关键词: 金融科技监管实践中的“穿透式”监管与“原则性”监管均存在不足, 并因为价值衡量标准的缺失而放大了监管缺陷, 需要引入比例原则确保金融科技监管的合比例性。通过法理论证与经济分析发现, 金融科技监管适用比例原则具有合法性与合理性。为确保比例原则在金融科技监管领域的有效适用, 应当以类型化的审查基准为指引, 将四阶段式审查程序作为比例原则应用的具体内容, 辅之以促成比例原则落地的相关配套措施, 并通过监管沙盒验证比例原则的具体应用价值。

Abstract:  Both “penetrating” regulation and “principled” regulation in fintech regulation practice have their own shortcomings, which are magnified by the lack of value measurement standards. The principle of proportionality should be introduced to ensure the proportionality in fintech regulation. Through legal arguments and economic analysis, it can be found that the application of the principle of proportionality in fintech regulation is legitimate and reasonable. In order to ensure the effective application, a typological review benchmark should be used as a guide, and the “four-stage” review process should be adopted as the specific content of the application of the principle of proportionality, complemented by relevant supporting measures to facilitate the implementation of the principle of proportionality, and the application value of the principle of proportionality should be verified by the regulatory sandbox.

Key words:  , fintech regulation, principle of proportionality, economic analysis, regulatory sandbox