U.S. Regulatory Arm Creates ‘Office of Innovation’ for Fintech
Financial technology, Bitcoin, and blockchain startups may soon face regulatory oversight from the Office of the Comptroller of the Currency (OCC). The organization is creating an office focused on the emerging fintech economy and implementing “responsible innovation.” U.S. Office of the Comptroller of the Currency Creates Fintech Innovation Working....
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Regulators are planning for new banking licenses for fintech startups across the U.S., said Comptroller of the Currency, Thomas J. Curry last week. The measure will affect startups dealing with lending, virtual currency payments, and deposits. National Charters for Responsible Innovators. The Office of the Comptroller of the Currency (OCC) is a federal....
The US government has called for the formation of a “responsible innovation” fintech department to spur the growth of emerging technologies including cryptocurrencies, the Blockchain technology and other financial technologies that could enhance existing financial systems. US regulatory body the Office of the Controller of the Currency (OCC), which previously expressed their optimism towards digital currencies and the Blockchain technology, is planning to launch three offices in Washington, New York and San Francisco led by a chief innovation officer. The 30th Comptroller of the Currency....
A US banking regulator has unveiled a broad innovation policy aimed at regulating startups working with blockchain and other fintech. On 26th October, the Office of the Comptroller of the Currency (OCC) released its “responsible innovation framework”, a policy outline that the agency has been working on since earlier this year. In March, the OCC released a white paper setting out its objectives. The agency will establish an “Office of Innovation”, headquartered in Washington, DC, that will spearhead policy development and outreach as it relates to fintech. The head of that office, who will....
“The FinTech industry has done a great job at positioning Canada high up on the global scale,” Gerald Cotten, CEO of Canadian Bitcoin exchange Quadriga.CA, tells CCN. He adds: We are quite thrilled to see how our country has been embracing this emerging industry and innovation. Lots of great minds that are following through with an execution. Canada’s Commissioner of Competition, John Pecman, discussed October 6th 2016 the link between competition and innovation. The Commissioner suggested new disruptive technologies challenge not only traditional business but, as well, regulatory models.....
The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has....