CySEC appoints new Chair and Vice Chair in first leadership change in a decade

Karthik Subramanian

CySEC has appointed Dr. George Theocharides as the new Chair and George Karatzias as the new Vice-Chair following a decision by the Council of Ministers.


Dr. George replaces the incumbent Ms. Demetra Kalogerou who has been the Chair since 2011. Dr. George was appointed as the Vice-Chair in July 2020 in an arrangement where he agreed to take up the position for 14 months before he got promoted as the Chair. So, the elevation of Dr. George was only a matter of formality and something that was decided a year back.

Dr. George said, “I am honored to lead CySEC at such a challenging and exciting time for the industry, and I would like to thank the President of the Republic and the Council of Ministers for putting their trust in me. My goal is to ensure that CySEC continues to act as a protective shield for investors, and also leads the way for the sector’s healthy growth. Financial technologies are developing at a rapid pace and I will work towards preserving the high standards set by CySEC over previous years, while also ensuring it can be flexible and effective in facing the challenges that lie ahead.

“I also look forward to building on the constructive cooperation that has been achieved with my counterparts from other supervisory authorities abroad, ensuring that Cyprus can contribute positively to the expansion and strengthening of regulatory practices and procedures across Europe and beyond.”

Before becoming the Vice-Chair, he was a board member of the CySEC. He has extensive experience in the financial sector has been an Associate Professor of Finance at the Cyprus International Institute of Management and Director of the MSc in its Financial Services Programme between September 2010 and July 2020. He had also worked as an International Faculty Fellow at the Sloan School of Management of MIT.

Cyprus is considered as a gateway to the European financial services market and so many financial companies set up shop there and also get regulated in the country and hence it is one of the most sought after destinations for such companies. This places a lot of pressure on CySEC to keep abreast of the developments and innovations in the industry so that it would be able to maintain control over these entities and regulate them. Dr. George would be expected to shoulder the responsibility and the challenge now.

Read this next

Digital Assets

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.