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Digital Bytes June 21st Edition with Jonny Fry / James Tylee featuring John Carr of MWek Solutions
Borrowing and lending in DeFi - without a doubt DeFi platforms present challenges to regulators, all the while empowering users and helping to make traditional financial services (such as borrowing and lending) more inclusive. The disintermediation that DeFi ensures can enable lower borrowing costs and higher rates for lending - but who is accountable in the event that something goes wrong? Whilst there is already a regulated DeFi platform, how soon will more appear on the scene?
Full Article Here
Is the Electronic Trade Documents Bill set to give added impetus for digital currencies? - the UK government is set to introduce new legislation which could impact global trade. Given that 80% of world trade is based on English law, this could have a huge impact on the efficiency of international trade by unlocking $billions of savings and boosting global trade by up to $40billion. As we see the global trade documentation being digitised, it will become easier to deploy smart contracts and so allow the automation of taxes and duties and transport invoices being settled as goods arrive and move between various entities. This itself will be possible by smart contracts using digital currencies to settle global payments faster, cheaper and potentially in a lower-risk manner.
Full Article Here
Banks are facing more competition than ever before - traditional banks, with their outdated IT infrastructure and systems are facing competition, and the highly lucrative markets they have monopolised for years are now being targeted by newer nimbler banks, FinTech firms and even new ways of making payments. What all the competition has in common is that it is digital and will increasingly be using technologies such as AI, Big data, IoT, blockchain, machine learning as opposed to quill pens, ledgers, cheque books and faxes.
Full Article Here
Navigating the AML and KYC regulatory landscape in offshore locations: key requirements and best practices - the importance of effective KYC and AML processes, procedures and staff to monitor such activity is of paramount importance for regulated firms. As more jurisdictions embrace cryptocurrencies those firms looking to offer crypto products and services will need to follow existing best practices or risk fines and possible bans.
Full Article Here
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By James Tylee / Jonny FryBorrowing and lending in DeFi - without a doubt DeFi platforms present challenges to regulators, all the while empowering users and helping to make traditional financial services (such as borrowing and lending) more inclusive. The disintermediation that DeFi ensures can enable lower borrowing costs and higher rates for lending - but who is accountable in the event that something goes wrong? Whilst there is already a regulated DeFi platform, how soon will more appear on the scene?
Full Article Here
Is the Electronic Trade Documents Bill set to give added impetus for digital currencies? - the UK government is set to introduce new legislation which could impact global trade. Given that 80% of world trade is based on English law, this could have a huge impact on the efficiency of international trade by unlocking $billions of savings and boosting global trade by up to $40billion. As we see the global trade documentation being digitised, it will become easier to deploy smart contracts and so allow the automation of taxes and duties and transport invoices being settled as goods arrive and move between various entities. This itself will be possible by smart contracts using digital currencies to settle global payments faster, cheaper and potentially in a lower-risk manner.
Full Article Here
Banks are facing more competition than ever before - traditional banks, with their outdated IT infrastructure and systems are facing competition, and the highly lucrative markets they have monopolised for years are now being targeted by newer nimbler banks, FinTech firms and even new ways of making payments. What all the competition has in common is that it is digital and will increasingly be using technologies such as AI, Big data, IoT, blockchain, machine learning as opposed to quill pens, ledgers, cheque books and faxes.
Full Article Here
Navigating the AML and KYC regulatory landscape in offshore locations: key requirements and best practices - the importance of effective KYC and AML processes, procedures and staff to monitor such activity is of paramount importance for regulated firms. As more jurisdictions embrace cryptocurrencies those firms looking to offer crypto products and services will need to follow existing best practices or risk fines and possible bans.
Full Article Here