THE IMPACT OF THE DEVELOPMENT OF FINANCIAL TECHNOLOGIES ON THE LEGAL REGULATION OF THE FINANCIAL SERVICES SECTOR

Nataliya Vysotskaya, Margarita Repina, Tatiana Bogacheva, Vladimir Kryanev

Abstract


The purpose of the study is to determine the main directions of improving the legislation regulating the use of modern financial technologies in the financial and banking sector. The authors of the article identify the main features that affect the understanding of the role of the financial regulator in the dissemination of digital technologies. The authors examined the successful experience of regulating technologically developed countries, the main ones being the United Kingdom and Singapore. It has been noted that the state's participation in these processes should be of a coordinating and integrating nature, which allows using the ideas of all participants in the financial and banking sector and further unifying approaches and standards for the use of modern financial technologies. The approaches proposed by the authors to the regulation of the use of constantly developing financial technologies in the field of financial services, due to their flexibility and mobility, allow, on the one hand, standardizing the processes taking place in the banking sector, and on the other hand, ensuring the rights of consumers of financial and banking services.

Keywords


financial technologies; legal regulation; regulatory sandbox; artificial intelligence; financial services

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References


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DOI: http://dx.doi.org/10.26668/revistajur.2316-753X.v2i69.5687

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