Foreign Experience of Legal Regulation of New Financial Technologies and the Possibility of its Implementation into Russian Legislation

Abstract

Purpose: A global understanding has now been reached that a mechanism for the long-term sustainable and secure development of financial technologies needs to be put in place to ensure their legal regulation. In the Russian Federation, this process is in its formative stage. The object of the research was public relations in the sphere of creation and use of financial technologies. The subject of the study was the normative material of a number of technologically developed foreign countries in order to identify positive experiences that can be implemented in the domestic practice of creation legal regulation and use of financial technologies. Design/methodology/approach: Based on the dialectical method of cognition of the surrounding reality, the research is based on a comparative analysis of the national peculiarities of the implementation of policies to regulate the basic social relations associated with the creation and use of financial technologies. Findings: It is noted that realizing the need to create a mechanism of legal regulation of new financial technologies the states have not fully developed a unified policy in addressing this issue. Originality/value: In the existing ambiguity of the selected models of legal regulation of financial technologies among foreign countries as well as on the basis of international experience positive trends have been identified on the basis of which recommendations for the improvement of domestic institutions for the regulation of financial technologies are proposed.