| Abstract [eng] |
Legal Regulation of Financial Technologies: Risks and Oppurtunities. Services provided using financial technologies have reached a significant scale in 2018, when global investments in this field increased to the record amount of $112 billion. The rapid growth of the field of financial technologies in Lithuania is also clearly noticeable. The development in the field of financial technologies will only increase, therefore, the importance of the legal regulation of this field will also grow in the future. For mentioned reasons, this master thesis contains the analysis of the following key aspects of the legal regulation of services provided using financial technologies: risks (in the context of the anti-money laundering and combating the financing of terrorism) and opportunities (in the context of innovations). The first part contains the analysis of the following aspects of financial technologies: (i) significance; (ii) definition; (iii) classification of services provided using financial technologies (specifically, the analysis of payment services, crowdfunding and peer-to-peer lending); and (iv) relationship with traditional financial services. The second part deals with the legal regulation of the European Union and Lithuania related to the anti-money laundering and combating the financing of terrorism. Also, this part contains the analysis of problematic issues of "Know Your Customer" principle, such as remote identification of the customer and risk assessment. Particular emphasis in this part is put on the differences between principles-based approach and rules-based approach. The third part contains the analysis of the opportunities of legal regulation in Lithuania and foreign countries for those service providers who provide financial services using financial technologies. This part mainly deals with the following innovations: regulatory sandbox and regulatory technology. |
