The Necessity to Introduce a Transitional Experimental Platform for Digital Technology Financial Services and Products in RA
DOI:
https://doi.org/10.46991/BYSU:G/2023.14.2.067Keywords:
fintech, legal regulation of digital financial products and services, "transitional experimental platform" (Sandbox), fintech regulatory procedures, RegTech, SupTech, DeFiAbstract
The article presents the necessity, goal, tasks, and solutions for the introduction of a transitional experimental platform (regulatory sandbox) of digital technological financial services and products in the Republic of Armenia. Based on very capacious and broad interpretations of fintech, it is proposed to characterize this complex category with a set of characteristic criteria.
The article presents the structure of the regulation of the transitional experimental platform for digital technological financial services and products, and its key components: a) the objectives of the transitional experimental platform, b) mechanisms for launching and testing the provided and supervisory digital financial services and products on platform, c) criteria for implementing the platform regulation procedure, d) the procedure for providing fintech products and services to interested clients on the platform, e) organizational and technical requirements for the inclusion of fintech products and services for testing on the platform, f) regulations for reporting on digital financial services and products tested on the platform, g) the format of the conclusion based on the results of the evaluation of the regulation and supervision of digital financial services and products on the platform. The introduction of a regulatory sandbox will help reduce expected regulatory uncertainties and clarify issues related to the implementation of regulatory and supervisory functions.
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