Regtech, Suptech and Beyond: Innovation in Financial Services
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US regulatory certainty versus uncertainty for crypto and blockchain
Jason Brett and Whitney Kalmbach
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
This chapter will provide an overview of the key regulatory decisions as well as the legislative bills that impacted the cryptocurrency and blockchain industry in the US in 2020. Regulatory and supervisory technical developments in the US have included the introduction of HR2211. The Digital Currency Study Act 2021 provided congressional support for the Federal Reserve to actively evaluate alternatives to paper currency, including a Central Bank Digital Currency.
REGULATORY UPDATES OF NOTE FOR DIGITAL ASSETS
2020 was a dynamic year for regulatory updates related to cryptocurrency. On July 22, the Office of the Comptroller of the Currency (OCC), the regulator for all national banks that is part of the US Department of the Treasury, published OCC Interpretive Letter 1170 (OCC, 2020), which clarified that national banks and federal savings associations have the authority to provide cryptocurrency custody services for customers. The letter explained how the OCC has authorised custody of both physical objects and electronic assets. They specifically recognised the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. Providing
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