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Local Government Financial Institution and FinTech

May 2020

DOI:10.36250/00749.53

In book: European financial law in times of crisis of the European Union (pp.557 - 565)
Publisher: Dialóg Campus

Authors:

University of Wrocław

The article compares the characteristics of local government financial institutions and FinTechs in order to make an attempt to answer the question whether a local government financial institution may constitute a FinTech. The study analyses a particular case of using the business model based on blockchain technology for a local government financial institution, as well as discusses the possibility to base the functioning of such institution on the DAO concept. The article is summarised with the outline of the analyses of legal barriers concerning the creation and functioning of local government financial institutions as FinTechs.

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Chapter

Supervisory issues over blockchain-based activities

September 2020

Witold Srokosz

The rapid development of blockchain technology has increased risks and threats in the financial market. It is therefore natural for competent supervisory authorities to take an interest in this technology and attempt to supervise activities based on the technology. Accordingly, a new field of research has emerged which includes a chapter entitled Supervisory issues over blockchain-based ... [Show full abstract] activities, aimed at determining the form of supervision over the use of blockchain technology by traditional financial institutions and FinTechs, in particular, cryptocurrency exchanges, cryptocurrency exchanges bureaus and cryptocurrency wallet providers. The chapter presents the applications of blockchain technology in the financial market and the measures undertaken by the supervisory authorities with regard to blockchain technology. Consumers are particularly exposed to high risks associated with the activities of cryptocurrency exchanges, cryptocurrency exchange bureaus and cryptocurrency wallet providers; hence a separate sub-chapter is devoted to the supervision of these entities. Two key and interrelated topics of tokenisation and consumer protection of services provided on the financial market using blockchain technology have also been discussed separately. The analysis contained in the chapter was conducted based on the literature on the subject, legal regulations and documents prepared by supervisory authorities and other public and private entities. JEL: K22, K23, K24, K29, L86, O16, O17, O31, O35, O36

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The basis of the model of electronic means of payment without the issuer

January 2017

In practice, there is only one kind of the electronic means of payment without the issuer – EMPWI – it is a cryptocurrency. Its functioning is based on the tech-nology of a blockchain. However, taking into account the technological progress that has recently taken place in the area of payments, the possibility of other solu-tions in the future cannot be excluded, which justifies starting ... [Show full abstract] discussion on the model of EMPWI. So, the aim of the publication is to indicate the basis of the model. In the area of legal sciences were used elements of the method of dogmat-ic and comparative law, and in the area of economic sciences was conducted a comparative analysis on functioning cryptocurrency mechanisms in relation to economics theories described in the literature. The findings indicated the most important bases on which can be supported the economic and legal model of EMPWI. These include ideas of the means of payment without the issuer, the idea of distributed and decentralized EMPWI creation system, broad functionality going beyond the payment function, the need to establish mechanisms preventing reproducing financial pyramid scheme by EMPWI and the potential possibility of fulfilment money functions by EMPWI.

Book

Full-text available

Local Government Financial Institutions in Poland and the European Union

May 2020

The book is the culmination of research conducted as part of a research project financed by the Polish National Science Centre. The first thread of this research concerns the functioning of local government financial institutions in Poland and the European Union. However, the second thread concerns the preparation of basic assumptions for the legal regulation of the system of Polish depository ... [Show full abstract] and credit institutions (i.e. credit institutions, according to the European Union nomenclature), which are controlled by Polish local government units. In practice, there are two types of local government financial institutions in the European Union: credit institutions and credit guarantee funds. In Poland, of these two types of local government financial institutions, there are local government guarantee funds and loan funds created by voivodships. However, there are no local government depository and credit institutions on the Polish financial market at all. These findings were reflected in the structure of the monograph. It analyses the existing legal regulations regarding local credit institutions and credit guarantee funds in selected European Union countries, as well as the existing legal regulations in Poland regarding the creation of local government financial institutions by local government units. The economic conditions of functioning of guarantee funds in Poland were also taken into account. Then, the findings were used to prepare a proposal for a general outline of the legal regulation of municipal credit institutions in Poland.The main purpose of the monograph is not so much to give the best recommendation for Polish municipal depository and credit institutions, but rather to provide material for further,intensified discussion on such institutions, or even more broadly – the role, significance and legal regulation of local government financial institutions.