Will salary transparency rules impact Cyprus’ job market?

Top trading hub Cyprus prepares for mandatory salary disclosures

Cyprus remains the top global location for hiring in the online trading sector during the second quarter of 2026, according to FYI, a marketing agency and research hub for the online trading industry.

At the same time, the agency pointed out that an initiative by the European Union to boost pay transparency during the hiring process may affect the local job market.

The agency’s hiring report for the second quarter of 2026 found that Cyprus continues to attract the highest number of open roles worldwide, particularly among firms offering CFDs and cryptocurrencies.

The findings highlighted the country’s strong position as a key hub for online trading companies, supported by sustained demand across multiple segments of the industry.

“Cyprus continues to be an important hub for online trading companies, especially for firms offering CFD products and cryptocurrencies,” said Christian Görgen, founder of FYI.

“According to our latest hiring data, the country still has the highest number of open roles in this space compared to other locations worldwide,” he added.

The report also showed that crypto exchanges are currently driving the highest hiring activity, with several firms expanding aggressively in Cyprus.

Among them, Kraken was identified as significantly increasing recruitment in the country, indicating a possible move towards establishing a local presence.

The research noted that without Kraken’s hiring push, other global hubs such as Singapore might have overtaken Cyprus in overall activity.

Despite increasing competition, Cyprus continues to outperform other jurisdictions, while Poland and Bulgaria are emerging as operational hubs for European broker activity.

The study also found that IT roles account for close to 32 per cent of all open positions, making it the dominant hiring category across the sector.

These roles, the agency pointed out, are often highly specialised, requiring expertise in technologies such as Python, SQL, AWS, Docker, Kubernetes and Java.

At the same time, marketing, partnerships and sales roles represent around 28 per cent of hiring, with a strong focus on business development and execution.

The report emphasised that these roles are increasingly specialised and often require specific language skills, reflecting the growing importance of localisation.

It highlighted that companies are hiring for targeted markets, with languages such as Mandarin, French and Spanish linked to expansion in Asia, Africa and Latin America respectively.

In contrast, fully remote roles remain limited, with only 11.7 per cent of positions advertised as remote-first.

Most companies still expect employees to be present in the office at least part of the time, particularly for core functions.

However, the report noted that crypto firms are more open to flexible and hybrid arrangements compared to traditional FX brokers.

The analysis also showed that 502 out of 2,551 job descriptions mention the use of AI, reflecting the growing role of artificial intelligence across the sector.

Despite this, the report suggested that hiring continues to prioritise core engineering skills over specialised trading technologies.

It pointed out that references to tools such as FIX or REST APIs and liquidity infrastructure remain limited, while demand for general IT capabilities remains strong.

The report also examined regional trends, noting that North America appears to have reached capacity in absorbing inventory ahead of expected price increases.

Meanwhile, Japan is experiencing a more pronounced downturn, partly due to cost pressures and a high comparison base from the previous year.

The study added that hiring in the Gulf region remains stable, although uncertainty surrounding geopolitical developments could influence future relocation trends.

In the broader context, the report highlighted that salary transparency is currently uncommon in Cyprus, with most job listings still using vague terms such as competitive salary.

“A significant change is also on the horizon,” Görgen said.

“By June 2026, companies in Cyprus will be required to include salary ranges in job advertisements under new EU rules,” he explained.

“Until now, most listings have relied on vague terms like competitive salary,” he added.

“This shift towards transparency could have a meaningful impact on both employers and job seekers, but it also raises the question of whether salaries in Cyprus can remain competitive, given the relatively high cost of living compared to other European hubs such as Poland and Bulgaria, where hiring activity has been increasing,” he continued.

The report explained that the EU Pay Transparency Directive, set to take effect by June 7, 2026, will require employers in Cyprus to disclose salary ranges in job postings.

This change is expected to reshape hiring practices and provide greater clarity for candidates evaluating opportunities in the market.

The research also indicated that hiring patterns offer insight into how companies plan to grow, particularly when activity clusters in specific regions such as Cyprus.

FYI said it tracks these developments by analysing roles across CFD brokers, proprietary trading firms and crypto exchanges, publishing quarterly updates on market trends.

The study further revealed that hiring processes in the sector are not always efficient, with roles sometimes remaining open for months due to highly specific requirements or difficulties in matching talent with positions.

It added that the industry often faces challenges in connecting suitable candidates with the right opportunities, despite ongoing demand.

The report also found that benefits offered by companies remain relatively standard, typically including medical insurance, bonuses and basic perks.

However, it noted that some crypto firms differentiate themselves by offering equity, a feature rarely seen among traditional brokers or proprietary trading firms.

On average, employees receive 21.14 days of annual leave, with some companies offering up to 33 days.

The findings were based on an analysis of 2,551 job descriptions collected from more than 150 companies, including crypto exchanges, CFD brokers and proprietary trading firms.

Data was gathered on March 30, 2026, using a combination of automated tools and manual review to ensure accuracy.

The report concluded that while hiring activity remains dynamic, Cyprus continues to play a central role in the global online trading ecosystem, supported by strong demand and evolving industry trends.