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.

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

V. E. Ponamorenko
Russian Foreign Trade Academy
Russian Federation

PhD in Law, Head of the Centre for Financial Monitoring; Associate Professor, Public law Department, 

4А, Pudovkina str., Moscow, 119285


1. Ruchkina, G. F., Berezin, M. Yu, Demchenko, M. V., Ostroushko A. V., Simayeva E. P., Shaydullina V. K., Demchenko T. S., Vengerovskiy E. L., Efimova N. A., Grigor’yeva A. A., Lomanik D. O., Ostrovskiy I. D., Pryamov I. D., Chakyr D. Kh., & Yakovleva V. V. (2019). Vnedrenie i prakticheskoe primenenie sovremennyh finansovyh tekhnologij: zakonodatel’noe regulirovanie [Introduction and practical application of modern financial technologies: legislative regulation]. INFRA-M.

2. Ponamorenko, V. E. (2014). O transformacii predmeta i sistemy finansovogo prava v usloviyah mirovogo finansovogo krizisa [On the transformation of the subject and system of financial law in the context of the global financial crisis]. Finansovoe pravo, 9, 3–6.

3. Ponamorenko, V. E. (2016). Formirovanie pravovoj i finansovoj gramotnosti specialistov v sfere POD/FT (v svete integracionnyh processov v EAES) [Formation of legal and financial literacy of AML/CFT Specialists (In the light of integration processes in the EAEU)]. Finansovaja bezopasnost’, 13, 70–75.

4. Anagnostopoulos, I. (2018). Fintech and Regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7–25.

5. Brownsword, R. (2019). Regulatory Fitness: Fintech, funny money, and smart contracts european business. Organization Law Review, 20, 5–27.

6. Colaert, V. (2018, March). Regulating finance: Levelling the cross-sectoral playing field. Paper presented at a conference at Radboud University Nijmegen (the Netherlands).

7. Fenwick, M., Kaal, W-A., & Vermeulen, E-P-M. (2018, August 7). Legal education in a digital age: why coding for lawyers matters. SSRN Electronic Journal.

8. Ferretti, F. (2018). Consumer access to capital in the age of FinTech and bigdata: The limits of EU law. Maastricht Journal of European and Comparative Law, 25(4), 476–499.

9. Fitri, A. (2016). The Fintech book: The financial technology handbook for investors, entrepreneurs and visionaries. [Review of the book The Fintech book: The financial technology handbook for investors, entrepreneurs and visionaries, Chishti, S., & Barberis, J.]. Journal of Indonesian Economy and Business, 31(3), 346-348.

10. Frick, T. A. (2019). Virtual and cryptocurrencies — regulatory and anti-money laundering approaches in the European Union and in Switzerland. ERA Forum, 20, 99–112.

11. Loesch, S. (2018). A guide to financial regulation for Fintech entrepreneurs. John Wiley & Sons.

12. Madir, J. (2019). FinTech: Law and regulation hardcover. Edward Elgar Publishing.

13. Magnuson, W. (2018). Regulating Fintech. Vanderbilt Law Review, 71(4), 1167–1226.

14. Manes, P. (2020). Legal challenges in the realm of InsurTech. European Business Law Review, 31(1), 129–168.

15. 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, 27(2), 595–617.

16. 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. Independently published.

17. Spindler, G. (2019). Fintech, digitalization, and the law applicable to proprietary effects of transactions in securities (tokens): A European perspective. Uniform Law Review, 24(4), 724–737.

18. 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, 4(1), 109–132.

19. Zgraggen, R. R. (2019, July). Smart insurance contracts based on virtual currency: Legal sources and chosen issues. Paper presented at IECC ‘19: Proceedings of the 2019 International Electronics Communication Conference, Japan.


Views: 2529

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

ISSN 2686-9136 (Online)