The Choice of a Regulation Model for Fintech: Between Sandbox and Soundbox

The digital revolution affects almost every type of financial activity. This phenomenon leads regulators to supervise the new players who are constantly gaining popularity. The public authorities face complex imperatives to reconcile. On the one hand, they want to open the traditional legal framework in order to intensify competition by allowing Fintech start-ups to offer financial services to individuals and companies. On the other hand, the control of these risky activities is necessary to protect the consumer. France thus faces the challenge of building a legal framework that does not hinder the innovation of the Fintech. Given that Fintech operations are growing fast in the United Kingdom and the United States, it is relevant to ask whether their regulations could be used as models for France or whether a different regulation is needed. The study contributes to this issue through an exploration of the legal literature (English and American) and literature of financial economics.