Global Fintech Institute release industry research on Regulatory Challenges in APAC's Digital Assets Industry

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06 Nov, 2024, 19:58 CST

SINGAPORE, Nov. 6, 2024 /PRNewswire/ -- The Global Fintech Institute (GFI) is pleased to announce the release of its latest whitepaper, "Navigating the Complexities: Major Regulatory Challenges for the Digital Assets Industry in the Asia-Pacific Region," following an exclusive roundtable held on November 5th with APAC regulators, industry leaders, and ecosystem players at the Fullerton Hotel Singapore. This in-depth report sheds light on the critical regulatory obstacles facing digital asset businesses in the Asia-Pacific (APAC) region and offers key recommendations for harmonizing regulations to support growth and innovation in the industry.

The whitepaper, authored by Dr. Andrzej Gwizdalski, an internationally recognized expert in blockchain and digital finance, is based on empirical research and a comparative analysis of regulatory frameworks across nine APAC jurisdictions. It provides a deep dive into the challenges posed by the fragmented regulatory landscape and offers actionable insights to help streamline compliance and promote the development of the digital assets industry.

Key Findings Include:

Compliance Costs: Over 80% of businesses surveyed reported that regulatory compliance consumes 6-20% of their operational budget, with AML/KYC requirements being the largest contributors.
Regulatory Uncertainty: 43% of businesses highlighted that unclear regulations, especially around product classification and cross-border transactions, hinder their operations.
Cross-Border Challenges: 55% of businesses face challenges with cross-border transactions due to varying regulations, with 25% experiencing frequent issues.

"As the digital asset industry continues to evolve, harmonizing regulations across jurisdictions is crucial for fostering innovation, protecting consumers, and ensuring sustainable growth. Through this research, we hope to guide policymakers and industry leaders in creating a unified, forward-thinking framework that benefits the entire ecosystem." said Prof David Lee, Co-chairman at Global Fintech Institute.

Key Recommendations for APAC Policymakers:

Regional Regulatory Harmonization: APAC regulators must collaborate to create a unified digital asset regulatory framework, reducing cross-border challenges.
Clear and Consistent Guidelines: Detailed guidelines will reduce ambiguity, enabling businesses to operate more efficiently.
Support for SMEs: A tiered regulatory framework should scale compliance based on company size and risk profile to foster innovation.
Adopt Blockchain-Native Solutions: Blockchain technologies can help streamline compliance, benefiting both businesses and regulators.

For more information and to access the full whitepaper, visit https://globalfintechinstitute-9495468.hs-sites.com/navigating-the-complexities.

About Global Fintech Institute:
Global Fintech Institute (GFI) is a not-for-profit think tank and certification body dedicated to advancing fintech education, fostering meaningful collaboration, and promoting professional excellence across regulatory bodies, corporations, and academic institutions. Headquartered in Singapore, GFI tackles key challenges in the fintech landscape through rigorous research, insightful whitepapers, and thought leadership discussions which influence policy and set industry standards.

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