- Cyprus’ forex industry employs around 7,000 people, representing 1.65% of the private workforce.
- Major firms like Exness and XM contribute significantly to Cyprus’ economy with substantial employment opportunities.
Cyprus’ forex industry is a major contributor to the country’s economy, employing approximately 7,000 people. This sector, which includes both forex brokers and ancillary service providers, constitutes about 1.65% of Cyprus’ private workforce, excluding government employees.
Companies like Exness and XM have established substantial operations in Limassol, enhancing the industry’s visibility and economic impact. With over 180 firms operating in the sector, forex plays a crucial role within Cyprus’ financial services, employing nearly 40% of the industry’s workforce.
Cyprus joined the European Union two decades ago, followed shortly by the implementation of MiFID regulations by the European Securities and Markets Authority (ESMA). These regulations facilitated Cyprus’ emergence as a prominent hub for the CFD industry, allowing firms across EU jurisdictions to offer financial services across borders.
Visitors to Cyprus, especially in Limassol, cannot overlook the industry’s presence, evident from prominent broker offices and tech provider advertisements. Exness, employing nearly 850 people, stands out as one of Cyprus’ largest private employers.
This news is sourced from tradeinformer.com, a prominent provider of our daily news updates.
