Global DCA Response to US FDIC “Proposed Guidelines for Evaluating Account and Services Requests”Renata Szkoda
“The GDCA strongly believes that regulators should create pathways to safely develop and mature fintechs and emerging firms in the Digital Assets Industry. Government agencies around the world, including here in the U.S., are recognizing that well-constructed regulatory sandboxes can drive innovation, facilitate market entry of firms, improve access to capital, and strengthen competition, among other benefits. Allowing tiered or phased access to Accounts and Services could share some aspects of a sandbox; specifically, by allowing the regulatory requirements to flex along with the size, maturity, and level of risk each applicant poses. The sandbox model is a proven approach to foster inclusion of ‘new’ banks and Fintech firms, allowing for ease of access, and an iterative approach to shaping the rules as the industry evolves. Such an approach would have the benefit of building capacity and expertise about the Digital Assets Industry within the Federal Reserve system, allowing the Board to gain insight into and a closer view of this emerging area.” – Global DCA.