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yergi pynyo ifkur

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The article examines 2020 post-crisis results and 2021 trends in FinTech regulation development. FinTech, being a relatively new term, has become a completely new industry, which combines rapidly developing technologies and financial products (including digital assets) or services. The year 2020, despite the pandemic and localization (and maybe even more so), seems as significant, if not more so, for market change and further development. The world has changed, and new technologies are vital for successful competition among financial players and even for their survival. Most of the leading international financial centers have focused on regulating FinTech and the use of innovations in classic highly regulated areas. In the article we address the pros and cons of technology regulation and make a comparative analysis of the leading revolutionary trends. The most revolutionary developments have appeared in smaller European countries, which the leaders are forced to follow. Law harmonization has become a natural step. Forward for Europe to regulate blockchain businesses and to agree on terminology and risk prevention measures for innovation support. The research examines the development and regulation of FinTech in such jurisdictions as Switzerland, Malta, Liechtenstein, Gibraltar and the United States. The approach is interdisciplinary, linking Russian legal norms, applicable rules, and expected results. The main methods used in the research are analysis, comparative-legal, and formal-legal methods. FinTech, being a relatively new term, has become a whole new industry that combines rapidly developing technology (blockchain, artificial intelligence (AI) and machine learning, Internet of things (IoT), big data, etc. ) and financial products (including digital assets) or services. Considering this issue in the context of the current situation and post-crisis results analysis, it would be useful to revert to previous experience, specifically the year 2008. Apparently, the crisis then gave rise to new FinTech products and projects, an innovation initiative. The renewal of banking, insurance, payment systems, lending, and other activities in the financial world (Arner et al. , 2016). 2020, despite (or maybe even more due to) the pandemic and lockdown, seems to be as significant — if not even more so — for the market change and further development. The world has changed, and new technologies are vital for successful competition between and even the survival of financial players. Most leading international financial centers have paid a lot of attention to regulation of FinTech, largely as a special block — blockchain and digital assets, accordingly, and the use of innovation in the classic highly regulated areas. The regulatory update has been welcomed in light of the social and economic impact of the financial crisis. The experiences of reasonable regulators over recent years (2017–2020) support legal improvements in this regards; for example, blockchain related projects in Switzerland or Singapore have resulted in the market revival, new local and foreign investments, and new international collaboration opportunities too. This year’s crisis has shown the great need for cooperation and the legal grounds for this, as well as a harmonization of standards and procedures in the financial world, alongside other such matters. The European Union Commission has recently announced its goal to complete its work on digital finance, in particular, to introduce a clear definition for cryptocurrency into European law. As the Commission Executive Vice President Valdis Dombrovskis highlighted this June, a “lack of legal certainty is often cited as the main barrier to developing a sound crypto-asset market in the EU. This is a good chance for Europe to strengthen its international standing and to become a global standard-setter, with European companies leading new technologies for digital finance”. Among the pioneers of new local regulatory developments within the EU have been Malta and Liechtenstein, as examples, but the rules then were valid only for a single country territory; now, the whole EU market should be covered. The pandemic outburst has only proven the importance of new efficient cross-border mechanisms, new technology implementation, and common international standards and rules. Often, new FinTech regulation concerns the use of DLT or new financial assets built on and transferred via blockchain.

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