Regulatory Requirements in Financial Technologies (FinTech)

The expansion of technology and innovative methods in financial services has created opportunities and challenges that make its correct legal planning a necessary structure. The diversity of financial services and products, the speed of technological developments and the unknown processes used in the field of financial technologies are the reasons for the inactivity or slowness of legal systems. This is despite the fact that financial technologies, as a global phenomenon, by ignoring legal and financial restrictions, have taken the citizens' financial relationships beyond the traditional legal formats and the limits of the political borders of countries without the need for governmental infrastructures, or the approvals of the central institutions. They all make a new financial ecosystem in contemporary societies. The current research seeks to explain and evaluate the existing approaches in dealing with this complex financial structure using an analytical-comparative study. It then puts forward suggestions that can be proposed in Iran's legal and financial system. The research results show that the effectiveness of regulatory methods depends on minimal intervention and recognition of the independence of financial technology standards. Therefore, having the advantage from the benefits of financial technologies and managing the risks requires a review of the related criteria at both the content and form (instrumental) levels.