The monetary trade is not any stranger to know-how compliance with regulatory necessities. Managing regulatory processes inside tech has been termed RegTech or regulatory know-how. That is used to cowl revolutionary digital options through synthetic intelligence, biometrics, machine studying, and massive knowledge in order that compliance turns into environment friendly and aids regulatory reporting, compliance, and monitoring.
Nonetheless, it’s not simply this quick-moving growth of innovation that underpins the rise of RegTech. Additionally it is the huge value of compliance that impacts the price of doing enterprise. India has an extended option to go to adapt to all this digitization and disruption. There have been numerous disruptions, cryptocurrency being essentially the most outstanding one.
How will India soak up the potential of blockchain tech and its cross-sector functions? Will points resembling commerce finance be capable to even adhere to monitoring obligations, even when India have been in a position to rapidly adapt to the RegTech revolution?
Within the first dispatch of Mint’s Demystifying Regulation in Know-how, trade specialists deliberated on cryptocurrency laws and what might be accomplished in that regard.
One of many greatest dilemmas about innovation shouldn’t be figuring out whether or not or not such concepts would influence the world, stated Sanjay Khan Nagra, accomplice, Khaitan & Co. The regulatory issues round cryptocurrency are understood significantly better lately and so it’s time to resolve them.
One other concern is whether or not regulators would perceive the know-how each day as a result of that is an evolving know-how. Nagra stated governments can classify crypto the best way they categorised wallets.
Sudipta Bhattacharjee, accomplice, Khaitan & Co, raised concern about know-how outpacing legal guidelines and regulation as these regulatory vacuums are hurting dwell applied sciences. A regulatory sandbox is required as a result of if helpful disruptive know-how is banned, it will be pushed underground however wouldn’t disappear, Bhattacharjee identified.
Supply: Live Mint