FinTech is an emerging field and most of the existing literature appears in the form of industry reports, consulting reports, working papers, and policy recommendations. Although FinTech has been widely discussed for many years, there is a paucity of literature on some categorizations of FinTech. This edited volume distinguishes itself by focusing on academic works of scholars with a different area of specialization in the FinTech field including technology, innovation and regulation. In particular, the book focuses on the laws and technologies necessary to comprehend the role of the legal system in technological innovations and will be helpful for regulatory policymaking. A practical compendium that explains concepts and follows through on applications in FinTech including its challenges and evolving nature, this book will be of interest to students, scholars, practitioners as well as regulators and policy makers.
Author(s): Hung-Yi Chen, Pawee Jenweeranon, Nafis Alam
Publisher: Palgrave Macmillan
Year: 2022
Language: English
Pages: 187
City: Cham
Foreword by Naoyuki Yoshino
Foreword by Bryan Zheng Zhang
Foreword by David Donald
Contents
List of Contributors
List of Figures
List of Tables
1 Introduction: Global Perspectives in FinTech—Law, Finance and Technology
Introduction
Global Perspectives in FinTech: Specific Issues
Conclusion
2 FinTech Regulation—A Key to Financial Stability
Introduction
FinTech Risk
FinTech Risk to Consumers
Risk to FinTech Providers
FinTech Risk to Financial Stability
FinTech Regulation
Conclusion
References
3 Privacy, Data Protection, and Public Interest Considerations for Fintech
Introduction
Fintech & Data Protection Regulations
Personal Data and Its Categories
Overview of Data Protection Principles
Data Subject Rights
Data Laws Application to Foreign Companies
Fintech & Data Protection Challenges
Shaping Legal Framework for Data Privacy in the Era of Fintech Privacy
The Need of Internationally Recognized Principles of Data Processing and Law Enforcement
Standardization
Mechanism of Supervision for Bitcoin and Cryptocurrency Exchanges
Conclusion
References
4 Financial Crimes in the Age of the Digital Economy and FinTech
Introduction
Definition of Financial Crime
Types of Financial Crimes
Financial Fraud
Cybercrime in Finance
Terrorist Financing
Bribery and Corruption
Market Abuse and Insider Trading
Money Laundering
The Financial Action Taskforce’s Role in Anti-Money Laundering & Counter-Terrorist Financing (CTF)
Essence and Stages of Money Laundering
Legal Analysis of the Crime of Money Laundering
Money Laundering in the Digital Age
Compliance Risks for Banks and FinTech Companies
Tax Evasion
Tax Evasion in the Digital Age
Daigou Example
Conclusion
5 Regulatory Innovation in FinTech
Introduction
Introduction to FinTech Governance Theories
The Potential of Public and Private Governance for FinTech
Supervision-Oriented Approaches Driven by Public Sectors: The U.S. Jumpstart Our Business Startups (JOBS) Act
Collaboration-Oriented Approaches Driven by Public Sectors: Regulatory Sandboxes and Innovation Offices
Supervision-Oriented Approaches Driven by Private Sectors: The Japan Cryptocurrencies Exchange and Peer-to-Peer Finance Association in the UK, Credit Ratings Agencies on Peer-to-Peer Lending in China
Collaboration-Oriented Approaches Driven by Private Sectors: Plug and Play Abu Dhabi, Global FinTech Hackcelerator Singapore, Taiwan FinTechSpace
Summary
Conclusions
Literature
6 Digital Assets and Central Bank Digital Currency in ASEAN
Introduction
Financial Inclusion and Digital Finance
Digital Assets Regulations in Selected ASEAN Countries
Indonesia
Lao
Malaysia
Singapore
Thailand
Crypto Baht—Project Inthanon Initiative
Vietnam
ASEAN General Overview of Legislative Efforts on Digital Asset Business Regulations
Conclusion
7 Cryptocurrency, Stablecoins, and Blockchain
Introduction
General Definition: International and Domestic Dialogues
Basic Characteristics of Crypto Assets
Money/Currency Characteristics
Security Characteristics
Property Characteristics
General Types of Crypto Assets
Private Tokens/Coins
Payment Tokens
Securities Tokens
Utility Tokens
Asset-Backed Tokens
Privacy Coins
Governance Tokens
Stablecoins
Hybrid Tokens
Sovereignty Tokens/Coins
Central Bank Digital Currencies (CBDC)
Analysis of Some Selected Tokens in the Market
Bitcoin
Ethereum
Monero
Zcash
Uniswap (UNI)
Non-Fungible Tokens
Tether
STEEM Tokens
Regulatory Challenges
ASEAN Countries
Other Frontier Markets
Hong Kong SAR
Conclusion
8 Fintech for Financial Inclusion
Introduction
Financial Inclusion
The FinTech Opportunity
Success Stories: How Financial Inclusion Can Be Profitable and Socially Productive
Public Sector-Led Approaches to FinTech for Financial Inclusion
FinTech for Financial Inclusion—A Double-Edged Sword?
Conclusion
References
Index
