What type of regulation to expect in finance in 2020
- Author Giorgi Mikhelidze
- Published April 22, 2020
- Word count 633
There are many things to expect from 2020 and increased regulations are definitely one of them. Over the last decade, the world of finance has changed a lot. A lot of good happened, but the last decade also brought some problems to the finance sector.
2020 is a whole new opportunity for the world to develop new trends and come up with new ideas for the everchanging financial sector.
When people hear regulations they get a sense of scare right away, but it is not something that we should be necessarily afraid of. Regulations are often the way to help certain fields further develop, but sometimes, of course, authorities use them to control and change the sectors according to their wishes.
Regulations are very important in many fields, as they can be the guarantee of customer safety. When it comes to regulating fields like crypto, regulations can have different effects. For example, in many countries, regulations held crypto to further develop. These countries include Switzerland, Australia, etc. But at the same time, there are countries like the US and India where the government used regulations to control the market.
As time goes, regulations are changing very fast. In the last decade, we saw some countries changing their regulations to help the finance sector and the trend should be the same for this year.
What can 2020 bring?
The whole world develops very hard. Something to keep in mind is that at some point in 2020, half of the world’s population will have access to the world of internet. As the world is headed to a fully digital future, there might be some things that can change this year. Authorities will have the need to come up with plans to navigate the online world seamlessly.
Many have suggested that further tweaking the capital will be one of the top priorities in 2020. Under the Trump administration, financial officials said they're working to change many regulations, which Gregg Gelzinis, an economic policy expert at the Center for American Progress, said usually means loosening banking controls.
As 2020 is an election year in the US, regulations that the Trump Administration plans to adopt will be done at a faster pace.
Also, many have suggested that greater focus will be put on the financial and operational resilience of companies. How they adapt to technologies, change with innovations and so on. Also, this year will be very important to respond to political and social pressures in areas like sustainability and financial inclusion.
Banks spend more resources and attention on safety than ever. Safety concerns continue to grow, driven by focused, well-funded, skilled adversaries and by a growing digital world.
According to many studies, cybersecurity is one of the main things concerning the authorities and many companies, so we might see some changes in this field. There are many companies around the world reporting every day that they are facing cyber dangers. In this situation, we might see a lot of changes in cyber regulations.
Crypto regulations are changing very often. Still, as of today, society does not have enough knowledge to come up with a regulation that can work for everyone. Universal regulations are very hard to find because there is a huge difference in the attitude that the government has towards the currency.
Many countries are changing their attitudes towards crypto. But there are still some countries where a crypto exchange is still illegal. This field has a lot to go but it is not hard to think that they will be a lot of regulations on crypto coming this year.
2020 has just started but already a lot of things happened. The novel coronavirus has affected the world economy, and the situation is getting out of hand. There might be some regulations coming into force this year because of this.
https://www.forexnewsnow.com/providers/kyc/; https://www.nytimes.com/2020/03/09/us/politics/financial-regulations-coronavirus.html; https://www.finextra.com/newsarticle/35411/transformative-regulation-finds-its-feet-in-2020Article source: https://articlebiz.com
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