ESSENTIAL REGULATIONS FOR THE FINTECH ECOSYSTEM (REGTECH)

Year 2019, , 311 - 321, 30.07.2019

Yavuz Demirdöğen

https://doi.org/10.21076/vizyoner.574621

Cited By: 2

Abstract

Financial Technologies (fintech) has changed its direction and gained momentum with the expansion of the blockchain applications. Unlike organized market, fintech market that rapidly develops and grows is not subject to any significant regulation or control. The operations and structure of the fintech ecosystem initiatives should be supervised and regulated, like traditional financial and money markets and certain sanctions should be imposed. The regulations have three dimensions; financial regulations, technical - technological regulations and sandboxes. Financial regulations for fintech services are vital since it carries the same risks as traditional financial services face with. The provision of certain technical and technological requirements in terms of control and supervision is also important for the maintenance of services. On the other hand, the regulation of sandboxes, which is laboratory work for actors and/or applications that would be introduced into the market, has a distinct importance. In the study, three perspectives are taken into consideration and the directions needed by regulators are examined. Examples from countries that have enacted the control and supervision mechanism are given and the functioning of the regulations are discussed with examples from different countries.

Keywords

Regtech, Fintech, Financial Supervision, Financial Regulations

FİNTEK EKOSİSTEMİ İÇİN GEREKLİ DÜZENLEMELER (REGTEK)

Abstract

Blok zincir uygulamalarının yaygınlaşmasıyla finansal teknoloji (fintek) yön değiştirmiş ve ivme kazanmıştır. Hızla gelişen ve büyüyen fintek piyasası, organize piyasalardan farklı olarak, belirgin bir düzenlemeye ve denetime tabi değildir. Fintek ekosistemindeki girişimler işleyişi ve yapısı diğer para ve sermaye piyasaları gibi denetlenmeli ve belirli yaptırımlar uygulanmalıdır. Regülasyonların üç ayrı boyutu bulunmaktadır; finansal regülasyonlar, teknik – teknolojik regülasyonlar ve kum havuzları. Geleneksel finans servislerinin karşı karşıya olduğu riskleri taşıdığından, fintek servisleri için finansal regülasyonlar hayati önem arz etmektedir. Kontrol edilebilme ve denetleme açısından belirli teknik ve teknolojik gereksinimlerin sağlanması, hizmet ve servislerin sürdürülebilmesi için de önemlidir. Diğer yandan piyasaya girecek aktörlerin ve/veya uygulamaların laboratuvar çalışması niteliğindeki kum havuzlarının düzenlenmesi ise ayrı bir önem kazanmaktadır. Çalışmada üç perspektif de ele alınarak regülatörlerin ihtiyaç duyduğu yönler incelenmiştir. Kontrol ve denetim mekanizmasını yasalaştıran ülkelerden örnekler verilerek düzenlemelerin işlerliği ele alınmıştır.

Keywords

Regtek, Fintek, Finansal Denetim, Finansal Regülasyon

References

• Ahmed, M., Mahmood, A.N. ve Islam, M.R. (2016). “A Survey of Anomaly Detection Techniques in Financial Domain”, Future Generation Computer Systems, 55, 278-288.
• Board, F.S. (2017). Financial Stability Implications from FinTech: Supervisory and Regulatory Issues that Merit Authorities’ Attention, June, Basel.
• Board, F.S. (2017). FinTech Credit: Market Structure, Business Models and Financial Stability Implications, Financial Stability Board, Basel.
• Cain, M.D., Macias, A.J. ve Solomon, S.D. (2014). Broken Promises: The Role of Reputation in Private Equity Contracting and Strategic Default, J. Corp. L., 40, 565.
• Cermeño, J.S. (2016). Blockchain in Financial Services: Regulatory Landscape and Future Challenges for Its Commercial Application, BBVA Research Paper, (16/20).
• Claessens, S., Frost, J., Turner, G. ve Zhu, F. (2018). Fintech Credit Markets around the World: Size, Drivers and Policy Issues. BIS Quarterly Review September.
• Cortina, J.J. ve Schmukler, S.L. (2018). The Fintech Revolution: A Threat to Global Banking? (No. 125038), the World Bank.
• Fan, P.S. (2018). “Singapore Approach to Develop and Regulate FinTech”, In Handbook of Blockchain, Digital Finance, and Inclusion, 1, 347-357.
• Farzan, F., Lahiri, S., Kleinberg, M., Gharieh, K., Farzan, F. ve Jafari, M. (2013). “Microgrids for Fun and Profit: The Economics of Installation Investments and Operations”, IEEE Power and Energy Magazine, 11(4), 52-58.
• Ferrarini, G. (2017). “Regulating FinTech: Crowdfunding and Beyond”, European Economy, (2), 121-142.
• Franco, P. (2014). Understanding Bitcoin: Cryptography, Engineering and Economics, John Wiley & Sons.
• Gai, K., Qiu, M. ve Sun, X. (2018). “A Survey on FinTech”, Journal of Network and Computer Applications, 103, 262-273.
• Goldstein, I., Jiang, W. ve Karolyi, G.A. (2019). “To FinTech and Beyond”, the Review of Financial Studies, 32(5), 1647–1661.
• Kaplanov, N. (2012). “Nerdy Money: Bitcoin, the Private Digital Currency, and the Case against Its Regulation”, Loyola Consumer Law Review, 25(1).
• KPMG (2018). Küresel Fintech Araştırmaları 2018, KPMG Türkiye, https://assets.kpmg/content/dam/kpmg/tr/pdf/2018/05/kuresel-fintech-arastirmasi-2018.pdf, (Erişim Tarihi: 05 Şubat 2019).
• Magnuson, W. (2018). Regulating fintech. Vand. L. Rev., 71, 1167.
• Morgan, S. (2015). “Cybersecurity Market Reaches $75 Billion in 2015; Expected to Reach $170 Billion by 2020. Forbes, December, 20.
• Moyer L. (2016). From Wall Street Banking, a New Wave of Fintech Investors, N.Y. Times: Dealbook, https://www.nytimes.com/2016/04/07/business/dealbook/from-wall-street-banking-a-new-wave-of-fintech-investors.html, (Erişim Tarihi: 26 Nisan 2019).
• Sanchez, R., Almenares, F., Arias, P., Díaz-Sánchez, D. ve Marin, A. (2012). “Enhancing Privacy and Dynamic Federation in IdM for Consumer Cloud Computing”, IEEE Transactions on Consumer Electronics, 58(1), 95-103.
• Shim, Y. ve Shin, D.H. (2016). “Analyzing China’s Fintech Industry from the Perspective of Actor–Network Theory”, Telecommunications Policy, 40(2-3), 168-181.
• Toronto Center, “FinTech, RegTech, and SupTech: What They Mean for Financial Supervision,” August 2017.
• Treleaven, P. (2015). “Financial regulation of FinTech”, Journal of Financial Perspectives, 3(3).
• Nakamura, Y. (2016). “The Wretched, Endless Cycle of Bitcoin Hacks”, Bloomberg Tech.
• Zhang, L., Luo, Y., Tao, F., Li, B. H., Ren, L., Zhang, X. ve Liu, Y. (2014). “Cloud manufacturing: a New Manufacturing Paradigm”, Enterprise Information Systems, 8(2), 167-187.