On July 31st the U.S. Department of the Treasury introduced a new cryptocurrency statement, which proposes an alternative perspective to the issue of the regulation of the fintech industry in the USA. A massive document focuses on the major issues of innovation / fintech and concludes that the sphere of cryptocurrency and blockchain is completely different field with its specific features and characteristics. All in all, the official outline indicates that the American decision-makers need to work more on intreating fintech and the latest world innovations to the U.S. financial and economic industries.
Moreover, fintech plays an important role in large, medium and small businesses all around the world. The report has also outlined useful recommendations, which have a potential to bring this newly born industry to a new qualitative level. It is crucial for the U.S. decision-makers to reconcile the international money transaction mechanism and legislation. Currently it is successfully used in the cryptocurrency exchanges regulation model.
“Nonbank financial firms play important roles in providing financial services to U.S. consumers and businesses by providing credit to the economy across a wide range of retail and commercial asset classes. Nonbanks are well integrated into the U.S. payments system and play key roles such as facilitating back-end check processing; enabling card issuance, processing, and network activities; and providing customer-facing digital payments software. Nonbank financial firms also play important roles in capital markets and in providing financial advice and execution services to retail investors, among a range of other services”
Cryptocurrency industry is constantly growing and expanding; more and more world authorities try to find an effective way to control it. This issue was even discussed during the G20 Summit this year. Without doubts, there are a lot of risks in the modern cryptocurrency and ICO industry, which creates a number of serious problems for governments. The U.S. Department of the Treasury also noted that fintech and blockchain need to be actively supported by the U.S. and world authorities.