Global Finance Regulators Eye Blockchain for Regulation

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As reported by Reuters, regulators around the world are moving closer to regulating the financial technology sector, which includes Blockchain technology, to make sure the sector’s rapid growth does not present risks to the financial system.

The Financial Stability Board (FSB), made up of central bankers, regulators and finance ministry officials from the Group of 20 economies, met in Tokyo on Thursday has agreed on a framework for categorising different components of fintech and assessing their potential risks.

Many banks are already investing heavily in fintech to avoid missing out as is evident by the 40+ banks who have joined R3 in a consortium to explore Blockchain.  Analysts at Citi said this month that investment in fintech had grown from $1.8 billion in 2010 to $19 billion last year, mostly in payments systems.

They are looking at fintech partly in response to uncertainty over whether it will “disrupt” traditional banking.

From Reuters:

FSB Chairman and Bank of England Governor Mark Carney told a news conference broadcast from Tokyo on Thursday that the FSB did not have fundamental concerns about fintech and members wanted to look for opportunities to apply it.

“The important thing for us as members of the FSB is to be moving in parallel with these developments and not be stifling innovation, but being able to apply them in a way that improves the resilience of the system,” Carney said.

He said policy intervention by other authorities such as in competition, conduct and consumer protection, would need come before any financial stability considerations.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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