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Category Archives: Legal Issues, Regulation, Consultation

2023 BIS Survey: CBDC and Crypto Trends Revealed

2023 BIS Survey Results | Jun 20, 2024

BIS paper 147 2023 BIS Survey results on CBDC and Crypto - 2023 BIS Survey: CBDC and Crypto Trends Revealed

Image: BIS Paper 147

5 Key Trends in CBDCs and Crypto Regulation

The 2023 BIS study on central bank digital currencies (CBDCs) and cryptoassets gives readers a good review of the current trends, innovations, and regulatory initiatives in it's latest report titled, "Embracing Diversity, Advancing Together - Results of the 2023 BIS Survey on Central Bank Digital Currencies and Crypto" (BIS Paper 147).

See:  Federal Reserve on U.S. CBDC and Global Comparison

With 94% of surveyed central banks researching CBDCs, the report shows a significant growth in wholesale CBDC research in advanced economies (AE). The results also provide insights into the motives and design elements of mature and emerging markets, increased stakeholder participation, and shifting regulatory frameworks for stablecoins and cryptoassets.

1.  Increased Wholesale CBDC Activity

There has been a huge surge in wholesale CBDC trials in advanced economies. For example, the percentage of AE central banks running proofs of concept increased to 81%, while pilots increased to 33% by 2023. Several central banks, like the Swiss National Bank (Project Helvetia Phase III), the Bangko Sentral ng Pilipinas (Project Agila), and the European Central Bank, are actively participating in these trials.

2.  Differentiation Between Advanced and Emerging Economies

The survey shows varying motivations and design characteristics between AEs and emerging market and developing economies (EMDEs).

See:  Saudi Arabia Joins mBridge CBDC Project, Digital Oil Trade

  • 68% of AEs prioritize interoperability with existing domestic payment systems.
  • 63% of EMDEs are more inclined to use holding limits to maintain financial stability. Furthermore, EMDEs are more likely to embrace distributed ledger technology, demonstrating their desire to leapfrog legacy systems.

3.  Stakeholder Engagements Are Increasing to Inform CBDC Design

4.  Developing Regulatory Frameworks for Cryptoassets

  • More than 60% of jurisdictions have or are developing regulatory frameworks for stablecoins and other cryptoassets. This includes 48% creating bespoke regulations due to the unique opportunities and risks posed by cryptoassets.

See:  The Ripple Effect of CBDCs on Bank Lending and Profitability

5.  Current Use of Stablecoins

  • The report indicates that the use of stablecoins for payments outside the crypto ecosystem remains minimal. More than half of central banks reported that stablecoins are rarely used beyond crypto trading or decentralized finance, mainly for niche use cases like remittances.
  • For example, Chainalysis reported that around 5% of remittances to Mexico in 2022 were made using stablecoins or other cryptoassets.
  • About 18-25% of central banks are uncertain about the extent of stablecoin usage due to a lack of appropriate data.

Closing Outlook

The 2023 BIS survey highlights active and varied approaches to CBDC exploration and cryptoasset regulation.

See:  CBDCs in Canada and Impact Drivers on Banking Choices

Continued collaboration and stakeholder involvement will be critical for any sort of practical rollout and adoption, which has potential for both established and emerging nations.


NCFA Jan 2018 resize - 2023 BIS Survey: CBDC and Crypto Trends RevealedThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Canadian Securities Regulators Extend Role of Exempt Market Dealers

Capital Raising | Release | Jun 20, 2024

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New Time-Limited Exemption Allows EMDs to Sell Prospectus Offerings for Growth Capital

The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), British Columbia Securities Commission (BCSC), Financial and Consumer Affairs Authority of Saskatchewan (FCAA), Alberta Securities Commission (ASC), and Nova Scotia Securities Commission (NSSC) are allowing exempt market dealers (EMDs) to participate as selling group members in prospectus offerings, increasing their potential to assist business growth.

See:  Final Report: Ontario Capital Markets Modernization Committee Recommendations

  • Historically, EMDs have helped start-ups and small to medium-sized firms access finance by distributing securities under prospectus exemptions. However, as these companies scale they tend to use full prospectus offerings, which EMD participation has been limited due to regulatory restrictions.
  • The recently announced time-limited exception is intended to address these hurdles. The exemption allows EMDs to join as selling group members in prospectus offerings, offering an additional route for capital acquisition for growing enterprises.
  • Investment dealers will continue to play key roles in these offerings, including underwriting.

Grant Vingoe, CEO of the OSC:

“Creating favorable conditions for business success is pivotal to our economic prosperity. Today's measures underscore the commitment of securities regulators to foster the growth and success of our capital markets,”

Stan Magidson, CSA Chair and Chair and CEO of the ASC:

"We are proud of the collaborative efforts among Ontario, Quebec, British Columbia, Saskatchewan, Alberta, and Nova Scotia to implement these measures. Harmonizing regulations to support Canadian businesses is a priority.”

This new exemption was one of the recommendations in the Ontario Capital Markets Modernization Taskforce 2021 report, as well as similar efforts in other jurisdictions. Note, New Brunswick's securities regulatory body intends to issue a similar local blanket order soon.

See: OSC Activates 3 New Interim Class Orders to Boost Early-Stage Capital

Outlook

Hopefully this new exemption allowing EMDs to participate in prospectus offerings will help improve the current capital-raising environment for early-stage and scaling companies.  This initiative will strengthen the relationship between EMDs and their growing clients creating a more dynamic market and opportunity.


NCFA Jan 2018 resize - Canadian Securities Regulators Extend Role of Exempt Market DealersThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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SEC Ends Ethereum 2.0 Probe with Non-Exoneration Clause

Enforcement | Jun 19, 2024

SEC letter in the matter of Ethereum 2.0 - SEC Ends Ethereum 2.0 Probe with Non-Exoneration Clause

Image: SEC letter to Consensys, In the matter of Ethereum 2.0

SEC Ends Investigation into Consensys and Ethereum.  Implications for the Crypto Industry

On Jun 18, 2024, Consensys announced that the United States Securities and Exchange Commission (SEC) has dropped its investigation into Ethereum 2.0 and will not take legal action over Ethereum. This is big win for the Ethereum community and will have implications for the future of cryptocurrency regulation in the United States.

Background

In 2018, the SEC when Jay Clayton was Chair and in public speeches SEC Director Bill Hinman expressed that Ether was not a security.  However, when Gary Gensler, the current SEC Chair, took over, the regulatory attitude became clear as mud.  In 2023, the SEC began looking into Ethereum 2.0, implying that it could be a security. Consensys received many subpoenas and a formal order of investigation on March 28, 2023. Consensys replied by launching a lawsuit in April 2024, arguing that Ethereum is a commodity and outside the SEC's authority.​

SEC's Decision

On June 18, 2024, the SEC issued a letter to Consensys stating that it would not take enforcement action against Consensys or Ethereum 2.0.

  • The letter officially closes the SEC's inquiry of Consensys and Ethereum 2.0, noting that based on the facts now available, the SEC will not propose enforcement action against Consensys Software Inc.

See:  U.S. House passes FIT21 with Bipartisan Support

  • The letter says that the conclusion of the study should not be interpreted as an exoneration of Consensys or its conduct. It implies that, while no action is advised at this time, future measures may be taken if additional evidence becomes available.

Implications

  • The SEC's ruling confirms that Ethereum is a commodity, not a security, might set a precedent for other cryptocurrencies. This judgment coincides with previous SEC recommendations under former Chairman Jay Clayton, who stated that Ethereum was sufficiently decentralized and not regarded a security.
  • The SEC's actions have been views as inconsistent, causing confusion and uncertainty in the market. The closure of this investigation boosts developer and investor confidence in the Ethereum ecosystem, will promote more innovation and investment. The price of Ether reacted favourably after the announcement.

See:  Canada’s Proposed Mutual Fund Crypto Regulations 2024

  • The non-exoneration clause highlights the SEC's continued caution and the provisional nature of their judgment, emphasizing the significance of Consensys and other crypto firms conforming to regulatory norms.

Conclusion

Moving ahead, regulators must work with industry stakeholders to create open and equitable policies that promote innovation while protecting investors. Addressing legal and regulatory ambiguity is crucial for creating a more stable and healthy crypto sector.


NCFA Jan 2018 resize - SEC Ends Ethereum 2.0 Probe with Non-Exoneration ClauseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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How to Make the Roads Safer for Cyclists

Jun 19, 2024

Freepik cycling in the city - How to Make the Roads Safer for Cyclists

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The quest for safer roads is a shared concern among urban planners, cyclists, and policymakers. The popularity of cycling as a mode of transportation, sport, and leisure activity has been constantly rising in the past. This has made it more critical than ever to ensure the safety of cyclists.

This article explores the rise in cycling accidents and outlines strategies cities can implement to protect cyclists and promote a bike-friendly environment.

The Rising Accidents of Cyclists

Cycling has surged in popularity recently, driven by its health benefits, environmental advantages, and cost-effectiveness. A report from Statista shows that around 54.7 million Americans participated in cycling, an increase from 51.4 million in 2021.

However, this increase in cycling activity has coincided with a troubling rise in accidents involving cyclists. The National Highway Traffic Safety Administration (NHTSA) reports that in the United States alone, there were 966 pedal cyclist fatalities in 2021. This is the highest number of fatalities for these commuters since 1975, when it was above 1,000.

Several factors, such as distracted driving, inadequate infrastructure, and the lack of dedicated cycling lanes, are the primary culprits for these crashes. Additionally, the coexistence of motor vehicles and bicycles on roads designed primarily for cars exacerbates the risk for cyclists. This alarming trend necessitates immediate action to make roads safer for those on two wheels.

How Cities Can Make Roads Safer for Cyclists

Cities must adopt a multifaceted approach to address the rising number of cycling accidents. This involves implementing stricter law enforcement, enhancing infrastructure, and building boulevards. By prioritizing cyclists' safety through these measures, cities can create a more harmonious and secure environment for everyone on the road.

Ensuring Strict Law Enforcement

Effective law enforcement is crucial in protecting cyclists and ensuring that traffic regulations are adhered to by all road users. Strict enforcement of speed limits, particularly in areas with high cyclist traffic, can significantly reduce the severity of accidents. Additionally, laws that protect cyclists, such as safe passing distance regulations, must be rigorously enforced.

Police departments should be trained to understand cyclists' unique vulnerabilities and the importance of protecting their rights on the road. Regular patrols in areas frequented by cyclists can deter reckless driving and provide a sense of security for cyclists. Moreover, implementing stringent penalties for drivers who endanger cyclists can be a powerful deterrent against negligent behavior.

Ensuring law abidance is crucial, as many cyclist accidents are hit-and-run. The NHTSA report mentioned above states that 220, or roughly 22%, of the bicyclist fatalities in 2021 were hit-and-run collisions.

Consider the example of a bicyclist being killed in St. Louis in such an incident. News report shows that it was a hit-and-run collision where the 47-year-old Danyell McMiller was pronounced dead at the hospital. A white Kia entered the bicycle lane to avoid the slow-moving traffic and hit Danyell, who was thrown off his bike.

Punishing the offenders in such scenarios is crucial to set examples and deter people from doing these things in the future.

In this case, the victim's family can look for St. Louis personal injury lawyers and hire experienced personnel to take legal action. When the liability is established, the family members can get a settlement to compensate for their losses. This could include compensation for medical expenses, mental trauma, and other types of damages.

According to TorHoerman Law, attorneys can help establish this liability, which is vital in any personal injury case. They can collect pieces of evidence, including police reports and witness statements. These pieces of evidence can prove clear liability and help the victim get a fair settlement amount.

Creating Infrastructure With Bike Lanes

Bike lanes significantly improve bicycle safety, as they lessen the possibility of accidents between bikes and cars. This is particularly crucial in crowded cities where cars and bikers share the road. According to research, installing bike lanes can reduce bicycle collisions by up to 50%.

In fact, one of the most crucial reasons for increasing cyclist deaths is the U.S. streets. These streets are car-centric, highlighting the importance of dedicated bike lanes. However, this was not always the case, as the first vehicles to use the streets were carriages and bikes.

Events like the League of American Bicyclists have been celebrated since the 1880s, long before automobiles were manufactured. However, automobile companies lobbied Congress to make the streets car-centric.

Having dedicated bike lanes can separate motor vehicle traffic, thereby reducing the chances of crashes. Well-designed bike lanes should be wide enough to accommodate different types of bicycles and ensure a comfortable riding experience.

These protected lanes can also help save money and protect the environment by reducing the use of fuel gases. The procedure of producing and using fields to run automobiles can emit significant greenhouse gases. Encouraging cycling for commuting by making it safer can minimize these emissions and ultimately help the environment.

Building Cycling Boulevards

Cycling boulevards represent an innovative approach to creating safer environments for cyclists. These are low-traffic streets prioritized for bicycle travel, often featuring traffic calming measures such as speed bumps and diverters that discourage traffic by motor vehicles.

A recent study found that these boulevards can have highly positive effects, as both motor vehicle drivers and bicyclists consider them very safe. However, not all types of cycling lanes are as safe as most automobile drivers consider them. According to cyclists, some lanes adjacent to parked cars still feel unsafe to them.

To be effective, cycling boulevards should be part of a well-planned network that connects key destinations within a city. Clear signage, road markings, and designated crossings enhance their safety and usability. Additionally, involving the local community in the planning and implementation process can ensure that cycling boulevards meet residents' needs and preferences.

Frequently Asked Questions

How can you be safe when riding a bicycle?

Always wear a helmet, use lights and reflectors, abide by traffic laws, and maintain awareness of your surroundings when cycling for safety. When interacting with other drivers, ensure your bike is in good working order and utilize hand signals.

How can bike lanes be made safer?

Physical barriers, adequate lighting, well-maintained markings, and routine danger inspections are all ways to make bike lanes safer. Maintaining the safety of these bicycle lanes also heavily depends on education and the enforcement of traffic regulations.

How should a bike lane be designed?

To keep bikers and cars apart, a bike lane has to be wide enough, have durable markings, and have protective barriers. In addition, it needs to include well-drained areas, smooth surfaces, and access to the city's main points of interest.

See:  Decarbonizing Insurance and the Adaptation of Carriers to a New Zero Economy

To conclude, creating safer roads for cyclists is a multifaceted challenge requiring coordinated effort from city planners, law enforcement, drivers, and the community. The rising number of cycling accidents underscores the urgency of implementing comprehensive measures to protect cyclists.


NCFA Jan 2018 resize - How to Make the Roads Safer for CyclistsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Key Findings from Bank Director’s 2024 Risk Report

Report | Jun 18, 2024

2024 Risk Survey Bank Director report - Key Findings from Bank Director's 2024 Risk Report

Image: 2024 Risk Survey, Bank Director report

Summary of 2024 Risk Survey for Financial Institutions and Insights for Fintechs

The Bank Director's 2024 Risk Survey highlights numerous rising risks and issues that banks and financial institutions are facing as a result of developing regulatory and economic situations. Below are some important areas of concern applicable to the financial sector for review

1. Regulatory and Compliance Risks

  • Increased regulatory requirements are a major worry for financial organizations.
  • Over 75% of executives are concerned about regulatory risks, compared to 66% last year.
  • New restrictions and monitoring, like the Community Reinvestment Act, have significantly contributed to this worry.

2. Margin Pressures and Profitability

3. Deposit Retention and Liquidity Management

  • Rising interest rates have caused some deposit losses, with 59% of banks reporting low to moderate affects on their funding base.
  • Banks raised deposit interest rates and borrowed from Federal Home Loan Banks to address liquidity risk concerns (76% increase).

4. Supervisory Exams and Compliance

5. Strategic Challenges and Risks

 

Bank Director Risk Heat Map - Key Findings from Bank Director's 2024 Risk Report

Image: Bank Director 2024 Survey, Risk Heatmap

Opportunities and Insights for Fintechs

  • Fintechs should create strong and agile compliance frameworks to effectively traverse increased regulatory scrutiny.
  • Given the tremendous pressures that traditional banks face, innovative solutions that optimize net interest margins may be useful.
  • Strategies for increasing client loyalty and managing deposit retention in a high-interest environment are critical.

See:  Climate Inflation Discussion for a Sustainable Future

  • Providing improved liquidity management tools could help financial organizations reduce the risks associated with fluctuating interest rates.
  • Implementing cutting-edge technologies for risk management, regulatory compliance, and operational efficiency can provide fintechs a competitive advantage.

Outlook

As regulatory pressures increase and economic conditions shift, financial institutions must improve risk management and operational efficiencies. This environment is a tremendous opportunity for fintechs to innovate and offer solutions to these crucial issues.

See:  RBC and Rogers Cybersecure Catalyst Launch New Fintech Incubator

Fintechs can position themselves as important partners for banks navigating this challenging situation by focusing on compliance, customer retention, liquidity management, and the use of sophisticated technologies. Those who can respond quickly and strategically to emerging threats and opportunities will help define the financial sector's future.


NCFA Jan 2018 resize - Key Findings from Bank Director's 2024 Risk ReportThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Bank of Canada Publishes New Retail Payment Enforcement Policies

Payments Regulation | Jun 18, 2024

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The Bank of Canada has announced new supervisory policies around enforcement

On June 17, 2024, the Bank of Canada implemented various new regulatory measures around enforcement aimed at improving oversight of payment service companies.

See:  BoC Speech: Essence of the New Retail Payment Activities Act

These policies centre on:

  • Administrative Monetary sanctions (AMPs): Implementing new penalties for noncompliance.
  • Enforcement Process and instruments: Streamlining enforcement procedures and instruments.
  • Public Notice of Decisions: Developing guidelines for providing public notices of enforcement actions.
  • Governor's Review: Defining the process for examining the Governor's decisions.
  • Executive Roles: Clarifying the roles and responsibilities of the Executive Director and the Managing Director.
  • Significant Adverse Impact: Managing problems with considerable negative consequences.

They also updated their Glossary of Terms about retail payment supervision.

Resource:  BoC Update for PSPs: New Registration Guide and Supervisory Policies Available

Review this comprehensive page hosted by the Bank of Canada around Retail Payments Supervision - Policies and Guidelines.

Conclusion

The introduction of these policies comes at an important time, as digital payments continue to expand fast. NCFA Canada emphasizes the importance of staying informed to ensure compliance in order to maintain the payment ecosystem's integrity.


NCFA Jan 2018 resize - Bank of Canada Publishes New Retail Payment Enforcement PoliciesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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BIS and Bank of Canada Launch BIS Toronto Innovation Centre

BIS | Jun 17, 2024

BIS Miguel DIaz Head of the Toronto Innovation Centre - BIS and Bank of Canada Launch BIS Toronto Innovation Centre

Image: BIS Miguel DÍaz, Head of the Toronto Innovation Centre

The Bank for International Settlements (BIS) and the Bank of Canada Launch the BIS Toronto Innovation Centre

The BIS Toronto Innovation Centre was officially inaugurated by the Bank of Canada and the Bank for International Settlements (BIS). This Toronto location is the first BIS Innovation Hub in the Americas, a major international centre for finance and innovation.

The centre seeks to build the fundamental infrastructure needed to enable emerging financial technologies such as open finance, regulatory tech and oversight (suptech), and close accessibility gaps in financial services.  The innovation centre will serve all central banks across the Americas and encourage the development of innovative solutions that benefit the public.

See:  WEF Insights On Coordinating Global Crypto Regulation

The centre will be overseen by Miguel Díaz together with a group of experts and advisors.

Through innovation, experimentation, and cooperation with other organizations, the BIS Toronto Innovation Centre is positioned to play a significant role in improving the global financial system.

Tiff Macklem, Governor of the Bank of Canada:

"Fostering innovation has never been more crucial; that's as true for central bankers as it is for business leaders. As the financial sector continues to evolve, we need to innovate in different areas and apply skills that aren't traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation. That's why this hub and our partnership with the BIS are so important."

A Look at Other BIS Innovation Hubs

A number of Innovation Hubs have been developed worldwide by the Bank for International Settlements (BIS), with a particular emphasis on different facets of financial technology and infrastructure. Below compares a few important hubs:

  • Hong Kong Centre --> Dedicated to improving cybersecurity, big data analytics, and supporting digital financial ecosystems, the Hong Kong Innovation Hub was established in 2019. It has been essential in creating venues for climate-related financial risks and green finance.
  • Singapore Centre --> This hub, which was also founded in 2019, focuses on supervisory technology (SupTech) and regulatory technology (RegTech) to enhance supervisory and regulatory frameworks. It looks at data analytics for regulatory compliance, cross-border payment methods, and digital currencies.

See:  UK Digital Securities Sandbox to Drive Fintech Innovation

  • Swiss Centre --> Focused on incorporating distributed ledger technology (DLT), such as blockchain, into the financial sector, the Swiss centre was established in 2019. It is also a pioneer in the study, creation, and analysis of central bank digital currencies (CBDCs), as well as in the investigation of their possible effects on financial stability and monetary policy.
  • London Centre --> The London centre is dedicated to promoting innovation in digital financial infrastructures. It seeks to improve cybersecurity, investigate the use of artificial intelligence (AI) in finance, and create open banking frameworks.

Every BIS Innovation Hub is positioned strategically to take advantage of local assets and tackle both domestic and international financial issues. The founding of the Toronto hub is consistent with this global strategy, which seeks to promote financial innovation and cooperation throughout the Americas.

Outlook

It is evident from looking at these hubs how the BIS uses local knowledge to further its goal of using technology to promote global financial and monetary cooperation.

See:  Balancing Fintech Innovation and Regulation

As the first of its kind in the Americas, the Toronto Innovation Centre will be a key component of this global network, concentrating on improving financial accessibility throughout the area and laying the groundwork for financial technologies.


NCFA Jan 2018 resize - BIS and Bank of Canada Launch BIS Toronto Innovation CentreThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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