in Cian, M. and Sandei, C (eds), Dritto del Fintech (Kluwer, 2020), Part IV, pp. 699-714
Introduction: All
major jurisdictions within the Asia region, as with other regions globally,
have recognized the importance of Fintech to the development of its financial
markets. Earlier chapters of this book have well recited the advantages of
Fintech, and the associated risks, and these are also common to the Asian
context and need not be repeated here. The approach to regulation in Asia has
been diverse owing to different political, legal and cultural considerations in
each jurisdiction. By way of broad characterization, while the efficiencies
that Fintech solutions bring to traditional financial services have been a
primary objective of regulatory facilitation throughout Asia, the emergence of
digital assets and the primary and secondary markets that have evolved around
them has been an object of concern and caution. Accordingly, the region has
been active in developing specific laws and regulations related to e-money
payment systems and financial services, while adopting a conservative
risk-based approach to financing activities that tap the public capital market
via digital assets. As to the latter, the larger capital markets of North Asia
have been of interest to watch as developments have ranged from more permissive
industry-regulator partnering to develop more granular regulation (Japan), to
cautious approaches that tend to follow the United States model of openly
permitting industry development while applying existing laws where possible
(Hong Kong), to banning specific classes of activity while also promoting
technology including blockchain (Mainland China).
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