Need to ease norms for fintech sector in India, says a lawyer
There is a need to ease regulation for the fintech sector in India for promoting financial inclusion, a lawyer has said while observing that ban on technologies like cryptocurrencies will push them to develop outside the country.
While regulations are critical to ensure that fintech solutions are not used for money laundering or terror financing, banning new technologies will prove to be counter productive, advocate Pratibha Jain said at the World Economic Forum in Davos.
Jain, Founder and New Delhi Head of the Nishith Desai Associates, was invited to speak at the Caspian Week, WEF. The conference focuses on the caspian region as a vital element of the future global society and economy.
She was speaking at the session, «Anti-Money Laundering and Counter Terrorist Financing (AMLCTF) System in Modern FinTech Industry».
"As technologies are still evolving, prescriptive laws will keep becoming obsolete as technologies change, and banning technologies like cryptocurrencies will only push ..