Problems of legal regulation of FinTech

Abstract

The present paper demonstrates that from the legal point of view financial technologies (FinTech) can be seen through three different lenses: as an object of regulation, as a tool of regulation and as a tool of deregulation. Legal basis of FinTech should represent a compromise between these three approaches. Concentration on one of these aspects will lead either to elimination of positive potential of FinTech or to excessive risks for financial players. Three possible models of regulation of FinTech have been identified: inclusion, adaptation and new legal basis. It is demonstrated that these three models can be combined because different models can be suitable for different types of companies and products. The main direction of development of FinTech legislation will probably be adaptation.