Hi Everyone,
Trying to get some 'breathing space'. No matter how confused am I on the 'Crytocurrency' thingy. I cannot avoid to mind and care about any related news about it because, whether I like it or not I will be part of the policy makers and also providing platform for communication. Bridging the gap between the regulator and the peoples who wished to be part of this innovation.
With the Increasing impact of digital economy around the globe and of course the Fintech waves, it has increased the awareness on e-financial products & services i.e CRYPTOCURRENCY.
For your information, the Cryptocurrency has an upward trending usage and also trading of digital currency. Hence, these activities have encouraged the Regulator to have some sort of RegTech framework. The usage of RegTech which will promotes compliance via technology complements complexity of Fintech developments.
DEFINITION of 'Regtech'
A blend word of 'regulatory technology' that was created to address regulatory challenges in the financial services sector through innovative technology. Regtech consists of a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.
Read more: Regtech Definition | Investopedia https://www.investopedia.com/terms/r/regtech.asp#ixzz58kfH74VJ
I am looking at the domestic market (Onshore) and also the International Business and Financial Centre's (Offshore) perspectives and for now the Central Bank and Labuan IBFC are still looking for the best way to regulate these business activities.
I would say, both regulators are not planning to stop the Fintech wave as we are unable to stop the innovation from taking place. But they will definitely come up with some policies to monitor the business risk.
For other jurisdiction, I would say Singapore is taking the lead in South East Asia region. Other offshore jurisdictions like Jersey, Guernsey and Bermuda are on their way on their Fintech initiatives. Malaysia/ Labuan IBFC will definitely come up with some policies and business guidelines soon.
Cheers for technology ^^!