Future of Finance

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Future of Finance Podcast

Where Finance Meets its Future!

Hear from long-established members of the financial services industry (banks, brokers, asset managers, insurers, financial market infrastructures) with entrepreneurs (challenger banks, technology companies and FinTechs) and market authorities (central banks, regulators and policymakers) to explore how the financial services industry can grow faster by being more open, more innovative and more trustworthy. If you would like to get in touch about featuring on a podcast, please email:

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Why the case for regulating cryptocurrencies is becoming unanswerable Where Finance Finds Its Future

The peer-to-peer system of cash outlined by Satoshi Nakamoto in his famous paper of October 2008 did not mention regulators or regulations. But its ambition of dispensing with trusted third parties did mean jettisoning regulated financial institutions. Nearly 14 years on, only the irreconcilable libertarian wing of the Blockchain industry still considers regulation of cryptocurrencies to be unthinkable. Major cryptocurrency intermediaries are getting regulated already. Two of the major cryptocurrency exchanges (Coinbase and FTX) have multiple regulatory licences and even Binance has secured a licence in France and applied for licences in Bahrain and Dubai. Likewise, of a list of 100 digital wallet custodians, 42 have secured or applied for regulatory licences. Nor is it true to say any longer that cryptocurrencies are unregulated. The Financial Action Task Force (FATF) extended Know Your Client (KYC), Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and sanctions screening obligations to the cryptocurrency markets as long ago as October 2018. Grumbling by cryptocurrency brokers and exchanges about the application of the Travel Rule – which obliges them to share identifying information about buyers and sellers of cryptocurrencies – is merely the latest instalment of this long-running set of obligations. Suspicious Activity Reports (SARs) now have to be filed. Besides, regulators are losing patience with the seemingly unending series of scams, hacks and thefts of cryptocurrency. Since hackers made off with US$500 million of Bitcoins from Mt Gox back in 2014, thefts of cryptocurrency have remained a constant. According to Chainalysis, thieves stole $3.2 billion worth of cryptocurrency in 2021 and another US$1.3 billion in the first quarter of this year, most of it from Decentralised Finance (DeFi) protocols. Chainalysis reports an average of 66 crypto-currency thefts a year since Mt Gox. But thieves are not the only people taxing retail cryptocurrency investors. Almost all the rewards of cryptocurrency trading go to professionals, including via pump-and-dump schemes. So it is not surprising that regulators are clamping down on the sale and distribution of crypto-currencies. Singapore has been particularly vocal about discouraging sales of cryptocurrencies to retail investors but the United Kingdom is now pondering similar restrictions. In emerging market economies, cryptocurrencies are used routinely to bypass capital controls or evade tax. See acast.com/privacy for privacy and opt-out information.
  1. Why the case for regulating cryptocurrencies is becoming unanswerable
  2. Is it the destiny of Blockchain to become the Open Infrastructure?
  3. How VP Bank is tokenising collectibles for clients of its private banking services
  4. Is the digital asset custody industry ready to grow up?
  5. CBDCs are poised to administer the coup de grace to the payments business of the banks
  6. It’s time to start thinking about CBDCs as an intelligent form of QE
  7. KYC, AML, CFT and sanctions screening checks are a bad answer to a real problem
  8. The BSTX blockchain exchange is betting on a blend of the old and the new
  9. What AI is doing to asset management operations
  10. Are central banks thinking radically enough about CBDCs?

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