Research On Legal System Of Financial Technology Regulatory Sandbox In China

Traditional financial regulation has constrained the breakthrough development of fintech,for this reason,there is an urgent need for innovative forms of regulation to regulate the development of fintech,and the legal system of fintech regulatory sandbox has emerged.In recent years,the rapid development of China’s financial technology,especially the explosive growth of the Internet finance industry,is in urgent need of regulation at the legal level.This paper takes the regulatory sandbox legal system as the research object,and uses value analysis,normative analysis and comparative analysis to conduct a systematic analysis of the fintech regulatory sandbox legal system.By examining the current situation and problems of China’s regulatory sandbox pilot work,it can be found that the pilot work of China’s regulatory sandbox suffers from ambiguous legal status of regulatory subjects,unclear authorization basis and scope of regulatory immunity and practical dilemmas such as rent-seeking and fair competition of power.Therefore,the construction of a legal system of regulatory sandbox and the clarification of the legal basis for the operation of the financial technology regulatory sandbox to promote the standardized operation of the regulatory sandbox will not only help to enhance the benign interaction between the regulator and the innovative subject and reduce the regulatory costs of financial innovation,but also help to protect the legitimate rights and interests of financial consumers and exclude the damage of financial products or services to the interests of consumers.Specifically,to build a legal system of financial technology regulatory sandbox in line with China’s national conditions,firstly,the allocation of powers and responsibilities of relevant financial regulators in setting,operating and regulating the sandbox should be clarified through legislation to ensure that financial regulators exercise their powers and responsibilities efficiently according to the law;secondly,the regulatory sandbox system of financial technology should be promoted through path optimization Secondly,the standardisation of the operation of the regulatory sandbox system should be promoted through the optimisation of pathways,clarifying the application subjects,testing process and withdrawal conditions and legal consequences of the regulatory sandbox to ensure the legal and compliant development of the fintech industry and effectively avoid legal disputes;finally,the protection mechanism of financial consumers’ rights should be gradually improved to achieve all-round protection of financial consumers’ rights and interests from the entry stage,operation stage and withdrawal stage respectively.