FinTech Regulation: A Macro-Structural Approach

Silvio Andrae

Chapter 2 in FinTech Research and Applications:Challenges and Opportunities, 2023, pp 93-139 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The rapid development of FinTech and BigTech is challenging existing regulatory approaches. However, the existing regulatory approaches seem to have reached their limits. The traditional micro perspective cannot adequately capture the specific characteristics of FinTech. With the rise of platformication and the emergence of ecosystems, smart regulation is not enough. In the FinTech era, the financial system is getting more extensive and more interconnected. The chapter presents a macro-structural regulatory approach. The structural developments require an adaptive, proactive, and comprehensive regulatory perspective. As finance becomes more granular and algorithm-driven, a paradigm shift in financial regulation is required. The response must be structural and systemic. Law is given precedence over technology.

Keywords: FinTech; FinTech Regulation; Artificial Intelligence; Machine Learning; Cryptocurrencies; Smart Contracts; Financial Fraud Detection; FinTech in Financial Services (search for similar items in EconPapers)
JEL-codes: G2 O3 O33 (search for similar items in EconPapers)
Date: 2023
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