Hong Kong Fintech Week: What the future of fintech regulation will be
Oct 29, 2018 (China Knowledge) - In Hong Kong Fintech Week, the global regulators had a talk about the future of fintech regulation.
Participants of the discussion were of the view that they need to balance the innovation and the risk management.
Additionally, central banks of all the countries need to understand what fintech is, only then they will be able to create the value and control the risks. Similarly, the discussants opined, we need to think the relation between the customers and the fintech companies through the perspective of demand and supply. If we know the relation, it will be easy for us to regulate.
Notably, they also talked about the crypto currency market in Japan and Hong Kong. Participants opined varied views on crypto currency; some even went on to say that crypto currency is not good because it is illegal and deceptive. Interestingly, with the fast development of Hong Kong's crypto currency market, the Hong Kong officials are considering the laws for monitoring the ICO and the trading of crypto currency.
Overall, companies want to be regulated, the first step for regulation is trust and trust should be preserved.
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