Over recent years, the financial services industry has come to be increasingly defined by, and reliant upon, new technologies and systems. Alongside the opportunities afforded by the increased use of technology, regulators are increasingly aware of the growing threat of disruption caused by technology outages and cyber-attacks.
The European Commission and the Council of the EU have set out the EU’s position on the use of global stablecoins. As expected, whilst they accept that financial innovations can benefit the financial sector, they consider that stablecoins pose many global risks, including, but not limited to, risks to consumers and cybersecurity.
IOSCO has published a consultation on the supervision of platforms which trade crypto-assets.
According to Maksym: financial regulators who engage with technology now stand to reap the most benefits.
The new license lowers market entry barriers for fintech companies that do not conduct theselves like a traditional bank.
Panellists from the Singapore FinTech Festival share experiences in introducing groundbreaking fintech products. (Video)