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This chapter examines France’s regulatory approach to FinTech, focusing on its preference for innovation hubs over regulatory sandboxes. In the aftermath of the Global Financial Crisis (GFC), European financial regulators gained innovation mandates, yet EU institutions remained slow to develop a unified FinTech strategy. This allowed national regulators to shape their frameworks. In 2016, France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) established innovation hubs to facilitate dialogue between regulators and FinTech firms. Unlike regulatory sandboxes, which temporarily relax rules for testing innovations, innovation hubs provide guidance while upholding financial stability, consumer protection, and market integrity. This chapter explores the institutional and political drivers behind France’s regulatory choice, highlighting its concerns over competition distortions and legal uncertainties in the EU’s harmonized financial market. By assessing the implications of innovation hubs, this study contributes to broader debates on financial regulation, FinTech competitiveness, and EU regulatory convergence.

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Non à la Sandbox!

  • 章节

  • 发表日期：

    2025年

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  • Daphnée Papiasse

摘要

This chapter examines France’s regulatory approach to FinTech, focusing on its preference for innovation hubs over regulatory sandboxes. In the aftermath of the Global Financial Crisis (GFC), European financial regulators gained innovation mandates, yet EU institutions remained slow to develop a unified FinTech strategy. This allowed national regulators to shape their frameworks. In 2016, France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) established innovation hubs to facilitate dialogue between regulators and FinTech firms. Unlike regulatory sandboxes, which temporarily relax rules for testing innovations, innovation hubs provide guidance while upholding financial stability, consumer protection, and market integrity. This chapter explores the institutional and political drivers behind France’s regulatory choice, highlighting its concerns over competition distortions and legal uncertainties in the EU’s harmonized financial market. By assessing the implications of innovation hubs, this study contributes to broader debates on financial regulation, FinTech competitiveness, and EU regulatory convergence.