Review of institutional and legal issues for the development of the FinTech industry

Abstract

The aim of the study is to identify institutional and legal methods for the development of the FinTech industry on the basis of a critical analysis of foreign experience in the implementation and practical application of the latest financial technologies. The subject of the study is a complex of relationships associated with the emergence of new financial products, primarily on the basis of the technology of distributed registry (blockchain-technologies) and the transformation of the financial sector in the conditions of dissemination of digital technologies. The methodology of system analysis, the dialectical method and its derivatives, primarily the methods and principles of determinism, induction, deduction and hypothesis, the principle of contradiction as a source of development and the principle of integrity in unity and diversity, were used to study the object of scientific research and to achieve its goals. To systematize the obtained data the methods of functional and institutional classification, statistical analysis, methods of the current and prospective analysis and synthesis of theoretical and practical material were applied. The result of the study is the development of a system of institutional and legal methods for the development of the FinTech sector on the basis of analysis of the best foreign experience.