With the rapid development of global digitalization and informatization, and driven by the growing demand for inclusive finance and the dual demand for customized services, the global banking industry has gradually developed to the 4.0 stage, and digital banks have emerged.
With the rapid development of global digitalization and informatization, and driven by the growing demand for inclusive finance and the dual demand for customized services, the global banking industry has gradually developed to the 4.0 stage, and digital banks have emerged.
Since 2021, as the impact of the global epidemic has not subsided, users' acceptance of contactless services has further increased, making the digital penetration rate increasingly higher. A large number of new digital banks have emerged in Europe, the United States and Asia, showing a booming trend.
At present, digital banks are gradually showing a trend of "cross-border layout" in the competitive landscape. Typical examples include LINE, N26, NuBank, etc., thus promoting digital banks to the Age of Discovery.
The internal reasons are at least the following three considerations:
-Leapfrog effect
It means to achieve extraordinary development in latecomer countries with the help of latecomer advantages such as technological innovation. For example, companies with leading financial and technological development can export advanced technology and experience through cross-border layout to help developing countries give full play to the leapfrog effect and directly jump from the original stage of low financial account penetration and credit card holding rate to the digital banking stage.
- Scale effect
Digital banks that have developed well in their local markets can market standardized products and services to the world through cross-border layout. At the same time, they can use the marginal effect of science and technology to form economies of scale and further strengthen their competitiveness and international voice.
-Regional integration promotes financial integration
For example, ASEAN and the EU are continuously promoting regional integration and naturally have more cross-border financial service needs. The cross-border layout of digital banks will help cross-border financial cooperation and eliminate regional differences in financial development.
Digital currency regulation varies from state to state in the United States, with New York State being the most radical.
This is mainly reflected in three points:
(1) New York State has set up a new license for digital currency regulation - the Bitlicense, and has issued nearly 20 licenses. This is different from all federal agencies and states. Other agencies have incorporated the digital currency ecosystem into the existing regulatory system.
(2) New York State has set up a special, new department for digital currency regulation - the Department of Research and Innovation, which will be responsible for issuing Bitlicenses.
(3) According to the Martin Act, the state's commercial law, the USDT issuer Tether was sued to effectively protect the interests of residents.
More digital currency projects will be approved, and new leading departments will not appear for the time being. Since the U.S. Securities and Exchange Commission (SEC) has exempted listing applications for multiple projects or issued no-objection letters, we believe that this has a great demonstration effect on current digital currency projects, and projects of similar nature to the above projects will obtain similar compliance approvals more quickly; in addition, based on our judgment of Congress's understanding of the digital currency ecosystem, there will be no new leading department for digital currency supervision in the United States for the time being.
