Regtech, Suptech and Beyond: Innovation in Financial Services
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Digital dollar: Cryptocurrency for everyday commerce
Michael van Bemmelen
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
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Leonard Cohen
The Bitcoin revolution started a global gold rush in the issuance of new digital money, mostly functioning as a digital store of value. In a parallel development, many existing and new companies claim to have developed superior technology to seamlessly transfer payments. This chapter will discuss the absence of incentives among these companies for providing much-needed innovation in the daily payment space with a digital medium of exchange. The chapter will then describe a new technology that can disrupt the US payment card duopoly, the nemesis of small business owners for over half a century. The innovation builds on a digital dollar (DG dollar) that is fully compliant with payment-processing regulation and can be used in daily commerce throughout the US.
As described in related patent filings,11 The technology described in this chapter was the subject of filings with the USPTO on April 12, 2016, and July 24, 2017. DG dollars can be stored in a register app on a smartphone. The digital dollar’s value is fixed at parity with the paper dollar and remains freely convertible
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