Regulating the unregulated

Chris Skinner

I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws?

Regulating the cryptocurrency markets

Chris Skinner

I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised?

Slow regulations versus fast tech

Chris Skinner

Before 2010, I was writing a lot about technology but it was all heavily geared towards regulations. MiFID and PSD were top of mind, along with Basel III and other global, European and domestic regulations. I wrote a lot about regulations.

Regulators Eye P2P Car-Sharing Platforms

PYMNTS

Peer-to-peer car-sharing services might soon face the same regulation as traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax. With that in mind, the association is supporting various bills to regulate car sharing and is talking to legislators, airports and cities about the issue.

Asian Banks Want Regulators To Allow More FinTech Solutions

PYMNTS

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. FinTech solutions – facial recognition, for example – hold out great hope for the industry, but haven’t been embraced as quickly as some might like by regulators around the world,” said Mark Austen, the association’s chief executive.

European Banks Want More Regulation Of Large Tech Companies

PYMNTS

Some of the biggest banks in Europe are urging regulators to increase oversight of large technology companies that are moving into the financial services market. He said they are another way to take deposits from customers — and as a result, should be regulated the same way. For me ‘wallet’ is close to deposit, so they [regulators] have to take a view on this.”. Despite the pleas, the report noted that regulators don’t seem keen to make any changes. “We

Regulators Eyeing Social Media In Europe

PYMNTS

The regulatory gaze become more fully trained on social media as in Germany, intelligence official Hans Georg Maassen said last week that regulation may be needed for social media companies if the European Union finds that more transparency is needed. Referring to the European Union, Maassen said that “The Commission is in negotiations, but if this consciousness doesn’t help, then we may have to adopt regulations.”.

Japan and Swiss Regulators Sign Fintech Pact

Bank Innovation

The Japanese Financial Services Agency, or FSA, has signed a fintech letter of cooperation with Swiss regulators the Financial Market Supervisory Authority, the agencies announced yesterday.

Three Crypto Operators Sued By US Regulator

PYMNTS

In addition, the regulator charged, the three operators broke laws governing commodity trading. Bitcoin bitcoin CFTC cryptocurrency News regulation SEC What's HotIn the latest sign of regulatory action in the virtual currency realm, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against three virtual currency operators, with allegations that the trio had defrauded customers.

Treasury Pushback On Financial Regulation?

PYMNTS

“We were very focused on what we can do by executive order and through regulators,” Fortune quoted Mnuchin as stating. Separately, IBM gives an inkling of how technology might be leveraged to help shape financial regulation. The tech behemoth is using Watson, the artificial intelligence platform, to launch software that helps FIs deal with financial regulations, with an eye on compliance. Bank Regulation Featured News financial regulation News treasury

The regulator’s view of bitcoin, 2017

Chris Skinner

As mentioned on Friday, they see … The post The regulator’s view of bitcoin, 2017 appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation Opinion Regulation

China Regulators Eyeing Rules Concerning ICOs

PYMNTS

Regulators in China are gearing up to issue new rules on digital coin offerings and could move to ban them until the new rules are put in place. According to a news report in Business Insider , citing the Beijing-based financial magazine Caixin , Chinese regulators including the People’s Bank of China and the China Securities Regulatory Commission are currently looking at how best to approach initial coin offerings (ICOs). It’s just not regulators in China eyeing the ICO market.

Banks Stepping Up Loans To Corporate Customers Worries Regulators

PYMNTS

Banks, faced with low business growth and fierce competition in the industry, are offering business loans with sweeter terms, which is worrying some regulators. While the increased access to loans is good for business borrowers while the economy is doing well, regulators are worried that with rising interest rates, the borrowers may not be able to pay back the loans. That doesn’t mean the regulators aren’t stepping in.

SEC To Regulate Bitcoin ICOs, Token Sales

PYMNTS

The Securities and Exchange Commission is getting into the bitcoin market, saying it will regulate the popular digital currency and other cryptocurrencies. Seeking Alpha noted the regulations apply to companies that use distributed ledger or blockchain technology for things like an initial coin offering or token sales. According to a report in Seeking Alpha , the SEC said the cryptocurrencies are subject to federal securities laws.

Canadian Regulator On Innovation’s Slow Roll

PYMNTS

Last month, Canada’s Competition Bureau released its final study on tech-led innovation in FinTech, offering regulators some thoughts on competition in the payments sphere, along with suggestions on where the competitive landscape could be improved. In order to boost competition within FinTech, said the Bureau, among other recommendations, regulation should be neutral when it comes to technology, and move to embrace Open Banking.

The European Banking Authority Plans ‘Roadmap’ For FinTech Regulation

PYMNTS

While the European Banking Authority has created a “roadmap” on how to regulate emerging FinTech services, the body is not keen on creating a unified approach to cryptocurrency regulation — at least not yet, Reuters reported. FinTech hasn’t been subjected to comprehensive rules in Europe, as regulators believe the segment is small compared to traditional banks, while politicians don’t want to hold back innovation, as major European cities seek to attract FinTech firms.

Global Regulators Work Together On Blueprint For FinTech ‘Sandbox’

PYMNTS

Regulators from around the world are teaming up to create a blueprint for a global FinTech “sandbox.”. Later this week we start work with interested regulators, including colleagues across Europe, the U.S. Financial Inclusion EU FCA financial regulation FinTech Fintech Companies News Regulators sandbox What's HotAccording to Reuters , Britain’s Financial Conduct Authority (FCA) announced the plans for a global testing bed for new financial technology apps.

Michigan Passes Self-Driving Regulations

PYMNTS

9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. The new regulations allow for testing and deployment of on-demand networks of self-driving vehicles as well as the eventual sale of self-driving cars to consumers. On Friday of last week (Dec.

Tech firms will be regulated like banks in future

Chris Skinner

A lot of it was focused upon Artificial Intelligence and Machine Learning towards the end, but the first half was interesting as it focused upon why there is a backlash against Silicon … The post Tech firms will be regulated like banks in future appeared first on Chris Skinner's blog. Case Studies Digital Bank Future Grid Opinion Regulation TechnologyI just listened to a presentation by Nick Thompson, editor-in-chief at Wired, about all things in the future of tech.

Regulators Treading Slowly But Surely Into FinTech

PYMNTS

but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. ” “Regulators are likely to fail not only because they lack technical expertise regarding FinTech, but also because they have always been targeting nodes in the system and never had to face such a peer-to-peer network,” Santori added.

Bitcoin, Other Cryptocurrencies Continue Decline Over Regulation Fears

PYMNTS

With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018. All of this steady drumbeat of negative news has weighed on the cryptocurrency market, which fears more regulation. After all, one of the appeals of digital tokens is that they are not regulated and are anonymous.

Sandbox Bill Announced For FinTech, Gov Regulations

PYMNTS

From an entrepreneur’s standpoint, it removes bureaucracy and regulation upfront, while gauging customer interest, and enables them to focus on product development.”. With this bill, firms must prove to the regulator three main things: 1) their product or service serves a public interest; 2) it improves access to the industry; and 3) the product doesn’t pose a risk to both the financial system and consumers.

Bitcoin Regulations Catch Good Guys Along With The Bad

PYMNTS

Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. But those regulations may be doing more harm than good, since they’re also keeping vigilante security consultants from doing business to protect their law-abiding clients from those same cybercriminals. With digital currency still relatively young, it will probably be a while before regulators get it right.

Why Regulation Won’t Fix Credit Reporting Agencies

PYMNTS

The credit bureaus were included in the CFPB’s scope of oversight in 2012, and she’s asked the agency to let her know what additional power it might need to better regulate the credit reporting agencies going forward. The FCRA that was passed in 1970 gave the Federal Trade Commission ( FTC ) power to regulate access to that data, assure its accuracy and establish parameters for what data was collected and to whom it was reported. We don’t need more regulation.

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Are New Prepaid Card Regulations Too Much?

PYMNTS

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. Could this be a case of good intentions gone awry?

Kenya Moves To Regulate Digital Lending

PYMNTS

We have a lot of predatory lending out here, which we want to regulate,” Geoffrey Mwau, director general of budget, fiscal and economic affairs at the country’s treasury, said on Thursday (May 24). To ensure that lenders are fair to their customers, the country’s finance ministry has drafted a financial regulation bill that includes digital lenders.

The Semantic Regulator (#RegTech Rules)

Chris Skinner

A bigger question must also be: how can a regulatory check that a bank is compliant with their regulatory changes, if their regulations change every 12 minutes are run to 1,000’s of pages? The answer is they can’t, but they don’t … The post The Semantic Regulator (#RegTech Rules) appeared first on Chris Skinner's blog. Blockchain Fintech Grid Regulation Technology UncategorizedA bank has to make a regulatory change every 12 minutes. That’s some task.

Regulation, Corporate Demands Force Banks To Hustle

PYMNTS

Know Your Customer regulations can mean corporations have to wait as long as three months — yes, months — to get onboarded to a new bank. Part of the problem, says Pegasystems Senior Director of Risk, Compliance and Onboarding for Financial Services Reetu Khosla, is that KYC and other regulations change so frequently and are so numerous that it’s a major undertaking to remain compliant. ” Speed and regulation rarely go hand-in-hand.

The current state of blockchain regulation

Mobile Payments Today

With new technologies, it takes a while for regulation to catch up. Blockchain technology is no exception. While we are slowly beginning to see standards emerge, the reputation of blockchain is still marred by the criminal aspects of bitcoin

Coinbase Facing Regulator Scrutiny For June Flash Crash

PYMNTS

Coinbase, the popular cryptocurrency exchange, is facing an inquiry by regulators in the U.S. As a regulated financial institution, Coinbase complies with regulations and fully cooperates with regulators,” Coinbase said in an emailed statement.

Gibraltar Moves Toward World’s First ICO Regulations

PYMNTS

The world’s first ICO regulations are coming, care of Gibraltar. The rapid global proliferation of initial coin offerings has become an issue of mounting concern among regulators and central banks around the world – in particular, the growth of ICOs has fueled massive growth in the cryptocurrency market in general. Regulation bitcoin cryptocurrency Gibraltar ICOs News regulation

Regulations, Regulators And The High Cost Of Banking Compliance

PYMNTS

And the regulations just keep coming. As noted in The Wall Street Journal Tuesday , the fact remains that lenders are “awash in new regulations,” with swelling ranks of both interpreters and enforcers bringing “striking changes” to banks and their own internal day-to-day mindsets and operations. Regulators monitor chat rooms. The biggest banks have regulators on site, sent courtesy of the Federal Reserve and the Federal Deposit Insurance Corp.,

Ripple CEO Wants Peace Between Regulators And Cryptos

PYMNTS

Ripple’s CEO would like regulators and the cryptocurrency industry to learn how to get along. “It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system,” CEO Brad Garlinghouse said in an interview on CNBC. Regulation Brad Garlinghouse coinbase cross-border payments cryptocurrency digital currency News Regulators Ripple SEC What's Hot XRP

Regulators Should Eye Risks Tied to Financial Innovation: Panel

PYMNTS

The concern, hinted the newswire, means that bitcoin and other financial innovations might be more closely regulated in the future. As Reuters stated, the watchdog is being watched to see if there will be a pullback in financial regulations. Among the regulations being reviewed: The Volcker Rule, which has a ban in place on proprietary trading activity. ” Regulation FinTech FSOC Innovation News regulations risks What's Hot

Russia to Regulate Cryptocurrencies in 2017

Bank Innovation

Russia will start regulating cryptocurrency trading by the end of the year, according to the country’s Finance Minister. It is possible to regulate them, so the […]. Cryptocurrency Bitcoin Bitcoin regulation cryptocurrencies Russia

Standing Up to a Reckless Regulator

Finer Points

Advocacy Community Banks Credit Unions Regulation Taxes WashingtonEvery now and then we have the chance to stand up for what’s right against powerful forces. As the legacy of a group of colonists who stared down and defeated the world’s greatest empire, it’s virtually our birthright as Americans. So in some ways ICBA’s federal lawsuit against the National Credit Union Administration for its […].

Singapore Eases Regulations Over Venture Capitalists

PYMNTS

According to Bloomberg , the Monetary Authority of Singapore published a new consultation paper that revealed new and existing venture capitalists will no longer be subject to the same rules that apply to fund managers overall, including capital requirements and business conduct regulations. The agency did note, however, that it will deal with “errant VC managers” on a case-by-case basis and continue to retain its powers to regulate venture capitalists.

Bill To Ease Regulation on Smaller FIs Before U.S. House

PYMNTS

A bill that would give regional banks a break on regulation was before the U.S. The bill also gives regulators more discretion in deciding when to require stress tests of capital adequacy for banks with between $100 billion and $250 billion in assets in the event of another crisis,” according to a summary of the bill in MarketWatch. Bank Regulation Bank Innovation bank regulation credit unions regional banks U.S.

Amazon Japan Office Raided By Fair Trade Regulator

PYMNTS

Amazon Japan revealed news on Thursday (March 15) that its offices were raided by Japan’s fair trade regulator. Reuters noted this isn’t the first time Amazon Japan has supposedly run afoul of regulators in the country. ANTITRUST Amazon Amazon Japan Antitrust Fair Trade Commission international Japan News regulation Retail vendors What's Hot

Regulators In No Rush To Change Rules For FinTechs

PYMNTS

It doesn’t look like global banking regulators will be rushing to change their rules for FinTechs anytime soon. Regulators, however, have been hesitant to offer any heavy regulation on the industry. The Committee recommended that regulators examine whether staff members are properly trained to keep up with technological advances. While regulators might not be overly concerned with FinTech right now, the industry is sure to grow.