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In The Cryptocurrency Race, Washington Stumbles While China Pulls Ahead

in the cryptocurrency race, washington stumbles while china pulls ahead

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China will exploit the US’s lack of a coherent framework for cryptocurrency to unseat the dollar.

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Among the many technological battlefronts between the US and China is cryptocurrency and other digitized, encrypted forms of money. Over the last decade, American innovators have built compelling innovations in blockchain, digital currency, and cryptocurrency aimed at revolutionizing finance and creating new US tech superstars. These technologies are critical in supply chain technology and security. Yet federal policy is neither mature nor coherent to promote US leadership. Some 40 competing bills on crypto have emerged in Congress, poised to strengthen different bureaucratic power centers (One of 2 bills passed explores how the Pentagon could use blockchain.). As a result, innovators now face a potential morass of financial and regulatory institutions asserting jurisdiction over their creations. Meanwhile the People’s Republic of China (PRC) is lying in wait to exploit America’s lack of consensus on cryptocurrency. The PRC has laid the groundwork to capture the fruits of US innovation and use its own digital currency to unseat the dollar.
The PRC central bank already distributes digital yuan to be used at thousands of retailers – with nearly a fifth of residents in Shenzhen city testing the …

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Regulatory Technology Solutions Market 2020 | Industry Trends, Growth Drivers, Competitive Landscape, Regional Analysis 2027 – Fresno Observer

regulatory technology solutions market 2020 | industry trends, growth drivers, competitive landscape, regional analysis 2027 – fresno observer

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The global regulatory technology solutions market is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Fortune Business Insights™ in its latest report published this information. The report is titled “Regulatory Technology Solutions Market Size, Share & Industry Analysis, By Deployment (On-premises, Cloud Based), By Application (Regulatory Reporting, Risk Management, Identity Management & Control, Compliance, Transaction Monitoring, Others), By End User (Small and Medium Scale Enterprises, Large Scale Enterprises) and Regional Forecast, 2019-2026”. The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period. It also offers an exclusive insight into various details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies.
View More Information: @ https://www.fortunebusinessinsights.com/regulatory-technology-regtech-solutions-market-102875
The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other regulatory technology solutions market trends. The report is available for sale on the company website.
Top key palyers in the regulatory technology solutions market …

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Inter-company digital ID being tested as biometric compliance gets nearer – FinanceFeeds

inter-company digital id being tested as biometric compliance gets nearer – financefeeds

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Large institutions are now looking to simplify KYC by using biometric facial recognition across multiple institutions. This could be expanded to regulators using it with brokers, leading to simplification of the entire compliance process when onboarding new clients

Only a handful of entities in the electronic trading industry have gone down the route of investing in any form of biometric facial recognition technology for the purposes of aiding much more modern and efficient KYC and AML procedure when onboarding new customers.
This may be largely due to that it is not part of the remit for most brokerages, as regulatory authorities do not require it, and that many brokerages have already been through enough in the advent of MiFID II which required almost ground-up overhauls of trading environments, execution methodologies and reporting procedure, only to find that two years later, the authorities are looking at backtracking.
Whether developed in house, or offered by a third party Software as a Service (SaaS) provider, there has been no urgency to go down this route, with just one or two exceptions, however today it certainly appears that the banking sector and various technology consultancies are looking to expand digital identity operability to be …

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How banks can leverage the potential of data in cash management and treasury

how banks can leverage the potential of data in cash management and treasury

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Data has been a hotly discussed topic in the banking world for some time now. And as firms learn to adapt to the latest pandemic pressure – whether that be new working environments or unprecedented levels of market volatility –  the need for real-time visibility of their data has never been more important.But when it comes to maximising the value of that data, there are still obstacles to overcome. At our recent invitation-only Banking Ruminari event, banking leaders in the cash management and treasury space discussed some of these challenges and how they can be tackled.To explore this critical topic further, our senior cash management solutions strategist, Bill Wrest, took the opportunity to sit down with David Christie, CEO of Bleckwen, a behavioural analytics software company working with banks and financial institutions. Having extensive knowledge and experience in cash management and treasury products, Bill wanted to get a data science perspective on the opportunities and challenges facing banks in this area.BW: How far do you think banks’ products teams have embraced the value of data to date?DC: I think they are only touching the surface – they are guardians of our money, but also by proxy, they are effectively …

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Why Action Against Google Is Not Enough

why action against google is not enough

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The U.S. Justice Department’s latest move to sue Google for allegations that its search and advertising functions violate federal antitrust laws is unsurprisingly making headlines. The world should welcome much-needed scrutiny of a dominant platform that has, as the Department contends, monopolized the search sector and exploited society through that commercial domination. But the reality is that the United States—and its global partners—must take a comprehensive approach to internet regulation to address the biggest and most persistent challenges that the internet has surfaced over the past decade. While action against Google represents a significant development, lawmakers’ regulatory intent can’t end with Google, or simply the enforcement of antitrust provisions against the firm.
The coronavirus pandemic has only increased the importance of regulation across the internet. COVID-19 has accelerated the world’s transition to a virtual economy: Work and school have largely shifted online; telehealth services have expanded; online shopping has soared; apps for food and grocery delivery, fitness, and social meetups have proliferated. Each of these trends was already underway, of course, but global lockdowns because of the pandemic have dramatically sped up these changes.
Will our way of life change forever? What will the …

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The Justice Department’s lawsuit against Google will not stop Big Tech’s abuses

the justice department’s lawsuit against google will not stop big tech’s abuses

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This week’s Department of Justice antitrust suit against Google is the agency’s first major case against Big Tech since the 1998 Microsoft suit. It comes on the heels of a 451-page report by the House Antitrust Subcommittee that enumerates the dubious and harmful practices of the dominant digital companies and proposes the reinvigoration of the antitrust laws. The Federal Trade Commission (FTC) is reportedly not far behind with its own antitrust action against Facebook.

All these initiatives are important, but they are not sufficient.
The abusive practices of the dominant digital platforms are so widespread and have become so embedded that there is no single solution. What is needed is a cocktail of remedies that blends antitrust with ongoing regulatory oversight.
Mixing such a blend begins with establishing goals for the outcome. It is not necessary to invent new expectations, but to simply return to the common law concepts that Big Tech has ignored. The common law duty of care provides that a company should anticipate adverse effects of its actions and mitigate them. The common law duty to deal establishes that the provider of an essential service has the responsibility to provide impartial access to that activity.
The …

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Wolters Kluwer Leaders Discuss the 2020 Wolters Kluwer Future Ready Lawyer Survey at DLaw Disruptive Innovations in Legal Services Summit

wolters kluwer leaders discuss the 2020 wolters kluwer future ready lawyer survey at dlaw disruptive innovations in legal services summit

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NEW YORK, Oct. 20, 2020 /PRNewswire/ — Wolters Kluwer Legal & Regulatory executives will participate in a virtual panel on “The Future Ready Lawyer” at the DLaw Disruptive Innovation in Legal Services Summit on October 22. Moderated by Victoria Hudgins of Legaltech News, the panel will analyze the impact on the legal sector caused by the global pandemic, the profession’s continued transformation, progress and challenges legal professionals face going forward, and the results of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers. 
The 2020 Wolters Kluwer Future Ready Lawyer Survey, released earlier this year, examines legal professional’s future readiness and resilience, ongoing trends in the legal sector, and organizations’ ability to drive higher performance. In the upcoming panel, Martin O’Malley, Executive Vice President & Managing Director of Wolters Kluwer’s global Legal & Regulatory division and Dean Sonderegger, head of Wolters Kluwer Legal & Regulatory U.S., will examine the survey’s results and key takeaways in relation to the Summit’s focus on the exploration of digital technology for legal services professionals.
“It’s clear that the global pandemic has accelerated the ongoing transformation of the legal profession, demanding higher productivity, value and technology-enabled relationships and services,” said O’Malley. “We look forward to discussing trends, progress and challenges across the …

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Financial institutions general regulatory news, October 2020 # 3

financial institutions general regulatory news, october 2020 # 3

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Recent regulatory developments of interest to all financial institutions. Updates include the latest publications relating to Brexit, COVID-19 and other EU and international publications.

Contents

Brexit: HM Treasury update on financial services Brexit statutory instruments
Draft Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020
Brexit: PRA and FCA Dear CEO letter on final preparations for end of transition period
COVID-19: FCA speech on market abuse
FCA directory of certified and assessed persons: update for solo-regulated firms
Artificial Intelligence Public-Private Forum launched by FCA and BoE
OFSI annual report
Future Challenges in Economic Crime: SFO speech
CMU: European Parliament adopts resolution on further development
Digital finance: European Parliament adopts resolution
Financial institutions’ use of digital platforms: EBA survey
Global stablecoin arrangements: FSB high-level recommendations
BigTech in finance in emerging market and developing economies: FSB report
Use of RegTech and SupTech by regulatory authorities and regulated institutions: FSB report
Market fragmentation work: FSB update
Central bank digital currencies: central banks group report on principles and features

Brexit: HM Treasury update on financial services Brexit statutory instruments

HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal) …

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Announcing the Top Women in Law 2020 | New Jersey Law Journal

announcing the top women in law 2020 | new jersey law journal

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David Gialanella, Bureau Chief, has been with the New Jersey Law Journal since 2010, covering business of law, litigation, legislation and various other topics. In his current role, he is responsible for the Law Journal’s print and web products. Reach him at [email protected]
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