We updated the regulatory framework for money service business to enhance the customer due diligence expectations and to re-balance the objectives of financial integrity and financial inclusion. We established a framework for regulating virtual currency (VC) exchanges.
The step towards an SSM for Europe will therefore affect all banks, and all banks will benefit. 4. Competition: much tougher  To sum up: we have improved regulation and supervision alike. This will make the future of the banking system more stable and less crisis-prone.