FinTech and FinReg: New Challenges for the Financial Market Regulation System in Poland and in the World

Effective regulation of the financial market is clearly crucial to innovation and the future success of the financial services industry and, in particular, FinTech companies. Prior to the global financial crisis, financial innovation was viewed very positively, resulting in many markets in the deregulatory approach to financial regulation. During the crisis, the regulatory pendulum swang to the other extreme. Dramatic technological change has spurred the development of financial technology companies (FinTech). FinTech and other financial services providers profoundly challenge the current regulatory paradigm. Financial regulators are increasingly seeking to balance the traditional regulatory approaches to financial stability and consumer protection with promoting growth and innovation. The resulting regulatory innovations include technology, innovation hubs, regulatory sandboxes, and special charters. This paper analyses new regulatory approaches, structured experimentalism (such as sandboxes), and the development of specific new regulatory frameworks