Regtech, Suptech and Beyond: Innovation in Financial Services
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DeFi protocol risks: The paradox of cryptofinance
Nic Carter and Linda Jeng
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
On February 16, 2021, the price of Bitcoin crossed US$50,000 for the first time, doubling its value in less than two months (Vigna and Ostroff, 2021). Earlier in the year, a string of announcements by some Wall Street banks and traditional financial firms, including Bank of New York Mellon, Mastercard and Blackrock, proclaimed that they would begin working with Bitcoin. The companies Square and Tesla also made a splash by investing a combined total of nearly US$2 billion in bitcoin (Son, 2021). Meanwhile, Square and PayPal’s retail customers now buy an amount equivalent to a majority of the new supply of Bitcoin entering the market each day (Rooney, 2020). Visa also unveiled a Bitcoin and crypto plan to be launched later in 2021 (Bambrough, 2021). Crypto is becoming mainstream and is here to stay.
Decentralised finance (DeFi) is typically understood by crypto users and enthusiasts as platforms and protocols that seek to replicate existing financial services by using crypto/blockchain technology with limited centralisation. CoinDesk defines DeFi as: “an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial
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