Regtech, Suptech and Beyond: Innovation in Financial Services
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Developing the regulatory ecosystem: The evolution of stablecoin
Min-Si Wang
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
Stablecoins were created to solve the fundamental problem of high volatility and convertibility between fiat and digital assets. Stablecoin is a digital asset that represents a constant 1:1 value with a fiat currency such as the dollar or euro. As blockchain-based assets, stablecoin enables fast transactions and has become a staple trading tool for cryptocurrency traders. Stablecoin circulation has grown exponentially with the rapid growth of the crypto market since its inception in 2014. By February 2021, over US$40 billion of market capitalisation in stablecoins were in circulation (see Figure 23.1).
Regulation in this area is developing rapidly. While there are to date no unified stablecoin regulations, the rapid adoption of the technology has spurred government agencies such as the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) in the US to provide guidance that stablecoin providers can use to model their internal practices. In fact, many stablecoin providers have already started down the road of self-regulation by actively providing comments to the regulatory agencies and following existing regulations around money
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