Insights from Inline PolicyAt the beginning of the month, the European Banking Authority (EBA), the institution charged with overseeing the European banking sector, proposed guidelines for a regulatory regime for virtual currency. The report has now been presented to the EU Council, Commission and Parliament for consideration. The report also issues guidelines for national supervisory bodies.
Clothes which measure your heart rate and locate you via GPS while you run. Smart watches that can be used as an extension of your smartphone. The ability to access the internet with your glasses. These are just a few examples of the most recent wearable technology devices.
But is there enough demand for these innovative products? According to the International Data Corporation (IDC), estimated global sales will exceed 19 million units in 2014, more than triple last year’s sales. In 2018, sales are predicted to increase up to 111.9 million units.
The sharing economy makes headlines daily: from anti-Uber protests across Europe to Airbnb's recent £5.9bn valuation, new start-ups entering the private sector are offering more things to share (or rent, swap, borrow or barter) and more ways to do so.
Last Thursday, Japan’s Liberal Democratic Party (LDP) announced that it is not currently looking to regulate virtual currency. This is a significant announcement as there previously was uncertainty over how state officials, particularly in Japan, would react following the collapse of the leading Japanese Bitcoin exchange, Mt. Gox and the loss of over $420 million worth of Bitcoins.
What was once considered a far-off fantasy is now fast becoming reality. Robots will soon become an integral part of our working lives, and not just in traditional automotive sectors. Inevitably this will have far-reaching consequences for consumers, corporations and governments. This article looks at what is driving the commercialisation of robots, and how governments and corporates are responding.
The Financial Times recently reported that the amount lent by peer-to-peer websites internationally was almost $3bn in 2013, up from around $100m in 2007. There has been an equally impressive growth in the estimated number of crowdfunding websites, which have grown from 1,100 to 2,700 in the last year alone.
Last week the Financial Conduct Authority (FCA), which is responsible for UK financial regulation, outlined plans to launch a policy hub for start-up companies including those in the virtual currency sector. Head of the FCA, Martin Wheatley (pictured), stated “it’s an imperative for the regulators to be standing on the right side of progress”.
A number of news stories over the last few days once again illustrate the momentum that virtual currencies are gathering towards increased legitimacy amongst regulators and consumers.
The Federal Election Commission (FEC) has unanimously approved the use of Bitcoin for political donations after months of debate on the issue. Commissioners imposed several conditions. Among them: No anonymous bitcoin contributions will be allowed, and campaign treasurers must scrutinize the donations for "evidence of illegality."
Investors should consider risks associated with virtual currencies, including bitcoin, before trading in them, two U.S. regulators warned on Tuesday.
New rules for unregulated rideshare companies such as Uber, Lyft, and Sidecar passed the Illinois House on Thursday over complaints the push was aimed at stifling competition to the state’s powerful taxi industry.
The chamber voted 80-26 to support legislation sponsored by Rep. Michael Zalewski, D-Riverside, who described his measure as a “comprehensive, thoughtful” consumer-protection step.
“We want to ensure licensure. We want to ensure insurance coverage, and we want to ensure safety of our constituents,” Zalewski told his House colleagues.
