Malaysia is one of the most recent countries to look at its current regulatory guidelines and come up with changes to take part of the FinTech revolution. Keeping in mind how Bitcoin is a part of FinTech as well, these changes will have a rippling effect on cryptocurrency adoption.
Also read: Japan Could Come to Dominate the Bitcoin Landscape
FinTech Regulation is a Double-edged Sword
Various countries around the world are taking a closer look at their financial regulatory guidelines to see how they can be adjusted to accommodate the FinTech revolution. No one wants to be left out of the race to become a market leader in financial technology, yet the majority of regulations do not require much innovation in this sector.
Financial innovation is bound by specific guidelines and rules, most of which were created several decades ago. As one would come to expect, these rules have not been adapted to suit more modern needs, and legislation is moving slowly towards new solutions. Luckily, some governments are open-minded when it comes to FinTech, and take matters into their own hands.