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FinTech Regulation: A Macro-Structural Approach

In: FinTech Research and Applications Challenges and Opportunities

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  • Silvio Andrae

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.

Suggested Citation

  • Silvio Andrae, 2023. "FinTech Regulation: A Macro-Structural Approach," World Scientific Book Chapters, in: Daisy Chou & Conall O'Sullivan & Vassilios G Papavassiliou (ed.), FinTech Research and Applications Challenges and Opportunities, chapter 2, pages 93-139, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800612723_0002
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    More about this item

    Keywords

    FinTech; FinTech Regulation; Artificial Intelligence; Machine Learning; Cryptocurrencies; Smart Contracts; Financial Fraud Detection; FinTech in Financial Services;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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