The latest Silicon Valley Bank survey suggests that FinTech businesses expect regulatory issues to be one of the biggest concerns in 2016. According to the survey, founders and investors from financial technology companies are worried that regulators can slow down innovation and businesses development. “As many as 43 percent of the 101 respondents surveyed during SVB’s Fintech Mashup event said that regulatory changes were the most difficult to cope with, a runaway number-one problem ahead of companies’ reluctance to adopt new technologies, cited by 24 percent of respondents. The number-three biggest challenge for the fintech industry was seen to be changing consumer behavior, with 18 percent being worried about it, followed by access to funding , noted by 15 percent of respondents as a challenge,” reads the publication . The survey shows that 24% of respondents showed their interest in disrupting traditional financial services. Moreover, while 46% of respondents call blockchain a problem that should be solved, most of respondents – 54% believe that this technology “is providing a solution for financial institutions”. Bruce Wallace, Chief Digital Officer of SVB Financial Group, stated: "The attendees at the Fintech Mashup event validated what fintech companies around the world have been voicing in recent years – an effective regulatory and compliance strategy is critical to their ultimate success." Bruce Wallace, Chief Digital Officer of SVB Financial Group CoinTelegraph CT r: 20 reached out to a number of Bitcoin CT r: 4 and blockchain experts and asked them if they think that regulatory issues are one of the biggest problems to slow down innovation so far. Alena Vranova, Co-Founder and CEO at SatoshiLabs, commented: “I believe regulation [of Bitcoin as money and technology] is not only unnecessary but may be harmful. A central legislatory authority can never estimate well the evolution of […]
