Global big tech regulation needed, says BIS paper
Researchers advocate for an activity-based approach as big tech overtakes fintech in some economies
The Bank for International Settlements’ working paper Big techs in finance published on October 16 advocates for activity-based regulation and a co-ordinated global approach to protecting consumers.
Activity-based regulation of big tech is a good starting point, the researchers propose. Activity-based regulation constrains specific systemically important activity. In contrast, entity-based regulation constrains the combination of activities on an entity’s balance sheet.
In countries such as
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