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? MORE

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. MORE

So I just attended a really interesting two day meeting that covered all things blockchain, regulations, innovation and more. The Regulatory Sandbox was announced at … The post Regulations, Innovations, Sandboxes and #RegTech appeared first on Chris Skinner's blog. MORE

The report urged regulation that would standardize efforts across these tech upstarts, with an eye on new services and the way data is collected and stored. Last Tuesday (July 31) marked the debut of a report from the Department of the Treasury that looks to have federal regulations, combined with laws at the state level, as well as data breach protections set in place to help foster FinTech growth. MORE

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. MORE

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? MORE

watchdog in charge of investor oversight proposed tough new regulations regarding peer-to-peer (P2P) lending platforms, in a bid to help consumers wade through the new landscape, according to a report by Reuters. has also sought clarity on regulations as a means to better compete against established banks. The proposed rule changes come in the wake of a 2016 study of regulations that govern the sector, which dates back to 2014. The U.K. MORE

“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 MORE

They are increasingly being utilized to help banks prepare themselves for the impact of the General Data Protection Regulation ( GDPR ), PSD2 and other future open banking protocols, Hedberg explained. MORE

Regulators didn’t destroy A&P in the end. Regulators and policymakers are revving their engines and are today taking — or threatening to take — action against innovators that, like the Hartford brothers and A&P in their day, are using technology and new business models to give consumers a better experience, and often at a lower price. Then look at who is going to the legislature and regulators looking for help in blunting the online platforms. MORE

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. MORE

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. MORE

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. MORE

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. MORE

Peer-to-Peer Finance Association (P2PFA), a self-regulating P2P industry group that includes most of the biggest names in U.K. Given all that growth, it is unsurprising that the industry has managed to catch the attention of Britain’s financial regulator, the Financial Conduct Authority – or that the FCA has proposed more stringent regulations for the P2P lending industry as a whole. “We The P2P lending market is big business in the U.K. According to the U.K. MORE

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. MORE

The fact that there are no regulations that require them to do so means it pushes eInvoicing lower on the to-do list,” King told PYMNTS in a recent interview. has yet to adopt eInvoice mandates, any business looking to trade across borders will not only have to comply with local eInvoice regulations, but adhere to customer payment preferences. MORE

In fact, what gets me is that regulations are the big ticket barrier to change in banking. It’s what protects the banks from disruption and change, as … The post Bank regulations change every 12 minutes appeared first on Chris Skinner's blog. Grid Regulation UncategorizedI recently spent a day in a meeting discussing Governance, Risk and Compliance (GRC) … yawn. Well, it is a bit of a dull area, but highly important. MORE

About two months after civil liberties organizations demanded that Amazon stop providing governments with facial recognition services, Microsoft is asking for government regulation of the technology. “We believe Congress should create a bipartisan expert commission to assess the best way to regulate the use of facial recognition technology in the United States,” Microsoft President Brad Smith wrote in a post on Microsoft’s website. MORE

The EBA is taking forward work … The post Shape the future of European FinTech regulations appeared first on Chris Skinner's blog. Fintech Future Grid Reading Regulation MORE

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. MORE

Building on yesterday’s discussions of regulating, I got copied on a letter that’s doing the rounds from Sam Woods, Deputy Governor of the PRA (the Prudential Regulatory Authority). It lays out the official position and expectations of the regulator when financial insitutions are dealing with crypto-assets. It makes for interesting … The post The UK regulators official position on crypto-assets appeared first on Chris Skinner's blog. MORE

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. MORE

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 MORE

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. MORE

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. MORE

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. MORE

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. MORE

Seven billion people have access … The post How do governments regulate a networked world? Opinion Regulation Technology UncategorizedFollowing on from yesterday’s blog about Little Britain and a hard Brexit, we all know the world has been globalising and, even though there is currently a backlash against globalisation per se, it is unstoppable. It is unstoppable primarily because of technology. The whole planet is now on the network. MORE

New York’s years-long payroll card regulation saga took an unexpected turn recently when the New York State Supreme Court annulled a previous appellate court ruling, reviving efforts to introduce stricter payroll card rules. ” Depending on the outcome of the appeal, reports said, the payroll card regulations may come into effect. Reports noted that employers in the state will need to review their payroll policies in preparation for the potential regulations. MORE

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? MORE

Cryptocurrencies such as bitcoin and ether don’t pose much of a risk to global financial stability at the current time, but that isn’t stopping global regulators from creating a framework to monitor risk from cryptocurrency. Reuters cited the Financial Stability Board which is in charge of coordinating financial regulation among the Group of 20 Economies when reporting that the framework covers how risks from crypto assets could spread to other areas of the financial system. MORE

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. MORE

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.”. MORE

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 MORE

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. MORE

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. MORE

The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation. Fintech has another cousin. MORE

Regulators from the U.K., The Global Financial Innovation Network will be made up of 11 other regulators, including the U.S. The regulators will also share policy ideas to ensure they are up-to-date in areas such as artificial intelligence, Big Data and blockchain. Regulation FCA financial regulation FinTech fintech regulation FinTech Sandbox News What's Hotand Hong Kong announced on Tuesday (Aug. MORE

Just a few weeks in, the data privacy law that has just taken root in the European Union already has some regulators seeking exemptions around the globe. As noted last week, some regulators, spanning the United Kingdom, North America and Asia, are seeking those exemptions as they contend that the General Data Protection Regulation ( GDPR ) could stymie cross-border law enforcement actions that focus on fraud and manipulations of markets. MORE

And then today, three-and-a-half months after Mark Zuckerberg spent about 10 hours testifying in front of senators and congress people to apologize for the Cambridge Analytica incident (and explaining the internet to our elected representatives), the other shoe dropped when it came to the long-speculated subject of the federal government regulating big tech. In fairness to Facebook, it is far from the only target of the regulations. The Suggested Regulations. MORE

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. MORE

Regulators in the U.S. are considering the regulation of digital tokens outside bitcoin. The Wall Street Journal reported that the inquiry is focused on the cryptocurrency Ethereum, which hasn’t been in the crosshairs of regulators as of yet. If regulators determine Ethereum is a security and is subject to SEC rules, the WSJ reported it could spur a sell-off and upset cryptocurrency trading exchanges such as Coinbase that let people buy and sell ether. MORE