аннотация Наблюдаемая за последние 20 с лишним лет активная цифровизация жизни современного общества привела к реальным изменениям в экономике. Финансовый сектор находится в центре цифровой трансформации, авангардом которой стал финтех, формирующий в настоящее время новый сегмент современных финансовых рынков. При этом наиболее общеизвестными объектами финтеха являются криптовалюта и токен. Криптовалюты, вне зависимости от отношения регулирующих органов к ним, стали виртуальной реальностью финансового сектора и активно используются для оплаты товаров и услуг. Особенностью криптовалют является их анонимность и неподконтрольность со стороны государства, что определяет целый спектр рисков для общества и государства. Однако криптовалюты наряду с рисками дают и возможности -от развития инновационных технологий до создания новых рабочих мест и пополнения национального бюджета. Проникновение финтеха в сегменты финансового рынка, традиционно занимаемые банками, породило дискуссию об их будущем. Вместе с тем, вероятно, будет иметь место не вытеснение банков, а их финтех-трансформация. Примером тому может служить платежная индустрия, ставшая одним из основных потребителей новейших финансовых технологий и предоставляющая широчайшие возможности финтех-компаниям для развития. Важным элементом финтеха является RegTech (Regulatory Technology), которая позволяет компаниям обходить торговые барьеры и помогает выстроить конструктивный консультативный диалог с регуляторами. В свою очередь, SupTech (Supervision Technology) используется для целей анализа и прогнозирования. В завершение статьи на основе анализа зарубежного опыта сформулированы основные подходы, реализация которых позволяет государствам стимулировать внедрение и развитие новых финансовых технологий, а также проанализирован опыт межгосударственной координации сотрудничества в сфере финансовых технологий в ЕС и ЕАЭС. ABSTRACTThe active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunitiesfrom the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment ind...
This report was prepared by the staff of the Institute for Economic Forecast of the Russian Academy of Sciences and the Financial University under the Government of the Russian Federation. It gives suggestions to implement priority measures to facilitate the transfer the Russian economy to the direction defined by the Decree of the President of the Russian Federation (est. May 7, 2018). The report also highlights priority directions of the economic policy, primarily in investment activity, development of the domestic market, as well as financial and organizational support for the suggested actions.
The subject of the research is the economic and organizational aspects of the regulatory mechanism for governing activities microfinance and credit cooperation institutions that can influence the domestic investment demand. The purposes of the paper were to analyze and evaluate the current mechanisms for regulation of microfinance and credit cooperation institutions as well as regulatory innovations of the Bank of Russia aimed at improving the microfinance market governance and, secondly, to develop proposals on how to increase the potential of the above institutions in order to stimulate the domestic investment demand. It is concluded that microfinance and credit cooperation institutions can influence the domestic investment demand and possess appropriate products and services; therefore, it is necessary to strengthen the regulatory mechanisms of their support to enable full participation of these institutions in boosting the domestic investment demand. The paper approves the Bank of Russia initiatives aimed at the development of microfinance institutions and the regulator’s desire to develop mechanisms for the proportional regulation of the microfinance sector, particularly those that stimulate the growth of the domestic investment demand. At the same time, subject to criticism is a number of regulatory initiatives that tend to limit the freedom and the initiative of microfinance and credit cooperation institutions and do not promote competition. The paper emphasizes the importance of strengthening the most important element of the regulatory mechanism, the one that governs the activity in a microfinance organization. The relevance of the research consists in the development of proposals aimed at the working out of mechanisms for the proportional regulation of microfinance institutions in the system of the financial market regulation.
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