https://www.taxtmi.com/news?id=17523 FinTech innovations fragment traditional banking into specialised services and two disruptive developments - Marketplace Financing and Blockchain based Virtual Currencies - raise distinct risks. Marketplace Financing lowers intermediary costs but creates enforceability, suitability for large sums, cross border anonymity and consumer protection concerns requiring organised, regulated intermediaries. Blockchain and crypto assets lack central authority, legal status and recourse mechanisms and pose security, operational and illicit use risks. Regulatory responses should favour pilot testing, risk ring fencing and collaboration between FinTechs and banks, with consumer protection and legal clarity as preconditions for wider adoption. en-us Wed, 01 Mar 2017 18:22:30 +0530 Wed, 01 Mar 2017 18:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17523 FinTech innovations fragment traditional banking into specialised services and two disruptive developments - Marketplace Financing and Blockchain based Virtual Currencies - raise distinct risks. Marketplace Financing lowers intermediary costs but creates enforceability, suitability for large sums, cross border anonymity and consumer protection concerns requiring organised, regulated intermediaries. Blockchain and crypto assets lack central authority, legal status and recourse mechanisms and pose security, operational and illicit use risks. Regulatory responses should favour pilot testing, risk ring fencing and collaboration between FinTechs and banks, with consumer protection and legal clarity as preconditions for wider adoption. News - Wed, 01 Mar 2017 18:22:30 +0530 https://www.taxtmi.com/news?id=17523