Regulators don’t lack authority, but visibility is often limited. Each body sets and enforces rules within its own remit, while payments, banking, crypto and fintech increasingly operate across borders and under multiple supervisory frameworks. Without a clear view of how peers address issues such as AML, consumer protection, stablecoins or instant payments, oversight risks becoming fragmented and inconsistent.

At the same time, innovation continues to accelerate, from BNPL and CBDCs to DeFi and embedded finance, creating pressure to support market growth while still protecting consumers, maintaining stability and preventing financial crime. Political and resource constraints only heighten the challenge, leaving supervisory bodies caught between moving fast enough to guide the market and staying strict enough to maintain trust.