Digitalization of Payment Markets: Legal Regulation, Identification and Leveling of Risks
- Autores: Krokhina Y.A.1
-
Afiliações:
- Lomonosov Moscow State University
- Edição: Volume 15, Nº 5 (2022)
- Páginas: 219-227
- Seção: Articles
- URL: https://journals.eco-vector.com/2072-3164/article/view/531702
- ID: 531702
Citar
Resumo
Purpose of the study. The article discusses the processes of digitalization of payment markets that require legal support. The prerequisites, current state and development trends of the legal regulation of digital technologies in the payment markets are analyzed. The purpose of the study is to identify the shortcomings and risks of legal regulation of digital technologies in payment markets. This is necessary to determine the criteria for the risks of digitalization of payment services, ways to predict, identify and level them. Conclusions. Based on the results of the study, the author concludes that there is no definition of the payment market at the legislative level, the greatest problems of introducing digital technologies in payment services are created by the lack of systematic legal regulation of this segment of the financial market. According to the author, the legal regulation of the process of digitalization of the payment market should be based on the gap-free and non-conflict interaction of legislative acts, corresponding to such fundamental economic and legal principles of digitalization of monetary relations as instantaneous access to the payment system, security and continuity of money transfer, making payments in real time . The study substantiates the conclusion that virtual products in the payment market are subject to a number of serious risks that must be taken into account both in the development and formalization of digital technologies, and in their application. The author identifies the following risks: model, technical, reputational, professional, cyber risks, risks of the quality of information received, unfair activities, the emergence of "gray zones", segmentation of legal regulation. The study found that the safest and most reliable way to develop new RegTech and SupTech solutions is to develop them within regulatory sandboxes, which are a special experimental legal regime. The author's proposals on the need to develop a state policy for the prevention, identification and leveling of threats to settlement relations are argued; on the creation of a single regulatory legal act or a system of homogeneous acts that fix the definitions of regulatory and supervisory technologies, principles, areas and the procedure for their functioning. It is important to include in these acts the risk criteria for the use of digital technologies, the methodology for checking information models, which includes areas of the greatest risk of failures, the frequency of regular and extraordinary checks.
Palavras-chave
Texto integral
![Acesso é fechado](https://journals.eco-vector.com/lib/pkp/templates/images/icons/text_lock.png)
Sobre autores
Yuliya Krokhina
Lomonosov Moscow State University
Email: jkrokhina@mail.ru
Dr.Sci.(Law), Professor, Head of the Department of Legal Disciplines of the Higher School of Public Audit (Faculty) Moscow, Russia
Bibliografia
- Alekseev P.V., Zvonova E.A. Development of a conceptual model for the formation of a common financial market of the member states of the Eurasian Economic Union // Banking Law. 2020. N 4. S. 44 - 51.
- Antropov V. V. World market of retail payments in the emerging digital economy: current trends and prospects. Economy. Taxes. Right. 2022;15(1). S. 82.
- Antroptseva I.O. Digital controller as a subject of public financial control // Actual problems of Russian law. 2022. N 4. P. 57 - 64. Larionova E.S. Principles of regulation of payment systems as a tool to reduce the legal risk of their functioning // Actual problems of Russian law. 2022. N 2. S. 90 - 102.
- Barakina E.Yu. Financial and legal aspects of the implementation of distributed ledger systems in the national payment system // Financial Law. 2019. N 3. S. 11 - 15.
- Idrysheva S.K. Electronic payments and electronic money: legal foundations and individual conflicts in the legal sense of the terms // Journal of Foreign Legislation and Comparative Law. 2021. N 1. S. 68 - 85.
- Kudryashova E.V. National payment system: the meaning and objectives of legal regulation // Financial Law. 2020. N 8. S. 12 - 15.
- Kurnosov A.V. SupTech and RegTech initiatives: analysis of basic characteristics and model risks//Russian Journal of Economics and Law. 2021. No. 4. P. 3.
- Olinder N.V. Peculiarities of legal regulation of electronic payments // Entrepreneurial Law. Application "Business and law in Russia and abroad". 2013. N 3. S. 42 - 44.
- Piskarev D.M. Risk management of participants in the digital financial market through an improved concept of the digital experimental environment // Innovations and investments. 2020. No. 11. S. 200-204.
- Rozhdestvenskaya T.E. Legal Mechanism for the Implementation of the Basel Principles of Banking Supervision in the Russian Federation: Monograph. M.: Yurkompani, 2011. 204 p.
- Samigulina A.V. Harmonization of legislation regulating the sectoral structure of the Russian financial market // Law and Economics. 2017. N 9. S. 5 - 15.
- Sizemova O.B. On normative sources in the mechanism of legal regulation of interbank settlements // Banking law. 2015. N 4. S. 35 - 41.
- Sitnik A.A. Supervision in the national payment system // Actual problems of Russian law. 2017. N 11. S. 74 - 83.
- Tropskaya S.S. Financial market in the context of the development of the digital economy (financial and legal aspect) // Financial Law. 2018. N 8. S. 28 - 33.
- Trofimov D.V. Financial technologies in retail payments: development trends and prospects in the EU and Russia. Questions of Economics. 2018;(3):48-63.
- Turbanov A.V. Financial law and financial market // Financial law. 2020. N 10. S. 7 - 12; 2021. N 1. S. 10 - 16.
- Usoskin V.M. Financial intermediation in the context of the development of new technologies / V.M. Usoskin, V.Yu. Belousova, I.O. Kozyr // Money and credit. 2017. N 5. S. 14 - 21.
- Khomenko E.G., Tarasenko O.A. National payment system of the Russian Federation and its elements: monograph. Moscow: Prospekt, 2017. 176 p.
- Broeders D., Prenio J. Innovative technology in financial supervision (suptech) - the experience of early users. 2018. FSI Insights on policy implementation. № 9. P. 20.
- Cirasino M., Garcia J. A. Measuring payment system development. The World bank, 2008. P. 37.
- Mellyn K. Broken markets: a user's guide to the post-finance economy. New York, 2012. P. 58.
- Scott H. The importance of the retail payments system. Harvard Law School Program on International Financial Systems. 2015. P. 3. URL: htttps://dash.harvard.edu/bitstream/handle/1/16883011/hal-scott- mastercard-retail-payment-systems.pdf; sequence=1.
- Weimert M., Saiag A. COVID-19 and European retail payments. Oliver Wyman: A Marsh & McLennan Company, 2021.
Arquivos suplementares
![](/img/style/loading.gif)