Discuss The Advantages And Disadvantages Of Rule-Based Regulation
Another set of approaches to consider are rule-based regulation and principles-based regulation. What are the strengths and weaknesses of both regulations and how can we apply them to this growing financial technology? Principles-based Regulation (PBR) vs Detailed Rule-based Regulation Principles-based regulation sustains the current rigorous regulatory environment for UK financial services. The regulator’s approach to supervision relies increasingly on principles and outcome-focused rules rather than detailed rules prescribing how outcomes must be achieved. The fundamental advantage of principles-based regulation is that its broad guidelines can be practical in a variety of circumstances. Precise requirements can sometimes compel managers to manipulate their behaviour to fit what is compulsory but not necessarily with what is beneficial. PBR can also offer effective protection as senior managers drive the changes necessary for their firms to meet the principles. Another advantage of using a PBR approach to Bitcoin regulation is the freedom and greater flexibility afforded to managers. Moreover, it facilitates innovation and so enhances competitiveness. At the same time Principles-based regulation …show more content…
It complements existing laws by imposing supplemental rules to govern the behaviour of firms. Industries have chosen self-regulation in response to both the absence of government regulation and the threat of excessive government regulation. Adam Smith’s work is guided by the idea that economic agents in the search for their own interests will eventually achieve better results for not only themselves but also society. This statement can be applied to the idea that self-regulation will lead to positive results for the virtual currency industry and society as a
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