FinTech Legal Landscape In Russia

Financial technology ("FinTech") industry is booming all around the world, while regulators are trying to cope with emerging technologies without hampering innovation at the same time. Being in its infancy, the Russian market may present an untapped opportunity for both national and global FinTech players. This attractiveness mainly stems from the fact that Russia is the sixth largest country in the world and number one in Europe by the number of Internet users.

FinTech industry, in turn, heavily depends on regulations, with some innovative companies often itching the boundaries of available regulatory frameworks. In this context, FinTech players looking at the Russian market are ever more frequently seeking guidance on existing regulations and prospective policies. As always, the departure point is whether there are any regulations at all.