Governing Banking’s Future: Markets vs. Regulation
Our KYC solutions help firms achieve automated operating efficiencies and a high quality customer experience. Our skilled teams enabled by innovative technology and flexible global delivery service centers can help you manage financial crime risk in a cost-effective, sustainable way. The global payments industry is undergoing major change and transformation, driven by changing customer demands. Our global network and proven expertise can help you manage the disruption along the entire value chain within cards, payments, digital commerce and digital convergence.
Open banking is a disruptive force in the financial services industry. It will change how consumers engage with their banks and financial services providers, introduce new channels and promote innovation and competition in financial products. Our Global Regulatory Network, consisting of former regulators and bankers from the Americas, Asia and Europe, provides strategic insights on financial regulation that helps clients adapt to the changing regulatory landscape.
EY Client Portal.
- Strategy Pure & Simple II: How Winning Companies Dominate Their Competitors: No. 2 (Management & Leadership).
- Regulating AI in the Banking Space: A Call to Action – QuickLook Blog | Deloitte US;
- Regulating Systemically Important Financial Institutions That Are Not Banks.
- Welcome back.
- Regulation of banks in the UK | Economics Online.
- Analytic geometry.
- The facts of the crimes committed by Armenian bandit and terrorist organizations on the territory of Azerbaijan.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders.
In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organization, please visit ey. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.
Regulating cryptocurrencies: assessing market reactions
Search Search No results have been found. Recent searches. See all results for. Trending For CEOs, are the days of sidelining global challenges numbered? Are you a CEO that will define the future or defend the past? Why your next big bet should be in food innovation 10 Jul Disruption. Who we are What we do What we think Work with us Our locations.
Select your location Change. Local sites. Connect with us. Read more Read less.
- NextWave Financial Well-Being.
- Introduction to Digital Computers.
- Governing Banking’s Future: Markets Vs. Regulation.
- Bad Boy.
- NextWave Financial Well-Being;
- Welcome back.
- Criminology (SAGE Course Companions)?
- The Evolution of Strategic Thought: Classic Adelphi Papers (Adelphi series)!
- A Long Road to Regulating Derivatives.
- Regulating Cryptocurrency | The Regulatory Review.
- Regulating the Australian Financial System.
- Derivatives Update: Recent Developments in the US and EU!
- Philip’s: Astronomy encyclopedia.
Our latest thinking. Show more Show less. The better the question. The better the answer. The better the world works. Related article. We gained a real competitive advantage in working with EY because they knew how to implement the SAP banking systems and had a lot of experience to do this quickly. Our focus on customer centricity really resonated with the bank and was a key factor in it engaging our team in creating a service design approach. EY Seren team. Implementing the technology architecture Parallel to the license application process, EY worked on administering the right technology architecture for the bank.
Banks build products that are good for banks, not their customers. The opposite is true of Discovery Bank. This phase was critical and would not have been possible without a harmonious working relationship between the bank, EY and all of the partners EY had to manage.
Structural economic shifts lead to new risks
Improving financial — and physical — well-being By putting a spotlight on financial well-being and, crucially, by offering a digital-first way for its customers to achieve this, Discovery Bank is offering a pioneering example to the broader financial sector of how to develop greater financial health while boosting customer satisfaction levels. How EY can help Digital enterprise transformation Unlock the advantages of the digital era to harness innovation, drive operational efficiencies and grow your business.
Asian investors have always been major players in cryptocurrency trading, particularly with bitcoin. Over the past few years, different Asian countries have been the dominant players in the cryptocurrency markets. A few years back it was China. Japan and South Korea took over as the largest drivers of the crypto-markets thanks to favorable regulation. This was of course before many of the new digital tokens — of which there are over 1, now — had come to market.
The Chinese saw it at the time as an alternative investment to the stock market and housing market that were becoming increasingly risky. But since then, Chinese regulators have come down hard on cryptocurrencies. This meant exchanges could not have accounts with banks. In , China outright banned initial coin offerings ICOs.
The group of regulators that issued the ban provided a list of 60 major ICO platforms for local financial watchdogs to inspect. At the beginning of , China moved to block foreign trading platforms operating in China. China continued to turn the screw on other parts of the crypto-industry. In January , a task force made up of numerous Chinese government agencies was instructing local authorities to urge miners to end their activities, according to a report in the Financial Times.
The clampdown by Beijing has meant changes to the Chinese cryptocurrency market. For example, Chinese mining company Bitmain moved its regional headquarters to Singapore and also opened up mining operations in Canada and Switzerland to mitigate the regulatory moves.
And exchanges have also moved jurisdiction. South Korea is another major cryptocurrency market and in the past few months, regulators have veered between considering shutting down exchanges to now bringing them into the legal fold. The watchdog then said it was considering shutting down some domestic digital currency exchanges. Since then, South Korea brought in rules clarifying its stance on the crypto-industry. These include only allowing exchanges to have customers that use bank accounts with their real names, requiring exchanges to have separate bank accounts for handling customer money and their own operational expenses, and pushing financial companies to share a list of overseas cryptocurrency exchanges that they are linked to.
Far from shutting the door on the crypto-industry, South Korea is now looking to bring the new industry into the regulatory fold. As China clamped down on the crypto-industry, Japan saw an opportunity to take a lead by introducing policy that was seen as welcoming for cryptocurrencies. In early , Japan allowed merchants to legally accept bitcoin as a payment. But a number of high-profile exchange hacks took place. The FSA followed up by issuing punishment notices to several exchanges and even forcing some to halt their business. Japan is still looking into the right way to regulate cryptocurrencies and blockchain technology.
In April , a government-backed research group put forward some proposals to regulate ICOs. While Asia has been a big driver of cryptocurrency interest and mining power, the U. Instead, they have focused on warning investors about the risk of ICOs and cryptocurrency trading. However, this could be about to change with a number of regulators hinting that regulation could be coming this year. The U. A lot of debate in the U. At the moment, the SEC says that bitcoin and ether are not securities. The ruling comes from a U. Supreme Court case that classifies a security as an investment of money in a common enterprise, in which the investor expects profits primarily from others' efforts.
There has been recent rising interest from professional institutional investors wanting to get involved in the cryptocurrency space. But the lack of regulation and difficulty in buying crypto-assets on exchanges has put them off. Many feel that the regulations do not offer enough protection. So these investors have been looking to traditional financial instruments to help them invest in digital coins.
One of those products that was launched last year was bitcoin futures. It theoretically allows them to short, or bet against, bitcoin.
So far, futures have been the extent of professional products in the U. There has also been a drive to introduce a product known as a bitcoin exchange-traded fund ETF onto the market. An ETF is a security that tracks the price of an asset, in this case bitcoin, and is listed on a stock exchange. The biggest proponents of a bitcoin ETF in the U. It highlighted the fact that ICOs are highly unregulated, offer no investor protection, have big price volatility and could be the source of fraud.