Security issues of new innovative payments and their regulatory challenges

Kasiyanto discusses how the security issues of M-payments and Bitcoin as new forms of innovative payments challenge the existing EU regulatory frameworks, and whether the proposed regulatory frameworks suffice to address such challenges. The regulatory frameworks Kasiyanto discusses mainly focus on the EU Payment System Directive and the proposed changes of the directive. To some extent, it also touches upon the proposed directive on the network and information security. Firstly, security issues of both systems are scrutinized to highlight their vulnerabilities. Secondly, the existing regulatory frameworks are assessed as to whether they suffice to address the challenges brought by the security vulnerabilities of both systems. Lastly, final assessment is conducted to seek whether the proposed changes of the frameworks are adequate to address such challenges.