SEC approves the first-ever Bitcoin ETFs; FCA to review car finance overpayments; Deloitte releases its Regulatory Outlook 2024 & more
Good morning and Happy Monday!
In this RegTech X digest, crypto is again in the spotlight.
In a groundbreaking development for the cryptocurrency industry, the U.S. securities regulator gave its approval on Wednesday for the first-ever U.S.-listed exchange traded funds (ETFs) that will track the performance of bitcoin. This decision is a significant milestone for both the world's largest cryptocurrency and the broader crypto industry. This 'watershed' decision is expected to drive billions of dollars into new funds and expose a fresh batch of investors to the ups and downs of crypto investing. Also, you can read why a US bitcoin ETF is a game changer for crypto here .
It's interesting to see that in 2023, approximately €2.1 billion in fines were imposed in the EU due to violations of the General Data Protection Regulation (GDPR) last year, according to Statista. And the newest Amazon data privacy lawsuit in the Netherlands is poised to potentially be a battleground for public policy considerations, extending far beyond the individual case.
In other news, a US lobby group representing the interests of Big Tech firms has hit out at proposals by the Consumer Financial Protection Bureau to regulate tech giants such as Apple and Google that offer digital payment apps and wallets.
Global capital investment in FinTech nearly halved in 2023 to $51 billion, with the UK seeing an even sharper decline, according to Innovate Finance data.
As we entered the new year, the flow of reports and predictions shows no signs of slowing down. According to Deloitte 's Regulatory Outlook , 2024 marks a pivotal moment for numerous regulatory initiatives, as they grapple with the complexities arising from geopolitical uncertainties, macroeconomic strains, and the resulting financial burdens on banks. The year ahead poses substantial hurdles for banks, encompassing operational, financial resilience, and conduct-related challenges.
Also Sifted FT asked industry experts and released predictions for European FinTech in 2024.
Find further industry news and updates in the complete version of RegTech X by Evgeny Likhoded sign up to get it straight in your inbox 👉: https://bit.ly/3QzCRoX
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Founder & CEO, Group 8 Security Solutions Inc. DBA Machine Learning Intelligence
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