On November 7, China passed data control laws that had been put on the table in August; the laws include government security checks on companies in finance, telecommunications and other critical data industries as well as mandatory in-country data storage; also, individuals will have to register with their real names on messaging services; businesses are concerned that information flow will be curtailed in industries where this is critical to be effective and corporate security checks have the potential to be invasive rather than simply regulatory; the law will go into effect next summer; some aspects of the law will need clarification over time from the government. Source
Chinese regulators raided over 40 companies in China to investigate for illegal activities pertaining to the country's newly disseminated laws; investigators found property agents listing homes that owners had not agreed to sell and providing false information about properties; with a focus on real estate property investing, the investigators also found P2P lenders offering down payment loans after they were recently restricted by regulators. Source
Coinbase and affiliates have taken the lead on introducing a legal framework for blockchain tokens as a security; on Wednesday they released a 27-page framework for regulation and best practices for blockchain tokens; paper provides a risk score measurement, best practices for token sales and a detailed securities law analysis. Source
Colorado passed a law this week that could have a dramatic effect on the ability of fintech lenders to do business in the state.
Fintech faces a flurry of changes, LexisNexis Risk Solutions director of financial crime compliance Tracy Manning said.
The responsibility for managing compliance is increasingly falling on fintechs. Here are seven areas where fintechs need to focus.
The paper, published by the President's Working Group on Financial Markets, argued that regulation must address defi money laundering and terrorism financing to create broader investor protection.
When LendingClub’s founder and then CEO Renaud Laplanche testified before congress in December 2013 he was asked what the federal...
Last year the U.S. House passed a crowdfunding bill (H.R. 2930 – Entrepreneur Access to Capital Act) but it has...
The report found that more than half of banks reported challenges reducing cyberattacks, and nearly half of firms are concerned with safeguarding sensitive data and adapting to consumer privacy laws.