As Blockchain Week gets underway in Singapore, California Western’s Prof. James Cooper states that it is time for the major players in the fintech industry to collaborate on enforceable best practices.
Writing in The Business Times, Prof. Cooper, one of the speakers at the weeklong conference, acknowledges that it has been a rough ride this year with the industry suffering a US$600billion drop in value and a corresponding loss to investors.
Recognizing Singapore as one of the few regulatory havens for cryptocurrencies, Prof. Cooper writes that while the People's Republic of China has banned the crypto world outright and the United States has been mostly passive in providing regulations, Singapore has provided some policy guidance. Like Estonia, Malta, Taiwan, and other nimble actors, Singapore has smartly positioned itself for crypto-friendly regulatory environments with a regulatory sandbox in which to experiment.
The future, however, says Prof. Cooper, must include more sanctions for fraudsters, scammers and other nogoodniks. And that's where the new Payment Services Bill, now before the Singapore Parliament, fits in. This legislation would strengthen consumer protection, stem terrorist financing, and increase cybersecurity.
If governments cannot provide meaningful rules to regulate the crypto world, concludes Prof. Cooper, it is time for the major players in the industry to collaborate on enforceable best practices and the financial technology industry should work to protect investors, punish fraud and insider trading, and ensure that the market is fair and transparent.
Read the complete article here: https://www.businesstimes.com.sg/opinion/the-time-is-right-to-move-the-fintech-sector-towards-maturity