Study On The Construction Of Regulatory Sandboxes Legal System In China

FinTech assists,supports and improves compliance financial business with the internet,block chain and other technical means.It is a result of information technology innovation.And these enable consumers to experience more convenient financial products,services and business models,but the resulting regulatory problems in the field of financial science and technology cannot be ignored.In order to deal with these problems,England took the lead in establishing the "regulatory sandbox" system,the essence of which is to allow innovative financial technology enterprises to test their innovative products or services under the premise of risk control within the existing regulatory sandbox.Products or services that have been tested can be further introduced to the market,while navigating regulatory requirements through communication during testing without having to comply with specific regulations.Subsequently,Australia,Singapore,Japan,Hong Kong and other countries and regions have gradually established the system to respond positively to the challenges brought by financial scientific and technological innovation.However,Chinese existing regulatory system has been difficult to deal with the regulatory problems.It is high time to introduce the "regulatory sandbox",which can effectively balance financial technological innovation and financial risk prevention.This paper consists of following parts: firstly,the concept of regulatory sandbox and its operation principle was briefly introduced;secondly,the elaboration of the impact of FinTech on the traditional financial industry and the challenges it posed to the traditional regulatory model was discussed,together with the dilemma faced by Chinese financial regulation;thirdly,a thorough comparison was done among other countries and areas upon regulatory sandbox operation pattern and system design,trying to dig the necessity and feasibility of introducing regulatory sandbox to China;finally,a set of systematic and practical plans for the construction of Chinese legal system of regulatory sandbox was put forward.