중국의 디지털금융 규제샌드박스에 관한 연구

Abstract

Digital financial regulatory sandboxes are being used as a meaning of test bed for technology-based new financial services and business models where legal management is impossible under the current regulatory system. A regulatory sandbox system started in the UK in 2016, and more than 60 countries around the world including Singapore and Australia as well as Korea introduced and now is currently operating it as part of regulatory innovation. This is because existing laws frequently cause regulatory lags that cannot keep up with fast-developing technologies and innovative financial services, thereby increasing consumer damage and extending financial market instability. While the regulatory stance for fintech companies is gradually shifting from “Entity-based” to “activity-based”, China is also implementing regulatory sandboxes to overcome regulatory lag. In China as well, Since the People's Bank of China(PBoC) announced its push for regulatory sandboxes in September 2019, 156 services have been being piloted in 28 regions, starting with Beijing. This paper discusses changes in the institutional environment due to China's digital financial innovation, focusing on the operation of regulatory sandboxes, and aims to derive implications for Korea. The composition of this paper is as follows. First of all, I will examine the concept of digital finance and market status discussed in China(Chapter II), and summarize the background of the emergence of Chinese regulatory sandboxes, system operation, and supervisory organizations(Chapter III). In addition, based on a review of major legal changes related to digital finance, which are underway along with the regulatory sandboxes(Chapter IV), and I intend to derive implications for Korea(Chapter V).