This week’s roundup will feature titles on Web3, open banking, and crypto regulations. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Web3 Foundation has called for clarity on regulations around Web3 technology from EU policymakers and supervisors. [source: The Fintech Times]
Web3 will bring a wealth of digital opportunities which are largely yet to be tapped into by digital companies. However, there has been vocalised concern around the decentralised nature of Web3 technology, which will be able to support smart decision making, contracts, automation for documents and digital identities. There most certainly is a need for regulatory bodies to keep up with the rapid developments and provide clear jurisdictional direction to mitigate any uncertainty – which should in turn help prevent challenges around data usage, security and privacy concerns. – Jovi
- A call for open banking education comes as Canada draws efforts towards the creation of an open banking framework. [source: Finextra]
The Financial Consumer Agency of Canada revealed that less than 10% of Canadians have heard of open banking which comes surprisingly as its fintech scene is thriving, particularly in Montreal, Calgary, Vancouver and Toronto. And whilst open banking will bring huge opportunities for consumers to access financial products and services that satisfy their needs; the need for education is essential for Canadians to recognise the benefits of open banking and how to protect their own data.
Education around digital transformation is essential to help consumers and businesses realise the strengths and convenience they bring whilst breaking down misconceptions around technologies; but more importantly to help them understand how to play their part in ensuring secure use. – Jovi
- The UK has passed a bill that gives regulators the power to supervise stablecoins and crypto. [source: The Paypers]
By giving regulators control of crypto and stablecoin ruling, we can expect to see a more cohesive use and approach to the adoption of the alternative currencies. Some may be frustrated by changing regulations and the supervision of crypto promotions, however it can bring greater benefit by assuring end consumers of their safety and promote better understanding of risks associated with crypto. Again, the theme of education is poignant here and will support consumers to make informed decisions. – Jovi
See you next week, back in the blog for your next weekly news roundup.
