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See detailBlockchain and Liability
Zetzsche, Dirk Andreas UL; Buckley, Ross; Arner, Douglas et al

in Madir, Jelena (Ed.) FinTech: Law and Regulation, Edward Elgar (2019)

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See detailThe Identity Challenge in Finance: From Analogue Identity to Digitized Identification to Digital KYC Utilities
Zetzsche, Dirk Andreas UL; Arner, Douglas; Buckley, Ross et al

in European Business Organization Law Review (2019)

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See detailPolicy and Regulatory Challenges of Distributed Ledger Technology and Digital Assets in Asia
Zetzsche, Dirk Andreas UL; Buckley, Ross; Bo Zhao et al

in Cryptoassets (2019)

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See detailDistributed Ledger Technology and Digital Assets - Policy and Regulatory Challenges in Asia
Zetzsche, Dirk Andreas UL; Arner, Douglas; Buckley, Ross et al

in Cryptoassets - Legal, Regulatory, and Monetary Perspectives (2019)

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See detailFinTech for Financial Inclusion - Enabling FinTech regulation in emerging & developing countries
Zetzsche, Dirk Andreas UL; Arner, Douglas W.; Buckley, Ross P.

Report (2018)

Access to finance, financial inclusion and financial sector development have long been major policy objectives. A series of initiatives have aimed to increase access to finance and financial inclusion ... [more ▼]

Access to finance, financial inclusion and financial sector development have long been major policy objectives. A series of initiatives have aimed to increase access to finance and financial inclusion, but these have accelerated in the last decade as technological developments combined with strategic policy support show potential for progress beyond anything that has been achieved. The World Bank’s 2017 Global Findex shows that in the last three years, 515 million adults acquired a financial account, and between 2010 and 2017, 1.2 billion people opened an account with a formal financial institution or mobile financial services provider (including mobile money) for the first time. This is impressive progress by any measure, but much remains to be done: as of 2017, 1.7 billion people 16 years or older still did not have access to an account, some 31 percent of the world’s adult population. We argue that to reap the greatest benefits for financial inclusion and maximize the potential of FinTech, a framework that supports infrastructure and an enabling policy and regulatory environment, built on a strong foundation of digital identification and electronic payment systems, will support much broader digital financial transformation. The full potential of FinTech for financial inclusion may be realized with a strategic framework of underlying infrastructure and an enabling policy and regulatory environment to support digital financial transformation. Drawing from experiences in a range of developing, emerging and developed countries, our research suggests that the best approach is staged and progressive, and is focused on four main pillars. 1) The first pillar requires building digital identification and e-KYC systems to simplify access to the financial system. Once these are established for individuals and businesses, they provide a solid foundation not only for finance, but also for the development of the digital economy more broadly. 2) The second pillar requires digital payment infrastructure and open electronic payments systems, as these are the primary way to facilitate digital financial flows in an economy. 3) The third pillar combines the promotion of account opening and access with the electronic provision of government services, particularly for public transfers and payments, so as to scale up the use of digital finance and related services. By supporting access, payments and savings, together these three pillars provide a foundation for digital financial transformation and financial inclusion. 4) The fourth pillar – design of digital financial markets and systems – builds on the first three to support broader access to finance and investment, by underpinning use cases including securities trading, clearing and settlement, and other more sophisticated financial functions. There is a need for regulatory approaches that support and adapt to these four pillars. These regulatory changes are a major journey for any economy, but one that experience increasingly suggests has tremendous potential to transform financial inclusion and support digital economic development. [less ▲]

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See detailThe Paradoxical Case Against Interest Rate Caps for Microfinance – And: How FinTech and RegTech Resolve the Dilemma
Zetzsche, Dirk Andreas UL; Dewi, Tsany Ratna UL

E-print/Working paper (2018)

Since 2010 approximately 40 developing countries and transitional economies imposed interest rate caps. This article analyses the impact of these interest rate caps on microfinance institutions ... [more ▼]

Since 2010 approximately 40 developing countries and transitional economies imposed interest rate caps. This article analyses the impact of these interest rate caps on microfinance institutions. Introducing the taxonomy of soft, mezzo and hard interest rate caps we take a stance against hard interest rate caps arguing that the downsides of such hard caps outweight the benefits. Our article is structured as follows: In Pt. II we show that regulatory materials published in the context of cap implementation reveals four justifications for imposing interest rate caps, including consumer and client protection, fraud prevention and exploitation by deceptive credit providers, support for a particular strategic industry or sector, and combating anti-competitive behavior where the costs of credit exceed the actual cost of lending plus a reasonable profit margin. In Pt. III. to V. we argue that these arguments do not justify the imposition of hard interest rate caps: In Pt. III. we challenge each of the four arguments, arguing that hard interest rate caps, as one-size-fits-all solutions are too blunt an instrument to distinguish between the different service levels and industry environments in which microfinance institutions operate. In Pt IV. we outline that hard interest rate caps prompt two unwanted consequences instead: increasing the importance of the informal credit sector, and furthering the microfinance institution's mission drift. In Pt. V. we also show that the comparison with Northern low-interest economies is flawed. Drawing on financial and regulatory technologies we develop alternative solutions in Part VI. First, the most adequate way to reduce too high interest rates is furthering competition among all institutions that could provide credit. Rather than distinguishing between regulated banks, microfinance institutions and mobile money and lending providers all of these three groups constitute the respective credit market, and competition between the three branches of credit markets is, in principle, desirable, if the policy objective is competition on the merits. This requires the development of well function credit registers, disclosure of effective interest rates and the facilitation of digital financial services. Pt. VII. concludes. [less ▲]

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See detailNon-Collective Investment Funds Under BEPS Action 6 versus European Investment Fund Law
Zetzsche, Dirk Andreas UL

in Investment Fund Taxation - Domestic Law, EU Law, and Double Taxation Treaties, EUCOTAX Series on European Taxation (2018)

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See detailDas grenzüberschreitende Investmentdreieck – das IPR und IZPR der Investmentfonds
Zetzsche, Dirk Andreas UL

in Cross-Border Financial Services (2018)

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See detail§§ 325 bis 329 HGB zur Publizität der Rechnungslegung
Zetzsche, Dirk Andreas UL

in Hachmeister et al., Bilanzrecht (2018)

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See detailDrittstaaten im Finanzmarktrecht – Überlegungen zum Brexit
Zetzsche, Dirk Andreas UL

in Zetzsche, Dirk Andreas; Lehmann, Mathias (Eds.) Grenzüberschreitende Finanzdienstleistungen (2018)

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See detailCross-Border Crowdfunding – Towards a Single Crowdfunding Market for Europe
Zetzsche, Dirk Andreas UL; Preiner, C.

in European Business Organization Law Review (2018)

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See detailGrenzüberschreitende Finanzdienstleistungen
Zetzsche, Dirk Andreas UL; Lehmann, M.

Book published by Mohr Siebeck (2018)

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See detailHow does it feel to be a Third Country - Considerations on Brexit for Financial Services
Zetzsche, Dirk Andreas UL; Lehmann, M.

in Complexity's Embrace: The International Law Implications of Brexit (2018)

Detailed reference viewed: 66 (4 UL)
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See detailThe Distributed Liability of Distributed Ledgers: The Liability Risks of Blockchain
Zetzsche, Dirk Andreas UL; Buckley, R.; Arner, D.

in Illinois Law Review (2018)

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See detailBlockchain distributed ledgers and liability
Zetzsche, Dirk Andreas UL; Buckley, R.; Arner, D.

in Journal of Digital Banking (2018)

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See detailThe Distributed Liability of Distributed Ledgers: The Legal Risks of Blockchain
Zetzsche, Dirk Andreas UL; Buckley, Ross; Arner, Douglas

in The Distributed Liability of Distributed Ledgers: The Legal Risks of Blockchain (2018)

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3018214

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See detailThe Distributed Liability of Distributed Ledgers: The Legal Risks of Blockchain
Zetzsche, Dirk Andreas UL; Buckley, Ross; Arner, Douglas

in The Distributed Liability of Distributed Ledgers: The Legal Risks of Blockchain, (2018)

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See detailLegal Relations in the Blockchain
Zetzsche, Dirk Andreas UL; Buckley, Ross P.; Arner, Douglas W.

in Revue Trimestrielle de Droit Financier (2018), 2017(4), 1-11

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See detailDigital ID and AML/CDD/KYC Utilities for Financial Inclusion, Integrity and Competition
Zetzsche, Dirk Andreas UL; Buckley, Ross P.; Arner, Douglas W.

in Journal of Economic Transformation (2018)

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See detailBlockchain & Liability
Zetzsche, Dirk Andreas UL; Buckley, Ross P.; Arner, Douglas W.

in Journal of Digital Banking (2018)

Detailed reference viewed: 88 (5 UL)