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20 ERA F. 1 (2019-2020)

handle is hein.journals/erafrum20 and id is 1 raw text is: ERA Forum (2019) 20:1-20 https://doi.org/l0.1007/s12027-019-00556-y \ tl 1, 1( FinTech on the Dark Web: the rise of cryptos Maria Todorof1 E RA aROPAteCHE HECHTAKADEMIE ACADEMY OF EUROPEANo LAW Published online: 3 April 2019s e=o-aYoP © Europaische Rechtsakademie (ERA) 2019 Abstract Financial technology (FinTech) based trading activities operate above and underground. Due to their nature, FinTech products can be used within the dedicated regulatory framework or into the deep layers of the Internet. This feature of FinTech alone could potentially undermine the existing financial services regulation (FSR), the aim of which is to ensure financial stability through investor protection measures and measures protecting the integrity of the financial market. To this end, much of the illegal activities on the Dark Web have an interconnected and cross-sectorial impact on the FSR's aims-for example, the on-going problem with stealing of personal data has implications on investor protection, often via market manipulation channels. Such considerations make it relevant to analyse the ways FinTech used on the Dark Web could affect traditional and FinTech activities in the financial sector. How strong this impact could be would probably depend on how ubiquitous FinTech innovations are on the Deep or Dark Web. This article will argue that by definition their market presence is not only across the entire Internet, but also very high in volume. This is all the more the case because FinTechs brainchild, the cryptos, have become the go to currency for many activities outside the law. Keywords FinTech - Financial market - Cryptos 1 Introduction Financial technology based trading activities can and do operate above and under- ground. Due to their nature, FinTech products can easily be used within the dedicated regulatory framework or into the deep layers of the Internet. The latter is where the [ M. Todorof maria.borisof@gmail.com 1 PHD Candidate, University of Barcelona, Barcelona, Spain '_ Springer