Fintech, Regtech and Regulatory Sandboxes: Concept, Digital Ontology, Perspectives
Abstract
The article covers the bleeding edge of the latest approaches in the regulation and self-regulation of the economy, the financial sector, the IT sphere, and the sphere of technological innovation. The authors present original detailed explanations of the meaning and ontology of the concepts of RegTech, FinTech, ConTech, PropTech, Real Estate FinTech, Shared Economy, as well as explanations of how these concepts correlate with each other. The article shows the causes and prerequisites for the emergence of these technologies. One of the most actively introduced kinds of regulatory technologies, as shown in the article, are regulatory sandboxes.
The work is based on the use of research methods of analysis and synthesis, induction and deduction, classification and modeling, observation. Using these methods, the authors described in detail the distinction characteristics and predictively described the features of the regulatory sandbox method, its purpose and the possibility of its application.
The authors describe and explain in detail the concept, purpose and ontology of the regulatory sandbox.
The article presents (with author's comments) a detailed review of the definitions and interpretations of the concept of the regulatory sandbox presented in the scientific literature. The article presents the author's definitions of key concepts (including the concept of a regulatory sandbox), shows the degree of consolidation of these concepts in Russian official documents. The authors show the origins of the concept of the regulatory sandbox in the IT field and in engineering and explain the likely logic of the origin of such a name of the method under study.
The article shows the differences between the Reallabe concept and the regulatory sandbox concept.
The authors briefly cover the foreign experience in creating regulatory sandboxes.
The article ends with author’s thoughts regarding the prospects and risks of the future use of regulatory sandboxes.
References
[2] Shaydullina V. The conceptual problems of legal regulation of the turnover of the cryptocurrency in the Russian Federation. Modern Science: actual problems of theory and practice", a series of "Economics and law". 2019; (03):123-127. Available at: https://elibrary.ru/item.asp?id=38217549 (accessed 10.03.2020). (In Russ., abstract in Eng.)
[3] Turganbaev A.O. Administrativno-pravovoe obespechenie i realizacija strategicheskogo planirovanija v gosudarstvennom upravlenii [Administrative and legal support and implementation of strategic planning in public administration]. Buki Vedi, Мoscow; 2019. (In Russ.)
[4] Morhat P.M. Ponjatie innovacij v nauke: Obzor nauchnoj mysli [The concept of innovation in science: Review of scientific thought]. Buki Vedi, Мoscow; 2015. (In Russ.)
[5] Morhat P.M. Pravo i iskusstvennyj intellekt [Law and artificial intelligence]. Yuniti-Dana, Moscow; 2018. (In Russ.)
[6] Belikova K.M. Features of legal regulation of the digital intelligent economy. Law and Legislation. 2018; (8):26-30. (In Russ., abstract in Eng.) DOI: https://doi.org/10.24411/2073-3313-2018-10090
[7] Belikova K.M. Digital intelligent economy: the concept and features of legal regulation (theoretical aspect). Nauka i obrazovanie: hozjajstvo i jekonomika; predprinimatel'stvo; pravo i upravlenie. 2018; (8):82-86. Available at: https://elibrary.ru/item.asp?id=35330055 (accessed 10.03.2020). (In Russ., abstract in Eng.)
[8] Aristov E.V., Kuznetsova O.A. On the formation and development of the law of robots (legal regulation of robotics). Nauka i obrazovanie: hozjajstvo i jekonomika; predprinimatel'stvo; pravo i upravlenie. 2018; (8):58-62. Available at: https://elibrary.ru/item.asp?id=35330050 (accessed 10.03.2020). (In Russ., abstract in Eng.)
[9] Schwab K. The Fourth Industrial Revolution. New York: Crown Publishing Group; 2017. (In Eng.)
[10] Lin T.C.W. Infinite Financial Intermediation. Wake Forest Law Review. 2015; 50:643-669. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2711379 (accessed 10.03.2020). (In Eng.)
[11] Ringe W.-G., Ruof C. Regulating Fintech in the EU: the Case for a Guided Sandbox. European Journal of Risk Regulation. 2020; 11(3):604-629. (In Eng.) DOI: https://doi.org/10.1017/err.2020.8
[12] Dostov V.L., Schust P.M., Ryabkova E.S. "Regulatory Sandboxes" as an Instrument to Support Financial Innovations. Den'gi I Kredit = Russian Journal of Money and Finance. 2016; (10):51-56. Available at: https://elibrary.ru/item.asp?id=26738162 (accessed 10.03.2020). (In Russ., abstract in Eng.)
[13] Flückiger A. (Re)faire la Loi : Traité de légistique à l'ère du Droit souple. Berne: Stämpfli Editions; 2019. Available at: https://archive-ouverte.unige.ch/unige:116477 (accessed 10.03.2020). (In French)
[14] Lewis G.C. A Treatise of the Methods of Observation and Reasoning in Politics, vol. I. London: John W. Parker and son, West Strand; 1852. (In Eng.)
[15] Williams J. Experiment in Legislation. The Law Magazine and Law Review. 1889; 14:299-314. Available at: https://archive.org/details/dli.bengal.10689.19656/page/n13/mode/2up (accessed 10.03.2020). (In Eng.)
[16] Daugman J.G. Brain Metaphor and Brain Theory’. In: E.L. Schwartz (ed.) Computational Neuroscience. M.I.T. Press, Cambridge, Mass.; 1990. p. 9-18. (In Eng.)
[17] Ortega y Gasset J. The Revolt of the Masses. Revised ed. Edition, W.W. Norton & Company, New York, USA; 1994. (In Eng.)
[18] Abramenkova V.V. Vo chto igrajut nashi deti? Igrushka i AntiIgrushka [What do our children play? Toy and Antitoy]. Moscow; 2006. (In Russ.)
[19] Redkina A.I. The Concept of Autonomy in Law: Theoretical Aspect. Law and Education. 2016; (11):13-21. Available at: https://elibrary.ru/item.asp?id=27202272 (accessed 10.03.2020). (In Russ., abstract in Eng.)
[20] Redkina A.I. The Concept of Autonomy in the Law: Features, Functions and Problems of Application. Law and Education. 2016; (12):110-117. Available at: https://elibrary.ru/item.asp?id=27346202 (accessed 10.03.2020). (In Russ., abstract in Eng.)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Publication policy of the journal is based on traditional ethical principles of the Russian scientific periodicals and is built in terms of ethical norms of editors and publishers work stated in Code of Conduct and Best Practice Guidelines for Journal Editors and Code of Conduct for Journal Publishers, developed by the Committee on Publication Ethics (COPE). In the course of publishing editorial board of the journal is led by international rules for copyright protection, statutory regulations of the Russian Federation as well as international standards of publishing.
Authors publishing articles in this journal agree to the following: They retain copyright and grant the journal right of first publication of the work, which is automatically licensed under the Creative Commons Attribution License (CC BY license). Users can use, reuse and build upon the material published in this journal provided that such uses are fully attributed.
