The annual conference of the Research Committee on Financial Service Law of Beijing Law Society, sponsored by the Research Committee and organized by the Financial Service Law Research Center of Central University of Finance and Economics and Jingdong Digital Technology Research Institute, was held in Beijing on December 1, 2018. The conference was attended by over 80 scholars and experts from various universities, research institutions, law firms and enterprises, including Professor Liao Fan, a research fellow and the head of Research Coordination and International Cooperation of CASS Institute of International Law. The conference was divided into two parts, in which the participants gave speeches and carried out discussions on various issues around the theme of “Fintech and Regtech”, including the reform of the theory of financial regulation, regtech and fintech, the application of blockchains in financial regulation, regulatory sandbox, robo-advisor, acts of manipulation of security market against the background of financial technology, the concrete application of blockchains, and assessment of the security of financial information.

In a speech entitled “The Theoretical Basis and the Practice of Regulatory Sandbox” given at the seminar, Professor Liao Fan pointed out that the theoretical basis of the regulatory sandbox main includes destructive innovation and adaptive regulation. The Practice of FCA in UK shows that the regulatory sandbox has made specific demands on the financial market, the regulatory system and regulatory culture, but could not replace the necessary regulatory reform. China is faced with certain obstacles in introducing the regulatory sandbox. The current experimental systems, such as free trade zones, may already have played the role of a “big sandbox”, and there may exist even great rooms for innovation than regulatory sandbox in China.