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Fintech sector will benefit from new business initiatives produced by Brexit

The president of the National Securities Market Commission, has stated that Facebook contacted supervisors from around the world to tell them about their cryptocurrency project and that the CNMV met with them a month ago.

During his speech at the seminar sustainable finance and its importance in the future of the economy, organized by the Menéndez Pelayo International University and the APIE, Albella has assured that it seems an interesting project to which we must pay attention.

However, despite assessing the detail of Facebook to come to meet with the CNMV, Albella recalled that this is a project that is outside its scope, as it is a project of electronic money and not cryptoactive to which you can incorporate rights and that resemble bonds or actions.

This is a phenomenon of pure currency, he remarked. After reiterating the need for the sooner there is a reasonable international regulation on this issue, the better.

Albella has stated that there are many risks involved regarding these currencies, such as the typical risk of custody. Since customers only have the word and a right against some platforms.

Business dispersion by the Brexit

On the other hand, asked about Brexit, Albella stressed that he is confident that the Fintech sector will benefit from a greater tendency of the dispersion of new business and business initiatives that will be produced by Brexit.

In this line, he said that they are very active with this issue and has highlighted that after an analysis they made a few months ago they realized that there were about 50 announcements of ICOs. And saw that, although some they are very extravagant, most had amounts captured that were laughable.

For this reason, he has called for prudence on this phenomenon, because many times there is a tendency for reports of consultants who speak of volumes placed in billions with impressive joy to be disseminated immediately. But I do not deny that there have been countries in which there have been interesting placements, he added.

Also published on Medium.

Published inFintech
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