The Innovation of Legal Regulation of Fintech:Development Analysis and Localization Thinking of the Regulatory Sandbox

刘志云，厦门大学法学院/两岸关系和平发展协同创新中心教授、博士生导师，法学博士；刘盛，厦门大学法学院/两岸关系和平发展协同创新中心博士研究生。【中文摘要】金融科技的大发展对金融监管提出了新的挑战，监管沙盒即是迎接这种挑战的产物。监管沙盒是ー种在真实但受限的环境下对金融创新进行测试,并以此判定是否可以大规模适用的制度,能够在防范各类风险的前提下最大限度地促进金融创新。目前,监管沙盒的发展趋势能够为缓和法律滞后性与创新超前性的矛盾、协调监管部门与创新主体的关系和变革金融消费者的保 护范式提供有益参考。我国包容性监管理念的运用、协调性监管框架的出现和试点性法律法规的实践，为监管沙盒的本土化提供了理念的适应性、体制的兼容性及规则的合法性基础。 【Abstract】The rapid development of Fintech has posed new challenges to financial regulation. The regulatory sandbox represents an approach to meet these challenges. It is a system for testing financial innovation in a real but restricted environment，based on which judgments can be made on whether an innovation is extensively and commercially applicable or not. It promotes financial innovation to the maximal extent while preventing risks. At present，supervising the development trends of the sandbox can provide a useful reference for easing the contradiction between the lag of law and the advancement of innovation，coordinating the relationship between regulators and innovation subjects，and transforming the protection paradigm of financial consumers. In China，the application of the inclusive regulation concept，the emergence of the coordinated regulator framework，and the practice of pilot laws and regulations provide conceptual adaptability，system compatibility and regulatory legitimacy for the localization of the regulatory sandbox.国家社会科学基金项目“新发展理念下中国金融机构社会責任立法问题研究”（17BFX009