The legislative, regulatory and tax system are among others, motives for forex companies and binary options to operate in Cyprus. As Dimitra Kalogirou, chair of the Cyprus Capital  Commission stated in REPORTER newspaper, other EU member states are orientated towards the adoption of the Cypriot model which is applied in high European standards.  

It deserves to be noted that out of the 210 Cypriot investment services companies which are licensed, almost 120 of them offer services to forex and binary options. In short, in the worldwide foreign exchange market, exchanges in different currencies are conducted in order to make international trade and trans- national investment easier or to profit from the change in the currency’s worth. It has been assumed that the daily income in the specific market surpasses 7 trillion. 

Boosting the economy

The obvious benefit that arises for Cyprus from the operation of forex companies is the employment of domestic personnel such as accountants and lawyers. At the same time, their operation is boosting the Cypriot economy as forex market does not depend from the Cypriot market but rather from the global economy. It has been assumed that there are forex companies in the island from various countries such as india, Russia, Singapore, and Israel. It deserves to be noted that the operation of such a great number of investment services companies establish Cyprus as an important regional center for the provision of investment services. 

Even though traditionally foreign exchange market  was a market that was addressed to major investors and banks only, the last decade due to the advancement of technology it is possible for small amount exchanges to be conducted as well. Due to the fact that the exchange takes place through various platforms and technological innovations, the cost is limited. Whereas exchanges of millions of euros were taking place in the past, now exchanges of thousands of Euros are conducted as well.