Digital Agenda Cyprus Summit 2024: Exness CEO on Cyprus’ Tech Industry

At the Digital Agenda Cyprus Summit 2024, held on October 9 at the Nicosia Municipal Theatre, Exness CEO Petr Valov made a significant impact as he addressed key issues related to Europe’s tech landscape.

During his address, Valov emphasized the need to position Cyprus as a prominent player in the global technology arena. He advocated for regulatory moderation, stressing that easing certain constraints would enhance the European Union’s technological competitiveness on the global stage.

The event, themed “Digital Democracy: Digitisation – Innovation – Participation,” gathered influential figures from various industries, alongside policymakers and key stakeholders, to explore the future of digital transformation.

In a speech titled “Deregulation: How Strict EU Regulation Strangles Innovations and Makes EU Startups Less Competitive,” Valov argued that the current regulatory environment in Europe acts as a barrier to startup growth. He explained how the intricate web of over 100 laws and 270 regulations tech companies must navigate in the EU discourages innovation within the region. According to him, many entrepreneurs choose to establish their businesses outside Europe and only later introduce their products within the continent.

Valov went on to illustrate how such over-regulation suppresses innovation, making local startups less capable of competing on the global stage. He cited the complexities of AI regulations and the burdensome framework of GDPR as prime examples. While acknowledging the importance of legal protections, Valov emphasized that small businesses, in particular, struggle with the resources needed to comply with such stringent rules. He advocated for a more balanced regulatory approach, one that encourages entrepreneurship and innovation without stifling growth.

Exness’ involvement in the summit further underscores its commitment to fostering Cyprus’ burgeoning tech ecosystem. As a major player in the global financial technology landscape, Exness continues to contribute to the island’s rise as a hub for fintech innovation.

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