This Week in Fintech ending 4th December 2020

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Yes, we are in December, 2020 is nearly over! This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

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Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy and occasional opinion columnist.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech) @iliashatzis wrote Delaying the inevitable by regulating self-custody wallets

In a tweet on Thanksgiving day, Tim Armstrong, CEO at Coinbase, posted that US Secretary of Treasury, Steven Mnuchin, is rumored to be working on a law to regulate self-hosted crypto wallets. Supposedly he’s rushing to wrap and deliver this law before the end of Donald Trump’s term of office on January 20, 2021. The proposed regulation will require exchanges to verify the identity of users who use self-hosted wallets, before a withdrawal could be sent to their self-hosted wallet. According, to John Bolton’s book, the former National Security Advisor claims that Trump told Treasury Secretary Steven Mnuchin in May 2018, to “go after Bitcoin”. Well, as expected the news triggered a lot of concern, and the price of bitcoin dropped by $3,000, before it rebounded above $18k. While the announcement of such regulation may have a short-term negative impact on prices, the long-term outcome doesn’t change, because bitcoin is linked to a new frontier, the digitization of money and value. In response the Blockchain Association released “Self-Hosted Wallets and the Future of Free Societies – A Guide for Policymakers”, a new report presenting policy options for self-hosted wallets to regulators. Coin Center published “How I Learned to Stop Worrying and Love Unhosted Wallets”, an expert opinion by Jai Ramaswamy (formerly the head of the Department of Justice’s Anti-Money Laundering division), also defending non-custodial crypto wallets. Both the Blockchain Association and Ramaswamy agree that AML is needed but for on/off ramps for fiat to crypto and vice versa. The essence of cryptocurrencies like bitcoin is that they allow anyone to have custody privacy and control over their digital assets. If US regulators did go down this path, they would be fighting against open source wallets and open source currencies, a difficult thing to do on many different levels.

Editor note: If this rumour proves true, Bitcoin will have reached the “then they fight you” phase.

Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote:Equity Crowdfunding Part 2: Innovation from two world’s colliding

The equity crowdfunding market is consolidating (see Part 1). That does not signal the end of disruptive innovation. The wild unregulated Crypto ICO world is colliding with the now more established equity crowdfunding market.

Editor note: Read this for insight into the future of equity crowdfunding, ICO and STO.

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Tuesday Efi Pylarinou @efipm our Swiss-based Fintech Adviser,  founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019 wrote Fintech investors should look for value beyond re-bundling enablers

On the one-hour train ride to Zurich for the annual SICTIC Fintech event that will be held at Trust square, with only the speakers physically present, I focused on reflecting on the Swiss Fintech landscape.

Swisscom maps the startups on a monthly basis and reported in early November 375 startups with 5 new additions.

Editor note: Efi takes a wide angle look at the Swiss Fintech startup ecosystem of B2B enablers via API, open source and rebundlers serving end user markets

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote Stablecoin News for the week ending Wednesday 2 December 2020.

This weekly snapshot is the news that matters in the Stablecoin market.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: State of the Cyber Insurance Market

Beginning 2016, a spate of cyber incidents affected global businesses, drawing unprecedented attention to this peril. From NotPetya to WannaCry, ransomware and malware attacks created havoc for businesses, causing huge losses. These attacks proved to be globally contagious, infecting organizations across tens of countries.

Editor note: This is a hot market with cyber premiums in the US rising 11% in 2019 to $2.26 billion.

Christian Dreyer @x3er, our Swiss based CFA who focusses on how XBRL changes our world wrote:XBRL News from Threadneedle Street and Indonesia with SPACs

Editor note: This weekly snapshot is the news that matters in the XBRL market.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: Alt Lending for week ended 4 December 2020

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

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