RegTech - Potential benefits and challenges for businesses

The last Global Financial crisis in 2008 fuelled the need for regulation to avoid history repeating itself. New regulatory technologies (RegTech) are helping to transform how compliance issues are handled. This study aims to highlight the benefits of RegTech solutions for companies as well as the challenges of adopting these tech-nologies. It also addresses the Markets in Financial Instruments Directive (MiFID) II legislation, which has led to an increase in the number of RegTech companies. Although these systems of technology offer compelling compliance tools, they also pose significant risks. For this reason, this study aims to draw attention to the op-portunities and potential pitfalls associated with RegTech and propose recommendations for addressing the challenges related to implementing RegTech solutions.