Digital Law Journal

Advanced search

The concept of FinTech Law in the context of modern requirements for the formation of lawyers’ professional competencies


Subject of research. The conceptual and methodological aspects, in the context of developmental trends in the subject and system of financial law, of training specialists in the field of FinTech Law.

Purpose. To formulate conceptual and practical proposals which could transform the financial law system; also, to provide lawyers with the methodological foundations to form a comprehensive financial and legal library in the context of the digitalization of the economy.

Methodology. When searching and systematizing educational programs in the fields of digital law and FinTech Law, both a literature review and a comparative method were used. To organize national strategies for the digitalization of the economy, a formal legal method was used. In formulating the author’s concept of a financial law system (in which the FinTech Law legal institution could occupy a space), a systematic and integrated approach was used. In formulating methodological proposals for the integration of legal, financial and digital literacy, a competency-based approach was used.

Results. The author argues that globalization must be a prerequisite for the foundations, both scientifically and educationally, underlying the FinTech Law Institute. In finance, globalization has manifested itself both negatively (through the systemic risk that emerged amidst the global financial crisis) and positively (through the creation of a new, risk-oriented system of international and national regulations, financially and legally, which are sensitive to ongoing digital challenges). Based on a review of experiences undertaken, both in Russia and abroad, to develop the scientific and educational basis of FinTech Law, the author formulates proposals to further develop this topic and to transform the financial law system. These include implementing three large entities (sub-sectors) in the form of monetary law, fiscal law, and financial market law, as well as the integrated institute of FinTech Law. The author offers his own version of a structure this legal institution can use.

The author identifies the specific problems of synthesizing legal and financial knowledge when training lawyers as a necessary prerequisite if effective digitalization of professional competencies is to proceed; he also suggests methodological approaches for the formation of such a synthesis.

Discussion. The article offers proposals, conceptually and practically, for transforming the system of financial law, and for improving the methodological foundations required to form a comprehensive financial and legal library for lawyers in the context of globalization and digitalization. It also substantiates the important position that FinTech Law occupies in systems for the professional training of lawyers.

The results of the study can be used in the development of the scientific doctrine of financial law, or in the methodological foundations of the formation of complex competencies of lawyers through the formation of financial, legal and digital literacy.

About the Author

Vladislav E. Ponamorenko
Russian Foreign Trade Academy of the Ministry for Economic Development of the Russian Federation
Russian Federation
Vladislav E. Ponamorenko — PhD in Law, Head of the Centre for Financial Monitoring; Associate Professor, Public law Department


1. Ruchkina, G. F., Berezin, M. Yu., Demchenko, M. V. et al. (2019). Introduction and practical application of modern financial technologies: legislative regulation. Moscow: INFRA-M. doi:10.12737/monography_5b59de9a8c7da8.15109074

2. Government program “Digital Kazakhstan”. URL: (Accessed: 30.03.2020).

3. Kartshiya, A. A. (2019). Civil law model of digital technologies regulation. Diss ... doctor of Juridical Science. Moscow.

4. Lebedeva, A. A. (2019). Digital technologies in the financial sphere (for example, cryptocurrencies). Inevitability or conscious choice of the Russian Federation. Monografy. Moscow: Prospekt. doi:10.31085/9785392241422- 2019-120

5. The National Programme “Digital economy of the Russian Federation”. URL: (Accessed: 30.03.2020).

6. Main Directions of Financial Technology Development for the Period 2018-2020.URL: (Accessed: 30.03.2020).

7. Ponamorenko, V. E. (2014). On The Transformation of the Subject and System of Financial Law in the Context of the Global Financial Crisis. Finansovoe pravo. No 9, 3–6.

8. Ponamorenko, V. E. (2016). Formation of Legal and Financial Literacy of AML/CFT Specialists (In the Light of Integration Processes in the EAEU). Finansovaja bezopasnost’. No 13, 70–75.

9. Legal Regulation of Economic Relations in Modern Conditions of Digital Economy Development. Monografiy. (2018). Ed.. V.A. Vaypan, M.A. Egorova. Moscow: Justicinform.

10. Financial Law in Conditions of Development of the Digital Economy. Monografiy. (2019). Ed. I.A Cindeliani. Moscow: Prospekt.

11. Digital Law. (2020). Eds. V.V. Blazheeva, M.A. Egorovoy. Moscow: Prospekt. doi:10.31085/9785392227297-2020-640

12. A FinTech Strategy for Ireland. URL:$file/A_Fintech_Strategy_For_Ireland.pdf (Accessed: 30.03.2020).

13. Anagnostopoulos, I. (2018). Fintech and Regtech: Impact on regulators and banks. Journal of Economics and Business. No 100, 7–25. doi: 10.1016/j.jeconbus.2018.07.003

14. Australia — National Digital Economy Strategy, 2011–2013. URL: (Accessed: 30.03.2020).

15. Blockchain Strategy of the Federal Government. We Set Out the Course for the Token Economy. URL: (Accessed: 30.03.2020).

16. Brownsword, R. (2019) Regulatory Fitness: Fintech, Funny Money, and Smart Contracts European Business Organization Law Review. No 20(1), 5–27. doi:10.1007/s40804-019-00134-2

17. Colaert, Veerle A., European Financial Regulation: Levelling the Cross-Sectoral Playing Field. A Research Agenda (March 1, 2018). doi:10.2139/ssrn.3153754

18. Fenwick, M., Kaal, W-A., Vermeulen, E-P-M. (2018). Legal education in a digital age: why coding for lawyers matters. University of St. Thomas (Minnesota) Legal Studies Research Paper No. 18–21. doi:10.2139/ssrn.3227967

19. Ferretti, F. (2018). Consumer access to capital in the age of FinTech and big data: The limits of EU law. Maastricht Journal of European and Comparative Law. No 25(4), 476–499. doi:10.1177/1023263X18794407

20. Fitri, A. (2016). The Fintech Book: The Financial Technology Handbook For Investors, Entrepreneurs And Visionaries. John Wiley & Sons Ltd, West Sussex, United Kingdom.

21. Frick, T. A.(2019).Virtual and cryptocurrencies — regulatory and anti-money laundering approaches in the European Union and in Switzerland. ERA Forum. No 20(1), 99–112.

22. HM Treasury. Fintech Sector Strategy. Securing the Future of UK Fintech. URL: (Accessed: 30.03.2020).

23. Hungary’s National Bank publishes its FinTech strategy. URL: (Accessed: 30.03.2020).

24. Taylor, K. C. (2014). FinTech Law: A Guide to Technology Law in the Financial Services Industry. Bloomberg BNA. October, 24.

25. Loesch, S. (2018). A Guide to Financial Regulation for Fintech Entrepreneurs. John Wiley & Sons Ltd, West Sussex, United Kingdom.

26. Madir, J. (2019). FinTech: Law and Regulation Hardcover. Edward Elgar Publishing. September, 27.

27. Magnuson, W. (2018). Regulating fintech. Vanderbilt Law Review. No 71(4), 1167–1226.

28. Manes, P. (2020). Legal challenges in the realm of insurTech. European Business Law Review. No 31(1), 129–168.

29. Mohd Zain, N. R. B., Engku Ali, E.R.A., Abideen, A., Rahman, H.A. (2019). Smart contract in blockchain: An exploration of legal framework in Malaysia. Intellectual Discourse. No 27 (2), 595–617.

30. Reiners L. (2018). FinTech Law and Policy: The Critical Legal and Regulatory Challenges Confronting FinTech Firms and the Policy Debates that are Occurring Across the Country Published. July, 10.

31. Spindler, G. (2019). Fintech, digitalization, and the law applicable to proprietary effects of transactions in securities (tokens): A European perspective. Uniform Law Review. No 24(4), 724–737. doi: 10.1093/ulr/unz038

32. Tsai, C.-H., Peng, K.-J. (2017). The FinTech Revolution and Financial Regulation: The Case of Online Supply-Chain Financing. Asian Journal of Law and Society. No 4(1), 109–132. doi: 10.1017/als.2016.65

33. UK Digital Strategy 2017. Department for Digital, Culture Media & Sport. 1 March 2017. URL: (Accessed: 30.03.2020).

34. Zgraggen, R. R. (2019). Smart insurance contracts based on virtual currency: Legal sources and chosen issues. ACM International Conference Proceeding Series. 99–102. doi: 10.1145/3343147.3343161

For citation:

Ponamorenko V.E. The concept of FinTech Law in the context of modern requirements for the formation of lawyers’ professional competencies. Digital Law Journal. 2020;1(1):59-70. (In Russ.)

Views: 160

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN 2686-9136 (Online)