. 94% of all eligible companies.

CIF companies’ profits increase significantly

In addition, in 2020, income generated by Cypriot investment firms (CIF) was EUR 1.9 billion, while net income was EUR 0.3 billion. This year saw the highest trading income and net income. Trading income and net income increased by 65% and 51% YoY, respectively, compared to 2019.

In 2018-2019, the total number of customers of CIF companies decreased by approximately 33%. However, in 2019-2020, the number of customers of such companies recovered their losses and increased by 34%. In total, at the end of 2020, all CIF companies served 1,587,300 customers. An increase was also recorded in the number of employees of CIF companies. The total number of employees reached 5,408 at the end of 2020, increasing 10% compared to 2019.

CySEC regulates all investment firms in Cyprus. There are many companies with various financial activities in this country that comply with the Commission’s regulations. In the first half of 2021, the regulator issued a warning against five financial platforms that did not have the power to operate in the country. The regulator indicated edufintech.org, vestlefx.com, powerfxm.com, traderscodes.com and ti-gi.com as websites that were not licensed to operate in Cyprus.

Author: Izabela Kamionka

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