Implementation and regulation of financial innovations at the time of digitalization

The subject of the study is the regulation of financial markets and, in particular, innova- tions in the conditions of a digital economy. At the same time, the work is aimed at justifying the need to adapt the financial market regulator to the changed environmental conditions in which the supervised institutions and their clients operate. The changes have affected the banking activ- ity itself, its virtualization and automation, as well as the appearance of new participants in the financial services market that compete with classical institutions. To achieve this goal, the au- thors examine the legal framework for the activities of new financial institutions, new types of risks that new participants attract domestic and foreign experience in innovation regulating on the financial market. At the end of the study, conclusions were drawn about the necessary nature of regulatory policies, which should be relatively rigid in order to avoid potential crisis phenom- ena and, at the same time, not too burdensome to keep the stimulus for the development of the financial market. At the same time, control should be aimed at maintaining the stability of the country's economy.