“Big Techs have done something quite remarkable,” AgustÃn Carstens, general manager of the Bank for International Settlements (BIS), said in a January talk, Public Policy for Big Techs in Finance. “Within less than two decades, they have gone from being startups to dominating a range of markets. This is unprecedented,” Carstens said, noting that financial services accounted for “only 11%” of Big Tech revenues “so far.”
In Fintech Regulation: How to Achieve a Level Playing Field, a paper published in early February, Fernando Restoy, chairman of the BIS Financial Stability Institute (FSI), examines the straightforward “same activity, same regulation” principle alongside so-called entity-based regulation.
The full article here; How to Regulate Big Tech? The BIS Has Some Ideas