File #2870: "2020_Book_RegulatingFinTechInAsia.pdf"
Testo
1|Preface|6
1|Contents|7
1|Editors and Contributors|9
1|Regulating Fintech in Asia: An Introduction|11
2|1 Global Trends|12
2|2 Local Contexts|15
2|References|19
1|Rethinking the Regulatory Sandbox for Financial Innovation: An Assessment of the UK and Singapore|21
2|1 Introduction|21
2|2 The Rise of the Regulatory Sandbox|23
3|2.1 Regulatory Sandbox in a Nutshell|23
3|2.2 Benefits and Concerns of the Regulatory Sandbox Approach|27
2|3 Early Assessment of Cases in the UK and Singapore|29
3|3.1 United Kingdom|29
3|3.2 Singapore|33
3|3.3 Evaluation of the Sandbox Approach|35
2|4 Conclusion|38
2|References|39
1|Hong Kong’s Fintech Automation: Economic Benefits and Social Risks|41
2|1 Introduction|42
2|2 The Nature and Application of Fintech|44
2|3 Hong Kong’s Regulation of Fintech|46
3|3.1 Equity-Based Crowdfunding|47
3|3.2 Microfinance and Internet Lending|48
3|3.3 E-Payment|50
3|3.4 Cryptocurrency and ICOs|51
3|3.5 Regulatory Sandboxes|51
3|3.6 InsurTech|52
2|4 The Social Costs of Automating Finance|53
2|5 A Socially Sensitive Fintech Policy for Hong Kong|55
2|6 Conclusion|56
2|References|57
1|Fintech Law and Practice: A Korean Perspective|61
2|1 Introduction|61
2|2 Structure of Fintech and Financial Services Regulatory System|63
3|2.1 Overview|63
3|2.2 Financial Regulatory System|63
3|2.3 Financial Regulatory Bodies|65
2|3 Banking|66
3|3.1 Overview|66
3|3.2 Internet-Only Banks|66
3|3.3 Identification Certificate/Real-Name Confirmation|69
3|3.4 P2P Lending|70
2|4 Capital Markets|73
3|4.1 Overview|73
3|4.2 Securities-Based Crowdfunding|73
3|4.3 Robo-Advisors|76
2|5 Payment and Settlement|77
3|5.1 Overview|77
3|5.2 Easy Payment and Transfer|77
3|5.3 Crypto-Assets|79
2|6 Fintech and Regulation|85
3|6.1 Overview|85
3|6.2 Regulatory Sandbox|86
2|7 Conclusion|87
2|References|87
1|Does China Need the Regulatory Sandbox? A Preliminary Analysis of Its Desirability as an Appropriate Mechanism for Regulating Fintech in China|90
2|1 Introduction|91
2|2 Historical Background and Theoretical Foundation of the Regulatory Sandbox|94
3|2.1 Historical Background|94
3|2.2 Theoretical Foundation|95
2|3 Practical Development and Preliminary Judgment of the Regulatory Sandbox|97
3|3.1 Practical Development|97
3|3.2 Preliminary Judgment|99
2|4 Does China Need the Regulatory Sandbox? a Preliminary Conclusion|101
2|References|103
1|Thai Regulatory Approaches to Technology-Driven Innovation in Financial Services|105
2|1 Introduction|105
2|2 Equity-Based Crowdfunding Regulations|106
2|3 P2P Lending Regulations|110
3|3.1 The Channel of Access to Finance for SMEs as Borrowers’ Necessity|110
3|3.2 The Channel of Investment for Investors as Lenders’ Necessity|110
3|3.3 The Channel of Investment Promotion Policies as the Government’s Necessity|110
2|4 New Payment Services Regulations|112
2|5 Digital Asset Businesses Regulations|114
2|6 The Regulatory Sandbox|116
2|7 Conclusion|120
2|References|121
1|Fintech in Vietnam and Its Regulatory Approach|123
2|1 Introduction|124
2|2 Current Situation of Fintech in Vietnam|125
2|3 The Use of Fintech to Facilitate Socio-economic Development|132
2|4 Current Regulations on Fintech in Vietnam|134
2|5 An Appropriate Regulatory Framework for Fintech in Vietnam|140
2|6 Conclusion|142
2|References|143
1|The ‘Independence Day’ of Payments Law? Fintech’s Impact on Financial Regulation in Japan|147
2|1 Introduction|147
2|2 Fintech 2020 in Japan|148
3|2.1 Crowdfunding|149
3|2.2 Cryptocurrency/Virtual Currency|149
3|2.3 Blockchain and Applications|150
3|2.4 AI (Artificial Intelligence)|151
3|2.5 Big Data|151
3|2.6 Mobilization (Services Available with Smartphones and Other Mobile Devices)|151
3|2.7 Cashless/Mobile Payment|152
2|3 Framework of Financial Law in Japan|153
3|3.1 Piecemeal Regulation: Banking, Insurance, and Securities|153
3|3.2 Justification of Trident Regulation|153
3|3.3 Other Financial Businesses|157
2|4 A New Framework in a Fintech Era?|159
3|4.1 Unbundling/Rebundling|159
3|4.2 Promoting or Deterring Unbundling?|160
3|4.3 The Same Principle|162
3|4.4 The ‘Independence Day’ of Payment from Banking|162
3|4.5 Prohibition of Another Business|165
2|5 Cryptoassets: An Example of Transformation of Financial Regulation in Fintech Era|166
3|5.1 Introduction of Cryptocurrencies Regulation|166
3|5.2 Extension of Cryptocurrencies Regulation: From Virtual Currency to Cryptoasset|167
3|5.3 Arrangement of Regulation to Respond to Risks|168
2|6 Overview of Future Financial Regulation in Fintech Era|168
2|References|170
1|Legislative Development on Crypto-Assets in Japan: Revisions to the Payment Services Act, etc.|171
2|1 Introduction: Background of Revisions to the Payment Services Act, etc.|171
2|2 Revisions to the Payment Services Act|173
3|2.1 Change in Terminology: ‘Virtual Currency’ to ‘Crypto-Asset’|173
3|2.2 Crypto-Asset Custody Services|173
3|2.3 Registration of Crypto Asset Exchange Provider|174
3|2.4 Notification for Change in Name of the Relevant Crypto Asset, etc|174
3|2.5 Advertisement or Solicitation|175
3|2.6 Information Disclosure in Case of Crypto Asset Exchange, etc.|176
3|2.7 Obligations for Preservation of User’s Assets|176
3|2.8 Preferential Payment in Case of Claims for the Return of Crypto Assets|177
2|3 Revisions to the Financial Instruments and Exchange Act|178
3|3.1 Electronically Recorded Transferable Rights|178
3|3.2 Crypto Asset Derivatives Transactions|179
2|4 Revisions to the Act on Sales, etc. of Financial Instruments|180
3|4.1 Role of the Act on Sales, etc. of Financial Instruments|180
3|4.2 Accountability|181
2|5 Conclusion|181
2|References|182
1|Horizontal Shareholding Among Fintech Firms in Asia: A Preliminary Competition Law Assessment|184
2|1 Introduction|184
2|2 Fintech in South-East Asia, Driven by Ridesharing Platforms|187
3|2.1 Fintech, Fintech Products and Fintech Firms|187
3|2.2 Grab and Go-Jek Challenging Fintech in South-East Asia|188
3|2.3 The Fintech Turn of Other Ridesharing Platforms Active in Asia|189
2|3 Financing Fintech in Asia|190
3|3.1 Small Groups of Wealthy Investors|190
3|3.2 The Investment Structure Behind Grab and Go-Jek|191
3|3.3 Investment Clusters Among the Fintech Oriented Ridesharing Firms in Asia|192
3|3.4 Horizontal Shareholding Across the Main Asian Fintech Firms Pur Sang|194
2|4 Horizontal Shareholding and Its Anticompetitive Effects|197
3|4.1 Evidence for Anticompetitive Effects of Horizontal Shareholding|197
3|4.2 Despite Disagreement in the Literature, Initial Enforcement Action in Europe|201
3|4.3 At Least Agreement on the Potential Seriousness of Horizontal Shareholding|203
2|5 Asian Fintech Firms, Horizontal Shareholding, and Competition Law|204
3|5.1 Horizontal Shareholding and Theories of Harm in Competition Law|204
3|5.2 Possible Anticompetitive Effects Among Asian Fintech Firms|205
2|6 Conclusion|207
2|References|208
1|Fintech, Overcoming Friction and New Models of Financial Regulation|211
2|1 Introduction|212
2|2 Fintech and the Consumer Experience|214
2|3 Implications for Incumbent Financial Service Providers|220
2|4 Implications for Regulators and Financial Regulation|224
2|References|229
1|Index|232
1|Contents|7
1|Editors and Contributors|9
1|Regulating Fintech in Asia: An Introduction|11
2|1 Global Trends|12
2|2 Local Contexts|15
2|References|19
1|Rethinking the Regulatory Sandbox for Financial Innovation: An Assessment of the UK and Singapore|21
2|1 Introduction|21
2|2 The Rise of the Regulatory Sandbox|23
3|2.1 Regulatory Sandbox in a Nutshell|23
3|2.2 Benefits and Concerns of the Regulatory Sandbox Approach|27
2|3 Early Assessment of Cases in the UK and Singapore|29
3|3.1 United Kingdom|29
3|3.2 Singapore|33
3|3.3 Evaluation of the Sandbox Approach|35
2|4 Conclusion|38
2|References|39
1|Hong Kong’s Fintech Automation: Economic Benefits and Social Risks|41
2|1 Introduction|42
2|2 The Nature and Application of Fintech|44
2|3 Hong Kong’s Regulation of Fintech|46
3|3.1 Equity-Based Crowdfunding|47
3|3.2 Microfinance and Internet Lending|48
3|3.3 E-Payment|50
3|3.4 Cryptocurrency and ICOs|51
3|3.5 Regulatory Sandboxes|51
3|3.6 InsurTech|52
2|4 The Social Costs of Automating Finance|53
2|5 A Socially Sensitive Fintech Policy for Hong Kong|55
2|6 Conclusion|56
2|References|57
1|Fintech Law and Practice: A Korean Perspective|61
2|1 Introduction|61
2|2 Structure of Fintech and Financial Services Regulatory System|63
3|2.1 Overview|63
3|2.2 Financial Regulatory System|63
3|2.3 Financial Regulatory Bodies|65
2|3 Banking|66
3|3.1 Overview|66
3|3.2 Internet-Only Banks|66
3|3.3 Identification Certificate/Real-Name Confirmation|69
3|3.4 P2P Lending|70
2|4 Capital Markets|73
3|4.1 Overview|73
3|4.2 Securities-Based Crowdfunding|73
3|4.3 Robo-Advisors|76
2|5 Payment and Settlement|77
3|5.1 Overview|77
3|5.2 Easy Payment and Transfer|77
3|5.3 Crypto-Assets|79
2|6 Fintech and Regulation|85
3|6.1 Overview|85
3|6.2 Regulatory Sandbox|86
2|7 Conclusion|87
2|References|87
1|Does China Need the Regulatory Sandbox? A Preliminary Analysis of Its Desirability as an Appropriate Mechanism for Regulating Fintech in China|90
2|1 Introduction|91
2|2 Historical Background and Theoretical Foundation of the Regulatory Sandbox|94
3|2.1 Historical Background|94
3|2.2 Theoretical Foundation|95
2|3 Practical Development and Preliminary Judgment of the Regulatory Sandbox|97
3|3.1 Practical Development|97
3|3.2 Preliminary Judgment|99
2|4 Does China Need the Regulatory Sandbox? a Preliminary Conclusion|101
2|References|103
1|Thai Regulatory Approaches to Technology-Driven Innovation in Financial Services|105
2|1 Introduction|105
2|2 Equity-Based Crowdfunding Regulations|106
2|3 P2P Lending Regulations|110
3|3.1 The Channel of Access to Finance for SMEs as Borrowers’ Necessity|110
3|3.2 The Channel of Investment for Investors as Lenders’ Necessity|110
3|3.3 The Channel of Investment Promotion Policies as the Government’s Necessity|110
2|4 New Payment Services Regulations|112
2|5 Digital Asset Businesses Regulations|114
2|6 The Regulatory Sandbox|116
2|7 Conclusion|120
2|References|121
1|Fintech in Vietnam and Its Regulatory Approach|123
2|1 Introduction|124
2|2 Current Situation of Fintech in Vietnam|125
2|3 The Use of Fintech to Facilitate Socio-economic Development|132
2|4 Current Regulations on Fintech in Vietnam|134
2|5 An Appropriate Regulatory Framework for Fintech in Vietnam|140
2|6 Conclusion|142
2|References|143
1|The ‘Independence Day’ of Payments Law? Fintech’s Impact on Financial Regulation in Japan|147
2|1 Introduction|147
2|2 Fintech 2020 in Japan|148
3|2.1 Crowdfunding|149
3|2.2 Cryptocurrency/Virtual Currency|149
3|2.3 Blockchain and Applications|150
3|2.4 AI (Artificial Intelligence)|151
3|2.5 Big Data|151
3|2.6 Mobilization (Services Available with Smartphones and Other Mobile Devices)|151
3|2.7 Cashless/Mobile Payment|152
2|3 Framework of Financial Law in Japan|153
3|3.1 Piecemeal Regulation: Banking, Insurance, and Securities|153
3|3.2 Justification of Trident Regulation|153
3|3.3 Other Financial Businesses|157
2|4 A New Framework in a Fintech Era?|159
3|4.1 Unbundling/Rebundling|159
3|4.2 Promoting or Deterring Unbundling?|160
3|4.3 The Same Principle|162
3|4.4 The ‘Independence Day’ of Payment from Banking|162
3|4.5 Prohibition of Another Business|165
2|5 Cryptoassets: An Example of Transformation of Financial Regulation in Fintech Era|166
3|5.1 Introduction of Cryptocurrencies Regulation|166
3|5.2 Extension of Cryptocurrencies Regulation: From Virtual Currency to Cryptoasset|167
3|5.3 Arrangement of Regulation to Respond to Risks|168
2|6 Overview of Future Financial Regulation in Fintech Era|168
2|References|170
1|Legislative Development on Crypto-Assets in Japan: Revisions to the Payment Services Act, etc.|171
2|1 Introduction: Background of Revisions to the Payment Services Act, etc.|171
2|2 Revisions to the Payment Services Act|173
3|2.1 Change in Terminology: ‘Virtual Currency’ to ‘Crypto-Asset’|173
3|2.2 Crypto-Asset Custody Services|173
3|2.3 Registration of Crypto Asset Exchange Provider|174
3|2.4 Notification for Change in Name of the Relevant Crypto Asset, etc|174
3|2.5 Advertisement or Solicitation|175
3|2.6 Information Disclosure in Case of Crypto Asset Exchange, etc.|176
3|2.7 Obligations for Preservation of User’s Assets|176
3|2.8 Preferential Payment in Case of Claims for the Return of Crypto Assets|177
2|3 Revisions to the Financial Instruments and Exchange Act|178
3|3.1 Electronically Recorded Transferable Rights|178
3|3.2 Crypto Asset Derivatives Transactions|179
2|4 Revisions to the Act on Sales, etc. of Financial Instruments|180
3|4.1 Role of the Act on Sales, etc. of Financial Instruments|180
3|4.2 Accountability|181
2|5 Conclusion|181
2|References|182
1|Horizontal Shareholding Among Fintech Firms in Asia: A Preliminary Competition Law Assessment|184
2|1 Introduction|184
2|2 Fintech in South-East Asia, Driven by Ridesharing Platforms|187
3|2.1 Fintech, Fintech Products and Fintech Firms|187
3|2.2 Grab and Go-Jek Challenging Fintech in South-East Asia|188
3|2.3 The Fintech Turn of Other Ridesharing Platforms Active in Asia|189
2|3 Financing Fintech in Asia|190
3|3.1 Small Groups of Wealthy Investors|190
3|3.2 The Investment Structure Behind Grab and Go-Jek|191
3|3.3 Investment Clusters Among the Fintech Oriented Ridesharing Firms in Asia|192
3|3.4 Horizontal Shareholding Across the Main Asian Fintech Firms Pur Sang|194
2|4 Horizontal Shareholding and Its Anticompetitive Effects|197
3|4.1 Evidence for Anticompetitive Effects of Horizontal Shareholding|197
3|4.2 Despite Disagreement in the Literature, Initial Enforcement Action in Europe|201
3|4.3 At Least Agreement on the Potential Seriousness of Horizontal Shareholding|203
2|5 Asian Fintech Firms, Horizontal Shareholding, and Competition Law|204
3|5.1 Horizontal Shareholding and Theories of Harm in Competition Law|204
3|5.2 Possible Anticompetitive Effects Among Asian Fintech Firms|205
2|6 Conclusion|207
2|References|208
1|Fintech, Overcoming Friction and New Models of Financial Regulation|211
2|1 Introduction|212
2|2 Fintech and the Consumer Experience|214
2|3 Implications for Incumbent Financial Service Providers|220
2|4 Implications for Regulators and Financial Regulation|224
2|References|229
1|Index|232