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References and Enlightenments from International bet365 mobile Regulatory Policies

April 16, 2020 00:52 Source: "Chinese bet365 mobile Journal" Issue 1908, April 16, 2020 Author: Fu Changluan, Huang Wenli, Zheng Yuqi

　　Fintech represents the deep penetration of technology into traditional financial core businesses，Even the reconstruction of the entire financial ecosystem。For example, traditional payment methods have gradually been replaced by online payments，China’s online payment scale exceeded 200 trillion yuan in 2018，The average annual compound growth rate is as high as 153%。But bet365 mobile has complex operating mechanisms、The ability to influence across regions and technical risks make traditional financial supervision less applicable，Use new regulatory ideas、Policy guidance，Avoid risks such as online money laundering and terrorist financing，Making its steady development increasingly important。bet365 mobile policy must encourage innovation to realize the value of the times，We must also avoid the accumulation of risks and grasp their rational boundaries。As a leading country in the development of bet365 mobile，The successful experiences of the United Kingdom, the United States and other countries have certain reference significance for my country’s bet365 mobile policy and supervision。

　　UK’s “active and innovative” bet365 mobile and support policies

　　2015，Former British Prime Minister Cameron announced a five-year plan for the development of bet365 mobile，Committed to achieving the three major goals of "creating the most friendly environment for global bet365 mobile investment", "becoming a global bet365 mobile center and birthing at least 25 leading companies" and "creating 100,000 bet365 mobile jobs"。A series of initiatives in the UK also confirm its determination to develop bet365 mobile。

　　The UK’s first “sandbox supervision” system，Promote "active and innovative" supervision，Built an "innovation laboratory" for enterprises。Evaluating the business scope of bet365 mobile companies、Innovation level、Benefits brought to consumers、The necessity of “sandbox testing” and the background of the company，Companies that meet the requirements enter "sandbox supervision"，Implement trial operation of financial products and business models。Projects that successfully pass the "sandbox test" even if they conflict with current laws and regulations，It can also be authorized by regulatory agencies for wider promotion；Projects that exposed problems in testing，Regulatory agencies have the power to stop，But enterprises do not need to bear legal responsibility for the negative impact of failed trial runs。This kind of supervision method not only removes the "illegal burden" of corporate innovation，Encourage bold innovation，Containing potential risks in the "cradle"，Allow regulators to adjust regulatory measures based on cutting-edge innovation。

　　While focusing on innovation，The UK is also very concerned about the protection of users’ personal information，The "Guidelines for Supporting Cooperation between Fintech Companies and bet365 mobile Institutions" issued by the British Standards Institution in 2018 proposed that bet365 mobile institutions and Fintech companies implement the EU General Data Protection Regulation，We also need to bear more responsibilities for protecting user information。Fintech companies should pass the system、Process、Internal controls and other measures to protect consumers’ data access rights、Rights such as the right to be forgotten，And disclose to bet365 mobile institutions the purpose of data processing and the scope of data collection，Pay attention to the assessment of the impact of various operations on privacy and possible risk leaks，Ensure that the company has information leakage warning capabilities and timely processing capabilities。

　　To promote the development of bet365 mobile，The UK Financial Conduct Authority (FCA) launches Project Innovation initiative，Aims to provide direct consultation to bet365 mobile innovation companies，And adjust regulatory policies and procedures in a timely manner by understanding the innovation and development status of enterprises。The "Fintech Bridge Policy" and "Regulatory Technology Policy" in the "Project Innovation" plan have played an important role in promoting the development of Fintech。The "Fintech Bridge Policy" refers to the signing of cooperation agreements between the UK and other countries，To provide bet365 mobile companies from both sides with smooth access to each other’s markets，Provide information on market status and regulatory rules。This policy gives bet365 mobile companies from other countries an opportunity to enter the British market，It also enhances the international competitiveness of British enterprises。“Regulatory Technology Policy” refers to regulatory agencies’ support for innovative enterprises to use technology to report regulatory data、Standard intelligibility、Reform and improve aspects such as real-time prediction and regulatory structure。FCA in the process of supporting the development of regulatory technology companies，Help regulatory technology companies clarify regulatory requirements，And actively cooperate with them to formulate regulatory technology standards。

　　The British government also provides tax policy incentives for technological innovation。Small and medium-sized enterprises can enjoy a 230% deduction rate for R&D expenditures，Non-small and medium-sized enterprises enjoy 130% deduction rate。Small and medium-sized enterprises that invest in e-commerce and information bet365 mobile enjoy a preferential policy of 100% pre-tax deduction。The "patent box" system also allows companies to pay income tax on profits derived from patent rights at a rate of 10%，Thus encouraging enterprises to develop patented technologies and products。

　　The United States’ “strictly restrictive” bet365 mobile and incentive policies

　　2018，The U.S. Securities and Exchange Commission (SEC) establishes Innovation and Fintech Strategic Center，Provides a platform for domestic and foreign regulatory agencies and the public to participate in bet365 mobile governance，Raise bet365 mobile to a strategic level。

　　The United States implements functional supervision，That is, supervision based on the financial functions of the company。For example，Third-party payments with monetary functions are within the scope of supervision of the Office of the Comptroller of the Currency (OCC)，P2P business with asset securitization function falls within the jurisdiction of SEC。This "strictly restrictive" regulation means，No matter what different forms bet365 mobile takes，Always subject to the laws and regulations corresponding to the function。To maintain the advanced nature of supervision，The United States released the "bet365 mobile White Paper" in 2017，Proposed 10 principles，Clearly “encourage the use of technology to improve the efficiency and effectiveness of finance，The regulatory concept of “focusing on the safety and stability of bet365 mobile”，Provides guidance for participants in the bet365 mobile market。Same year，OCC issued the "Fintech Enterprise Application Assessment Charter" to issue national bank licenses to fintech enterprises that voluntarily apply and meet the requirements，Licensed bet365 mobile companies are subject to bank restrictions，Only engage in activities permitted by the bank，But it also enjoys a better social reputation than unlicensed companies because of the increased support from banks。

　　In addition to adjusting the policy principles of financial supervision，The United States also realizes that the way financial supervision needs to change in the digital era。Use blockchain、Cloud computing、Technological supervision of emerging technologies such as artificial intelligence，To cope with the massive data involved in bet365 mobile、Complex operations、Difficulties in regulating high-frequency trading and other matters，Thus improving supervision efficiency and accuracy，Real-time risk monitoring and timely warning。The U.S. Securities and Exchange Commission has begun leveraging machine learning，Predict applicant behavior and assess potential fraud。

　　While strengthening supervision，The United States also encourages innovation that benefits consumers。To reduce policy uncertainty faced by innovative products， In 2016, the U.S. Consumer Financial Protection Bureau (CFPB) released the "CFPB Innovation Rules"，The "no objection letter" system proposed in it provides a prior approval mechanism for products。Applicants need to describe the new conveniences that innovative products provide consumers、New risks、Information on the risk reduction safeguards in place and consumers’ understanding of the product，Thus obtaining the "No Objection Letter"，Indicates that the CFPB does not implement mandatory supervision of this product。In addition，Various departments in the United States have successively taken different measures to encourage bet365 mobile innovation within a reasonable range。

　　The mature market-oriented credit reporting system in the United States also provides help for the development of bet365 mobile。With China’s “Government Leadership”、The situation of the credit reporting system "monopolized by Internet giants" is different，The earliest credit information in the United States comes from physical merchants，Use consumption data to reflect personal credit report，And through mergers and acquisitions between personal credit reporting agencies，Integrate data resources，Forming the current pattern of three major credit reporting agencies。The credit reporting industry has also formed a self-regulatory industry self-regulatory organization，Develop industry regulations and standards，And promote communication among members，To build a complete credit reporting system，Helps avoid problems such as "different people sharing the same people" and "multiple borrowings"。

　　bet365 mobile policies of other countries

　　In addition to the successful experiences of the United Kingdom and the United States，There are many countries in the world whose bet365 mobile policies are worthy of reference。Singapore, which is committed to building a "smart country", has taken a series of measures to provide financial and government service support to innovative bet365 mobile companies，Including organizing a bet365 mobile innovation team under the Hong Kong Monetary Authority、Invest 2.S.5 billion to promote the “Technology and Innovation Plan in the Financial Sector”、Establishment of National Research Foundation and bet365 mobile Agency。Australia is not only very tolerant of domestic bet365 mobile development，And also actively establish financial innovation cooperation relationships with other countries，Including with the Luxembourg Financial Supervisory Commission、U.S. Commodity Futures Trading Commission、The China Securities Regulatory Commission and others signed an agreement to share information on the development and supervision of the bet365 mobile field。India is exploring the application of bet365 mobile in a more cautious manner，Including the establishment of the Inclusive Finance Laboratory of the Indian Institute of Management to conduct experimental observations on financial innovation enterprises。

　　By examining the bet365 mobile regulatory policy experience of countries such as the United Kingdom, the United States, and Singapore，Our country should formulate effective measures based on the development status of domestic bet365 mobile。In terms of supervision，Regulators should actively understand the cutting-edge developments and changes brought about by the bet365 mobile market，Clear the basic principles of supervision、Responsible entities for supervision and their supervision scope and supervision standards，Actively use scientific and technological means to reform supervision methods，Prevent potential financial risks and data leakage risks of bet365 mobile，To protect the vital interests of investors and consumers。In terms of policy，Policymakers should strengthen top-level design and overall planning，Proactively investigate the actual difficulties faced by bet365 mobile companies in the market，Grant certain policy preferences to bet365 mobile companies，And actively improve the credit reporting system，Support the development of bet365 mobile。

　　(This article is a phased result bet365 mobile national social science project "Research on Financing Model and Operation Mechanism of New Agricultural Business Entities Supported by Digital Supply Chain Finance" (19AJY018)

　　(Author’s affiliation: Hangzhou Normal University; Zhejiang University of bet365 mobile and Economics)

Editor: Chang Chang

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