Regulation of Payment Facilities
Abstract
Having outlined the history and major features of common payment facilities in a previous article, the author here discusses the main risks associated with a range of payment facilities and how those risks might be addressed. The advantages and disadvantages of a range of regulatory options are discussed, and the author concludes that, on balance, some form of regulation is justified. The current regulatory regimes in Australia, the United Kingdom and the United States are outlined, and four potential regulatory models are described and assessed.
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