Ratan Rath & Muskaan Gandhi, Kalinga Institute of Industrial Technology (School of Law), Bhubaneswar, Odisha
ABSTRACT
The rise of financial technology (fintech) has disrupted traditional banking, leading to new legal challenges and regulatory concerns. This abstract will provide an overview of the legal aspects of fintech and traditional banking laws.
Fintech has created new financial products and services that challenge traditional banking laws, regulations, and frameworks. For example, peer-to- peer lending and crowdfunding platforms have created new opportunities for investors and borrowers, but they also raise questions about consumer protection and the application of securities laws. Similarly, digital currencies and blockchain technology present challenges related to money laundering, tax evasion, and the potential misuse of financial systems for illicit purposes.
To address these issues, regulators around the world are grappling with how to adapt traditional banking laws to fintech innovation. In some cases, new laws and regulations have been introduced, while in other cases, existing laws are being adapted to meet the challenges of fintech. The legal aspects of fintech and traditional banking laws are complex and rapidly evolving. Regulators, lawmakers, and industry participants will need to work together to strike a balance between promoting innovation and protecting consumers, while ensuring the stability and integrity of financial systems.
Keywords: Financial technology, Payment system, Methods, Regulations.
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