The financial industry is no stranger to technology compliance with regulatory requirements. Managing regulatory processes within tech has been termed RegTech or regulatory technology. This is used to cover innovative digital solutions via artificial intelligence, biometrics, machine learning, and big data so that compliance becomes efficient and aids regulatory reporting, compliance, and monitoring.
However, it is not just this quick-moving development of innovation that underpins the rise of RegTech. It is also the massive cost of compliance that affects the cost of doing business. India has a long way to go to adapt to all this digitization and disruption. There have been various disruptions, cryptocurrency being the most prominent one.
How will India absorb the potential of blockchain tech and its cross-sector applications? Will aspects such as trade finance be able to even adhere to monitoring obligations, even if India were able to quickly adapt to the RegTech revolution?
In the first dispatch of Mint’s Demystifying Regulation in Technology, industry experts deliberated on cryptocurrency regulations and what could be done in that regard.
One of the biggest dilemmas about innovation is not knowing whether or not such ideas would impact the world, said Sanjay Khan Nagra, partner, Khaitan & Co. The regulatory concerns around cryptocurrency are understood much better these days and so it is time to resolve them.
Another concern is whether regulators would understand the technology on a daily basis because this is an evolving technology. Nagra said governments can classify crypto the way they classified wallets.
Sudipta Bhattacharjee, partner, Khaitan & Co, raised concern about technology outpacing laws and regulation as these regulatory vacuums are hurting live technologies. A regulatory sandbox is needed because if useful disruptive technology is banned, it would be driven underground but wouldn’t disappear, Bhattacharjee pointed out.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
