Legal Construction Of Chinese Regulatory Sandbox

The rapid development of fintech has not only increased vitality of the market,but also brought about problems to regulators.Owing to the boom of fintech,the hysteresis quality of law has become more and more serious.Traditional financial regulations cannot adapt to the rapid pace of fintech and it tend to hinder the development of new business mode.Therefore,regulators around the world try to finding new ways to regulate financial technology.The regime of regulatory sandbox system is the most concerned regulatory mode in recent years.In China,the regime of regulatory sandbox has been piloted in some cities on a small scale.However,there is a lack of research on how to construct the regulation sandbox system in mainland China.In order to clarify its nature and orientation,the operation and composition of regulatory sandbox should be thoroughly analyzed.Essentially,the regime of regulatory sandbox is a management system for special transaction,which is responsible for supervising and providing guidance.Its components include sandbox market,sandbox department,sandbox entity,sandbox consumer and sandbox product.The process of this regime includes access,operation and exit.The operation process and components of the regime of regulatory sandbox reflects its natural of both independence and dependence.These two characteristics also provides the idea on how to construct the regime of regulatory sandbox: Determine the components of this register and then establishes a complete set of access rules,operation rules and exit rules based on these components.Along with this structuring idea,combined with extraterritorial experience and China's national conditions,we can put forward a plan of constructing a regime suitable for China and then establish it in the form of law.