Current regulation ‘not fully fit’ to handle big tech – Carstens

BIS chief offers ideas for new regulatory framework to govern data-focused platforms

Agustín Carstens
Agustín Carstens
Photo: BIS

Existing regulatory frameworks are “not fully fit for purpose” in dealing with the “unique set of challenges” posed by big tech firms, Agustín Carstens said on February 8.

The Bank for International Settlements general manager urged regulators to target big tech directly with new regulations, rather than trying to fit them into the current framework.

Big tech firms, Carstens noted, are uniquely positions as platforms for gathering and handling data, which gives them a strong position to move

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