Research On Legal System Construction Of Sandbox Regulation In China

From 2015 to the present,people are paying more and more attention to the regulatory sandbox system.This is because the global financial markets are undergoing changes.The regulatory sandbox system is the result of innovations in financial supervision technology.During the implementation process,the traditional financial industry was reformed,the old regulatory thinking of the financial industry was changed,and the supervisory level of the supervisory institutions was also raised while updating the supervisory system.In March 2015,the UK's Financial Conduct Authority introduced the concept of a regulatory sandbox for the first time,followed by the UK regulator's introduction of a disruptive and innovative regulatory sandbox system.The UK's regulatory sandbox system means that a limited space is defined from the real financial market,and the tested product is put into a limited market environment.This market environment has a certain amount of security space to test its innovation.Whether the product or service is safe,and whether it can be formally put into operation in the financial market.Testing the product in such a safe space is relatively controllable risk and is conducive to the implementation of regulatory activities.After the introduction of the regulatory sandbox in the United Kingdom,many countries or regions in the world have also launched their own regulatory sandbox systems.For example,Singapore,Australia,and Taiwan in China have developed local regulatory sandbox systems.At the same time as international attention,many scholars in China have focused their attention here,and have done more research on the integration of the introduction of the regulatory sandbox and China's traditional financial regulatory system.At present,only some places in China have conducted a regulatory sandbox pilot.In 2017,the Boao Forum for Asia observed China's financial market and concluded that China's financial regulatory market already has the conditions to introduce a regulatory sandbox system.The introduction of the regulatory sandbox system has significantly helped China's financial sector to improve its level of regulation,and it has also greatly benefited thedevelopment of China's fintech companies.At the same time,because the regulatory sandbox is innovative,it requires the use of high-tech regulatory methods.Contribute to innovation in China's financial sector.Through the study of the regulatory sandbox system,it is possible to control regulation in an appropriate range,avoid excessive or small regulatory power,and promote the development of innovative financial products.It is also conducive to improving China's financial regulatory system and making it More adapt to the new regulatory trends in the new situation.This paper uses literature analysis method to study the sandbox system of supervision in depth,compares the similarities and differences of sandbox systems in several countries and regions,and proposes a feasible plan for the sandbox system of supervision in China in the form of law.