The Finance Ministry has formally designated the authorities responsible for ensuring compliance with the European Union’s digital operational resilience rules in the financial sector.

The announcement, published in the Official Gazette on August 14, 2025, refers to the implementation of EU Regulation 2022/2554 and amendments to previous financial regulations.

The ministry clarified that the measures cover insurers, reinsurers, pension funds, investment firms, payment institutions, and other financial entities operating in Cyprus.

“The Superintendent of Occupational Retirement Benefit Funds will oversee professional pension institutions,” the ministry said.

The Superintendent of Insurance will be responsible for Cypriot reinsurance and insurance companies, insurance intermediaries registered in Cyprus, and intermediaries conducting insurance as a secondary activity.

“The Cyprus Securities and Exchange Commission (CySEC) will supervise investment firms under the prudential supervision law, crypto-asset service providers licensed under EU Regulation 2023/1114, and issuers of asset-referenced tokens with Cypriot origin who have obtained a licence,” the ministry said.

It will also oversee central securities depositories licensed or supervised in Cyprus, central counterparties based in the Republic, trading venues under CySEC supervision, collective investment schemes, management companies licensed by CySEC, and crowdfunding service providers.

The commission will also execute the functions of the single competent authority as set out in Article 19 of EU Regulation 2022/2554 for central securities depositories licensed or supervised jointly by the Central Bank of Cyprus (CBC) and CySEC.

“The Central Bank of Cyprus will supervise credit institutions, including those providing crypto-asset services, asset-referenced token issuers that are credit institutions, and trading venues that are credit institutions,” the ministry stated.

The central bank, however, will not supervise credit institutions designated as significant under EU Regulation 1024/2013, which fall under the European Central Bank’s (ECB) jurisdiction.

It will also oversee payment institutions, including those exempt under the local payments law, payment institutions licensed for crypto services, electronic money institutions, account information service providers, and central securities depositories offering banking-type ancillary services.

“The Central Bank will also perform the functions of the single competent authority under Article 19 of EU Regulation 2022/2554, except for central securities depositories licensed or supervised jointly with CySEC,” the ministry said.

The authorities will exercise powers as set out in EU Regulation 2022/2554 and in its delegated acts, ensuring Cyprus’ financial sector complies with digital operational resilience standards.