In Brazil and Mexico, regulators are working on new sets of rules for FinTechs. These regulations are designed to help new technologies gain traction and limit the risks arising from them. Further, regulatory bodies are fostering regional collaboration to harmonize rules and standards in both emerging and mature markets. Mexico’s rules will cover crowdfunding platforms and electronic payments firms. In Brazil, Banco Central do Brasil is bringing FinTechs into the regulatory sphere, requiring them to gain the necessary approvals from financial authorities.
In Japan, a draft bill was proposed in March 2017 for the establishment of a uniform banking settlement agency.
The RBI has proposed setting up a regulatory sandbox for fostering financial technology innovation.
Iran’s CBI has defined three phases of policymaking with regard to FinTechs. During the first phase, to March 2018, the CBI defined the general rules and policies applicable to FinTechs and RegTechs. The second phase, from March to August 2018, aims to define general rules and policies regarding blockchain technology and cryptocurrencies. The final phase, from August 2018 to March 2019, will define rules and policies with respect to the role of FinTechs as PSPs.
In the U.K., the Government has announced its first FinTech strategy with a new crypto assets task force, advances in RegTech, and a joint startup support program with Australia, as major initiatives. Further, the FCA is considering setting up a global sandbox to harness cross-border innovation and has signed nine bilateral agreements with regulators in other countries.