What about the competitive framework in the digital financial sector? Our regulatory objective should consist in establishing a framework in which the risks taken are defined as the measure of fair competition between all market participants. The debate on the level playing field is being distorted by comparing unregulated and regulated competitors without taking into consideration the financial risks involved.
Regulatory and supervisory requirements are seen by institutions as one-sided cost factors and by unlicensed fintechs as barriers to entry. But from the regulatory perspective, the competitive framework should serve neither of them, but instead the economy as a whole.