What’s New for Fintech in 2020
In the coming year, regulators will continue to prioritize review of innovative products and new technology.
● Expect a more nuanced approach for scrutiny of digital advisors and assets including review of the adequacy of compliance programs, use of service providers and mitigation of conflicts of interest. SEC Exam Priorities for Virtual Assets
● Recently, the NY DFS also issued proposed guidance on the adoption or listing of virtual currencies, updating its 2014 guidance on the regulatory framework for virtual currency (VC) firms. The NY DFS is accepting comments on two proposed coin/listing options that it wishes to make available to VC licensees. Read the guidance at the following link: comments are due by January 27, 2020! DFS Proposed Guidance
● Another important development to watch: This month in Paris, FATF organized a supervisors forum to make progress on global consistency for supervising digital assets and related service providers. Supervisor Forum 2020
● Check out the latest What’s Ethical podcast with Matthew Blake. Matthew shares his insights as Head of the Future of Shaping Financial and Monetary Systems at the World Economic Forum (WEF).