Looming legislation for crypto, open banking and payments

The financial services regulatory regime is “designed to be technology agnostic, so it ought to keep pace as much as possible with new products and new ways of delivering those products”. However, given seismic shifts in recent times, the current regime “just doesn’t fit”. On this episode of The Lawyers Weekly Show, host Jerome Doraisamy speaks with K&L Gates partner Daniel Knight to discuss how and why existing laws haven’t kept pace with the rapid evolution of cryptocurrency and changes in open banking and payments, why there is a need for a more tailored response, recent developments that have accelerated the need for new laws, and what such introduced legislation could look like. Mr Knight also responds to questions about the reasonableness and likelihood of forward-looking legislation and regulation in this space, how such developments will impact upon the day-to-day work of lawyers in financial services, whether any fluctuations are likely if a recession hits, what he finds exciting about legal work in this space, and why all legal professionals should be keeping an eye on what’s happening.