Lawsky: Bitcoin can motivate other payment systems to "up their game"
Ben Lawsky shared his perspective on Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for Bitcoin in an interview on Bloomberg and said that there is much room for improvement in the payment systems world.
He personally related how he banks with a large financial institution. When making a payment between his bank account and credit card- both part of the same institution- he was disappointed to find that it takes three days.
Thus, not only does Bitcoin have the potential to introduce quicker, frictionless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on its own, but "it can also cause the rest of the payments systems world to really up their game and improve things."
With Bitcoin, he sees a world of innovation, not used to regulation, colliding with a tightly regulated bank world, "which is tightly regulated for a good reason". Regulation should have the "lightest touch possible" to promote innovation, but not too light to leave room for things like money laundering. Getting the right balance in difficult.
In terms of progress on the BitLicense proposal, he said:
"We have thousands of comments. We're going through them. There's a whole team working on them. I'm working on them. I think it's probably end of the year, early next year. We'll continue to work really hard on it. But it's tricky and we really want to get it right. So we want to move quickly but not rush."
The proposal has been criticized by members of the Bitcoin community as being too stringent and that it would therefore stifle innovation.
Ben Lawsky shared his perspective on Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for Bitcoin in an interview on Bloomberg and said that there is much room for improvement in the payment systems world.
He personally related how he banks with a large financial institution. When making a payment between his bank account and credit card- both part of the same institution- he was disappointed to find that it takes three days.
Thus, not only does Bitcoin have the potential to introduce quicker, frictionless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on its own, but "it can also cause the rest of the payments systems world to really up their game and improve things."
With Bitcoin, he sees a world of innovation, not used to regulation, colliding with a tightly regulated bank world, "which is tightly regulated for a good reason". Regulation should have the "lightest touch possible" to promote innovation, but not too light to leave room for things like money laundering. Getting the right balance in difficult.
In terms of progress on the BitLicense proposal, he said:
"We have thousands of comments. We're going through them. There's a whole team working on them. I'm working on them. I think it's probably end of the year, early next year. We'll continue to work really hard on it. But it's tricky and we really want to get it right. So we want to move quickly but not rush."
The proposal has been criticized by members of the Bitcoin community as being too stringent and that it would therefore stifle innovation.