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