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From the magazine SZW-RSDA 6/2017 | S. 810-830 The following page is 810

Die regulatorische Antwort auf FinTech: Evolution oder Revolution?
Eine Verortung aktueller Entwicklungen

While technological improvements have shaped the financial industry and its regulation for decades, FinTech is the buzzword of the hour. Rapidly developing digital technologies allow new market entrants to disrupt the traditional intermediary-based provision of financial services (I.). These new businesses – in particular those that operate payment systems or engage in crowdfunding – may clash with prudential banking regulation without necessarily posing the same risks as banks (II.). Against this background, the Swiss Federal Council has (i) adopted an extended carve-out for settlement accounts, (ii) introduced a regulatory «sandbox» regime and (iii) proposed a new «license light» for non-banks accepting funds from the public (III.). While these modifications amount to a relatively moderate evolution of the existing law, the distributed ledger technology (DLT), which is notably used in blockchains, will require a more fundamental reconfiguration of certain areas of law. One reason…

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