ABSTRACT The financial technology (Fintech) sector is undergoing a profound transformation, disrupting traditional banking models and reimagining how individuals and institutions access, manage, and utilize financial services. This thesis explores the future trajectory of Fintech with an emphasis on technological innovations, user adoption patterns, regulatory frameworks, and the sector’s broader socio-economic implications. This research aims to analyze the key drivers of Fintech evolution, including the adoption of Artificial Intelligence (AI), blockchain technology, embedded finance, and open banking systems. It also evaluates the opportunities and challenges these innovations present, particularly in the context of emerging markets like India. By using a mixed-method research approach, the study integrates primary data collected through a structured survey of 100 urban Fintech users with secondary data from authoritative industry reports, academic literature, and regulatory publications. The findings reveal that while Fintech solutions are increasingly accepted due to their convenience, speed, and personalization, issues related to cybersecurity, digital literacy, regulatory uncertainty, and trust continue to hinder mass adoption. Technologies such as AI and blockchain are identified as central to the next phase of Fintech innovation, especially in areas like digital lending, investment management, and decentralized finance (DeFi). The research concludes that the future of Fintech will be shaped not only by technological advancements but also by proactive policy-making, industry collaboration, and user education. Recommendations are offered for Fintech firms to enhance consumer trust and for policymakers to develop balanced regulatory frameworks that encourage innovation without compromising financial stability and consumer protection. The thesis contributes to the academic discourse by presenting a structured analysis of where Fintech is headed and offers practical insights for industry stakeholders, researchers, and regulators aiming to navigate this rapidly evolving landscape.
Smart contracts underpin decentralized applications but face significant security risks from vulnerabilities, while traditional analysis methods have limitations. Large Language Models (LLMs) offer promise for vulnerability detection, yet adapting these powerful models efficiently, particularly generative ones, remains challenging. This paper investigates two key strategies for the efficient adaptation of LLMs for Solidity smart contract vulnerability detection: (1) replacing token-level generation with a dedicated classification head during fine-tuning, and (2) selectively freezing lower transformer layers using Low-Rank Adaptation (LoRA). Our empirical evaluation demonstrates that the classification head approach enables models like Llama 3.2 3B to achieve high accuracy (77.5%), rivaling the performance of significantly larger models such as the fine-tuned GPT-3.5. Furthermore, we show that selectively freezing bottom layers reduces training time and memory usage by approximately 10-20% with minimal impact on accuracy. Notably, larger models (3B vs. 1B parameters) exhibit greater resilience to layer freezing, maintaining high accuracy even with a large proportion of layers frozen, suggesting a localization of general code understanding in lower layers versus task-specific vulnerability patterns in upper layers. These findings present practical insights for developing and deploying performant LLM-based vulnerability detection systems efficiently, particularly in resource-constrained settings.
Muhammad Umar Janjua, Abeeha Fatima, Muhammad Waiz Khan, Muhammad Danish Bilal · 6 authors
Smart contract contains both the code and its internal storage data on the chain. This storage data needs to be properly aligned and laid out in the storage trie. Otherwise, it could lead to storage collisions resulting in unexpected behavior or storage-based security exploits such as the Audius hack [1]. In this paper, with our SlotCollider tool, we explore slot collisions that occur when two or more variables share the same storage slots in a proxy contract. Many existing tools rely solely on bytecode analysis for collision detection, but this approach suffers from both false positives and negatives, and is not enough to fully understand the storage layout and complex data types. SlotCollider addresses these issues with the source code based analysis of smart contracts and also incorporates on-chain data for further precision. We evaluated SlotCollider on a set of 4,890 smart contracts that detected an additional 6,558 storage collisions that were missed by other tools [2]. The SlotCollider outperforms existing tools in detection and provides more accurate and reliable results to detect storage collisions in Ethereum smart contracts.
This chapter considers the future of currency in light of recent developments in artificial intelligence (AI). It is now possible to put a reasonably sensible brain into every piece of money. We ask, what will intelligent money do to markets, society, and people? We first consider the ongoing digitalisation of payment and the use of blockchains in the non-fungible token space. Then we review recent advances in AI. We then discuss how these two developments come together to create “smart money” – money that has goals. Finally, we conclude with an assessment of the broader implications of smart money and how it may alter our interactions in markets and elsewhere in society.
Muhammad Izzul Syahmi Zulkepli, Suffian Haqiem Nor Azelan, Nur Bakri Abdul Hamid, Hazrul Hizam Karim · 5 authors
A smart contract is a script that encodes and executes the terms of a contract or transaction on a blockchain platform. This technology offers a practical mechanism for delivering Islamic banking products. Smart contracts can be utilized for Islamic home financing, specifically to implement the diminishing partnership (musharakah mutanaqisah) structure. This arrangement has seen a decline in use, largely due to the rise of tawarruq contracts which benefit from more developed systems and facilities. Reassessing and redeploying the diminishing partnership model via smart contracts could reduce the industry’s heavy reliance on tawarruq in Islamic banking operations. Accordingly, this study evaluates the potential of smart contract technology to execute diminishing partnership agreements, especially within the context of housing finance offerings. We adopt a qualitative approach to achieve this aim, drawing on thematic analysis of prior studies and synthesizing findings through narrative methods. Our results indicate that smart contracts can serve as an effective operational mechanism for diminishing partnership-based home financing, thanks to automated workflows, enhanced transaction transparency, and improved risk management. However, these advantages can only be fully realized if the technological, operational, and Sharia-related risks are properly identified and controlled.
N. Praveena, Yogesh Kumar, Araveeti Madhusudhana Reddy, N. Harish Kumar Reddy · 5 authors
Blockchain technology holds significant promise for transforming the charity donation ecosystem by enhancing transparency, trust, and operational efficiency. Through the use of decentralized, immutable ledgers, blockchain ensures that every transaction is securely recorded and traceable, reducing the risk of fraud and misuse of funds. By introducing smart contracts, donations can be automatically allocated to intended beneficiaries based on predefined conditions, eliminating the need for intermediaries and minimizing administrative costs. This realtime traceability not only boosts donor confidence but also ensures that charitable organizations are held accountable for the funds they receive. Moreover, blockchain enables global participation, allowing individuals from any part of the world to contribute securely and transparently. This paper explores the practical implementation of blockchain for charity donations using the Ethereum network and highlights its potential to bring lasting improvements to the sector. As this technology continues to evolve, it is poised to become a cornerstone in the future of charitable donations.
This article explores the symbiosis of Industry 5.0 technologies and regulatory mechanisms that radically transform the interaction between the banking sector and public governance with a perspective extending to 2045. The research identifies key mechanisms of mutual influence between advanced technologies (artificial intelligence, distributed ledgers, quantum computing) and regulatory processes that define the evolution of banks from traditional financial intermediaries into integrated ecosystems of socio-economic development. The theoretical novelty of the study lies in substantiating the concept of «hybrid financial entities», in which technological infrastructure and regulatory processes function as inseparable components of a unified self-adapting system based on principles of proactive compliance and algorithmic trust. The paper demonstrates that the transformation of public governance models in the financial sector is moving from hierarchical structures towards platform solutions («Government as a Platform», GaaP), creating preconditions for regulatory landscape fragmentation and the formation of «regulatory microclimates». The integration of ESG principles into banking regulation redefines the very nature of financial intermediation, transforming banks into institutions of sustainable development. Special attention is paid to ensuring «digital sovereignty» and «safe degradation» of financial systems in conditions of geopolitical instability and risks of global conflicts. The study proposes a methodological table of banking institutions’ characteristics within four scenarios of financial system evolution: «Technological Hegemony», «Regulatory Revenge», «Decentralised Autonomy», and «Hybrid Convergence». The paper argues that the most probable scenario for banking sector evolution by 2045 is «Hybrid Convergence», characterised by a multi-level financial system where centralised and decentralised elements, state regulation and market self-regulation coexist within a unified ecosystem.
K. Maithili, M. Sumanthreddy, Pratham Tiwari, Alex DavidS · 6 authors
The arrival of blockchain technology has revolutionized the market for digital assets with secure, transparent, and decentralized transactions. This paper presents a new blockchain-based digital asset marketplace on NFTs (Non-Fungible Tokens) to tokenize and exchange digital and physical assets. Our marketplace utilizes Polygon blockchain to support low fees and high scalability, and it offers accessibility and efficiency. Land record management and tokenization of rare commodities, images, and videos are some of the main use cases. The marketplace utilizes Next.js for frontend development, Solidity for smart contracts, MongoDB for storing data, and IPFS for decentralized storage of assets. This paper explains the architecture, smart contract design, and security mechanisms to deliver fraud-proof and verifiable transactions. The suggested system is designed to deliver greater trust, ownership verification, and liquidity in the digital asset market, making blockchain-based marketplaces more user-friendly, cost-effective, and scalable.
Healthcare insurance systems continue to face critical inefficiencies, including lengthy claim processing, high fraud incidence, and privacy risks originating from manual verification processes and unnecessary data exposure. This paper proposes a novel blockchain-based architecture that leverages tokenized wallets and Non-Fungible Tokens (NFTs) to automate healthcare insurance claims while enhancing security. NFTs encode individual insurance policies as smart contracts that automatically verify eligibility and trigger settlements. Tokenized wallets enable encrypted, privacypreserving interactions, minimizing data exposure to insurers and aligning with GDPR requirements. The system integrates with Electronic Health Records (EHRs), allowing real-time validation of medical bills while safeguarding sensitive data. A complete prototype was built on a private Ethereum testnet, MetaMask wallets, and Solidity smart contracts, demonstrating a reduction in claim processing time to below 2 minutes. Stakeholder feedback showed over 85% agreement on improved efficiency, privacy, and fraud reduction. This research makes three key contributions: (1) a scalable, GDPR-compliant blockchain framework for insurance automation, (2) an innovative use of NFTs and smart contracts for real-time claim processing, and (3) a validated proof-of-concept showing practical feasibility.
Ahmed Hassanein, Kameleddine Benameur, Mohamed M. Mostafa, Wasim Al-Shattarat · 5 authors
This study maps the evolution of scholarly research on blockchain technology in accounting and auditing by conducting comprehensive bibliometric analyses of 359 peer-reviewed research articles authored by 639 scholars from 44 countries. Our analysis identifies the most productive authors, journals, institutions, and countries, highlighting the key contributors to the field. We also use keyword co-occurrence techniques to analyze citation trends, collaboration networks, and thematic structures. Our findings show a compound annual growth rate (CAGR) of 38% in research publications from 2017 to 2024, indicating rapid growth in this area. The collaboration network reveals a technology-centralized pattern, with developed countries leading in cross-border collaborations while developing countries exhibit limited international cooperation. Furthermore, we observe a ‘homophily impact’ among leading authors, where frequent co-authorship occurs around common research topics in blockchain for accounting and auditing. The ‘Matthew Effect’ is evident, as a small group of authors disproportionately dominate the collaboration networks, suggesting that a few influential scholars shape the direction of research. This study provides insights into the thematic evolution of blockchain research in accounting and auditing and suggests a roadmap for future research in this field.
Smart contracts are computer codes that represent contract terms and are designed to run on a blockchain platform, automatically enforced upon receiving predetermined inputs. This technological innovation, a key component of the Fourth Industrial Revolution, provides an advanced and innovative approach to executing contract terms. Incorporating this technology into Shariah-compliant contracts within Islamic Banks (IBs) holds the potential to reduce Shariah non-compliance risk (SNC) and enhance operational transparency, ensuring compatibility with contemporary technological applications. In particular, blockchain-based smart contracts have the potential to be integrated into the operations of IBs’ products that are based on tawarruq contracts. This study aims to investigate the potential application of blockchain-based smart contract technology in tawarruq contract operations within IBs and to suggest directions for future research. This study adopted a qualitative approach, drawing on relevant literature. The findings indicated that blockchain-based smart contracts can address Shariah Non-Compliance (SNC) issues in IB’s tawarruq operations while enhancing transaction transparency. This paper discussed the Shariah and operational challenges associated with blockchain technology and posits that blockchain-based smart contracts can improve the practices of tawarruq contracts within Islamic Banks. This paper offers insights for IB entities and regulatory authorities to evaluate the potential and impact of blockchain-based smart contracts within their operations and the broader financial system.
Efficiency and interoperability are essential for the evolution of secure and scalable e-governance systems. This paper presents a novel framework for interoperable smart contract generation that integrates semantic technologies, and Layer-2 blockchain scaling solutions to enhance interoperability, security, and efficiency in e-governance applications. Using zero-knowledge proofs for privacy-preserving transactions and self-sovereign identity mechanisms for decentralized authentication, the proposed architecture ensures trust and compliance with international standards. Initially applied to e-voting, this framework is adaptable to broader public services, fostering a transparent, cost-effective, and sustainable digital governance ecosystem.
Lending protocols have transformed the Decentralized Finance (DeFi) ecosystem, driving innovation while also introducing new risks. This study develops a machine learning framework to predict user behavior and assess factors influencing changes in health ratios within the Compound V2 protocol. By analyzing user historical data, position metrics, and market conditions, we propose machine learning-based models to predict whether users will adjust their positions or face liquidation. We find that Random Forest and XGBoost models excel in predicting these outcomes, with features like collateral values, historical risk exposure, and asset composition playing significant roles. Additionally, panel regression models reveal insights into health ratio dynamics over time and across asset types, as well as user sophistication. These findings offer a better understanding of user behavior, highlighting opportunities for improved risk modeling and adaptive strategies in DeFi lending.
Blockchain technology has become a vital foundation in the transformation of digital financial systems, particularly in supporting the growth of startupreneurs whorequire fast, secure, and transparent financial access. This study aims to analyze howtheimplementation ofblockchain technology can enhance operational efficiency and financial transparency in the development of digital startup businesses. Using a qualitative approach through literature review and best practice analysis, the research reveals that blockchain enables decentralized transactions, minimizes intermediaries, and ensures high data integrity ultimately strengthening investor and consumer trust in the startupreneur ecosystem. The adoption of smart contracts, immutable records, and automated verification also contributes to accelerating financial processes and mitigating fraud risks. However, challenges such as regulatory complexity, digital infrastructure readiness, and data security concerns remain obstacles to widespread blockchain adoption. These findings affirm that blockchain holds significant potential in creating a more inclusive, efficient, and sustainable digital financial model, in line with Sustainable Development Goals (SDGs) points 8 and 9. Recommendations are provided for startupreneurs and stakeholders to strategically integrate this technology into digital business development.
The evolution of blockchain technology, from its origins as a decentralized ledger for cryptocurrencies to its broader applications in areas like decentralized finance (DeFi), has significantly transformed financial ecosystems while introducing new challenges such as Maximum Extractable Value (MEV). This paper explores MEV on the Polygon blockchain, with a particular focus on Atomic Arbitrage (AA) transactions. We establish criteria for identifying AA transactions and analyze key factors such as searcher behavior, bidding dynamics, and token usage. Utilizing a dataset spanning 22 months and covering 23 million blocks, we examine MEV dynamics with a focus on Spam-based and Auction-based backrunning strategies. Our findings reveal that while Spam-based transactions are more prevalent, Auction-based transactions demonstrate greater profitability. Through detailed examples and analysis, we investigate the interactions between network architecture, transaction sequencing, and MEV extraction, offering comprehensive insights into the evolution and challenges of MEV in decentralized ecosystems. These results emphasize the need for robust transaction ordering mechanisms and highlight the implications of emerging MEV strategies for blockchain networks.
Hardhik Mohanty, Giovanni Zaarour, Bhaskar Krishnamachari
Everlasting options, a relatively new class of perpetual financial derivatives, have emerged to tackle the challenges of rolling contracts and liquidity fragmentation in decentralized finance markets. This paper offers an in-depth analysis of markets for everlasting options, modeled using a dynamic proactive market maker. We examine the behavior of funding fees and transaction costs across varying liquidity conditions. Using simulations and modeling, we demonstrate that liquidity providers can aim to achieve a net positive PnL by employing effective hedging strategies, even in challenging environments characterized by low liquidity and high transaction costs. Additionally, we provide insights into the incentives that drive liquidity providers to support the growth of everlasting option markets and highlight the significant benefits these instruments offer to traders as a reliable and efficient financial tool.
Crowdfunding platforms often face challenges such as high transaction fees, limited global accessibility, and reliance on traditional banking systems, which restrict participation and efficiency. These limitations hinder the full potential of crowdfunding, particularly for global contributors and projects. This research addresses these issues by proposing the development of a mobile crowdfunding platform integrated with cryptocurrency payment support. By incorporating cryptocurrency, the platform aims to reduce transaction costs, remove geographical barriers, and enhance transaction security through blockchain technology. The platform is built using a cross-platform mobile framework to ensure broad accessibility while integrating cryptocurrency gateways for decentralized financial transactions. This allows for real-time, secure, and low-cost payments, offering a transparent and efficient process for both contributors and fundraisers. Additionally, the platform's design supports scalability to accommodate various cryptocurrencies and an expanding user base. The findings demonstrate that cryptocurrency payment integration significantly improves transaction speed, reduces fees, and enhances security compared to traditional payment methods. It also fosters global participation, increasing engagement in crowdfunding initiatives.
This research paper explores the evolving landscape of cryptocurrency regulation in India, analysing the roles and limitations of existing regulatory frameworks under the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Prevention of Money Laundering Act (PMLA). As digital assets gain prominence, the Indian legal ecosystem struggles to keep pace due to a lack of comprehensive legislation, institutional clarity, and definitional coherence. The study begins by examining the classification dilemma surrounding crypto-assets under Indian securities law, particularly whether certain tokens could fall within the ambit of "securities" under Section 2(h) of the Securities Contracts (Regulation) Act, 1956. By comparing characteristics of cryptocurrencies to conventional financial instruments and referencing international legal benchmarks such as the Howey Test, the paper argues that many tokens exhibit sufficient investment features to warrant regulatory scrutiny by SEBI. In parallel, the RBI's approach, rooted in concerns over monetary stability, has largely treated cryptocurrencies as a threat to sovereign currency systems. Although the 2018 RBI circular attempted to isolate the financial system from crypto-related activities, the Supreme Court overturned the ban in 2020, underscoring the need for proportional regulation rather than prohibition. Meanwhile, the Indian government has taken significant steps under the PMLA by designating crypto intermediaries as "reporting entities," thereby mandating KYC, transaction monitoring, and suspicious activity reporting to the Financial Intelligence Unit-India (FIU-IND). While these moves align with global anti-money laundering standards, the application of PMLA to a fast-evolving digital sector presents both legal and practical challenges. A key argument advanced in this paper is the need for a dedicated regulatory authority—tentatively called the Digital Asset Regulatory Authority of India (DARA)—to oversee the crypto ecosystem holistically. The study highlights how SEBI and the Enforcement Directorate (ED) are already overburdened with their existing mandates, leading to delays, inefficiencies, and enforcement gaps. A specialised regulator could centralise policymaking, enforcement, and innovation facilitation, thereby addressing jurisdictional ambiguity and improving investor protection without stifling technological growth. this research concludes that the future of digital assets in India demands a balanced, innovation-friendly regulatory framework. For this, a pragmatic regulatory approach—combining institutional reform, international cooperation, and respect for crypto’s foundational features such as decentralisation and pseudonymity
Modern logistics monitoring solutions increasingly depend on the integration of IoT devices for real-time data collection, shipment tracking, goods and vehicle monitoring, and informed decision- making. However, current IoT-based logistics systems face significant challenges, including complex data management, limited interoperability among stakeholders, and inefficiencies resulting from centralized control mechanisms. Blockchain technology has emerged as a promising solution to address these critical issues within logistics and supply chain management. This paper presents a comparative analysis of traditional centralized logistics systems and blockchain-based decentralized solutions, emphasizing the evaluation of blockchain’s strengths such as transparency, immutability, and automated transaction execution via smart contracts and its weaknesses, particularly scalability limitations and implementation complexity. The research specifically examines how smart contracts can effectively manipulate IoT-generated data to automate logistical transactions and ensure secure, transparent data management. Through a structured analysis, this article identifies specific scenarios in logistics where blockchain technology adds significant value and discusses key practical considerations for its effective adoption. Additionally, this research critically evaluates Ethereum Virtual Machine (EVM)-based smart contracts and proposes AWS Hyperledger Fabric smart contract (chaincode) as a more scalable and cost- effective alternative for enterprise logistics applications. The study provides valuable insights and guidelines for logistics practitioners, facilitating informed decision-making about integrating blockchain solutions to enhance operational efficiency, trust, and interoperability within complex supply chain environments.
Purpose: This research analyzes the comparative risks, scalability, and adoption of decentralized finance (DeFi) versus centralized fintech solutions in the context of Saudi Arabia. It seeks to explain the models' acceptance and intended focus on the challenges and opportunities each model presents within the financial landscape of the Kingdom. Methodology: The research followed a survey-based design which fit the systematic collection of data to be analyzed quantitatively. Stratified random sampling was used to select a representative diverse demographic sample of 525 participants. Data analysis was performed using Partial Least Squares Structural Equation Modeling (PLS-SEM) which assessed the interplay between DeFi and centralized fintech platforms through perceived risks, scalability, and adoption factors. Findings: The results demonstrated that Centralized Fintech has a marked impact on fintech adoption in Saudi Arabia, noting importance of trust and regulation. DeFi did not have any appreciable impact on adoption. Perceived Trust and Security and Financial Literacy does not appear to mediate or moderate the relationship these models have with adoption suggesting stronger external influences, such as regulatory environment, drive change. Limitations/implications: The scope of this study is limited by Saudi Arabia’s context and the use of self-reported data. Other regions could be studied along with the undergoing regulatory change, along with socio-economic factors concerning fintech adoption. Originality/value: This research is unique in focusing on the comparative analysis of DeFi and Centralized Fintech in Saudi Arabia. It also serves as an information source for policymakers and fintech developers in formulating policies aimed at increasing the region’s fintech adoption.
This thesis investigates how technological innovation influences the valuation of cryptocurrencies, focusing on the top 50 DeFi tokens by market capitalization. To capture the multifaceted nature of blockchain innovation, I construct three distinct indicators: a Whitepaper Innovation Index based on word embedding and clustering techniques, a standardized Audit Security Score derived from rubric-guided evaluation of audit reports, and a Code Maturity Proxy based on GitHub fork counts. These metrics are combined with financial data from CoinMarketCap and project-level metadata including blockchain architecture classification, academic involvement, historical volatility, and token age. Cross-sectional regression analysis shows that the proposed innovation indicators—while theoretically meaningful—do not exhibit statistically significant relationships with either market capitalization or trading volume. Instead, token age emerges as the most robust and consistent predictor across specifications, indicating that investor behavior is more responsive to project longevity than to technical complexity. Historical volatility is also negatively associated with market capitalization, suggesting that market participants tend to penalize assets with unstable pricing histories. The results suggest that, within the current market landscape, signals of maturity and stability outweigh detailed technical disclosures in shaping investor perception. This study contributes to the empirical literature by introducing a structured, multi-dimensional framework for evaluating technological innovation in crypto assets and by shedding light on the behavioral cues that dominate pricing dynamics in decentralized finance.
The subject of the research is the socio-economic relations arising from investment financing for small and medium enterprises (SMEs) and large businesses using digital financial assets (DFAs). The object of the research is the economy of Russia under conditions of limited investment and credit resources. The aim of the research is to create and utilize new innovative investment tools to support and develop the Russian economy. The digitalization of the Russian economy includes the active implementation of DFAs, which represent a new form of digital rights. DFAs play a crucial role in financing projects, attracting liquidity, optimizing payments, and structuring claims. This significantly changes traditional mechanisms of corporate and investment finance, making them more efficient and flexible. The methodological framework of the research is based on empirical and statistical analysis methods, synthesis, and systematization of information to identify new trends and best domestic practices in the formation and use of digital financial assets in the Russian Federation. The novelty of the research lies in the fact that digital financial assets act as one of the innovative tools of digital technologies, combining the properties of an investment solution and an intermediary in conducting settlements between economic entities. The issuance and circulation of digital assets is a new trend in the financial market. Digital assets are based on distributed ledger technology. They reduce the role of intermediaries and automate transactions through smart contracts. The main findings of the research indicate that the introduction of DFAs in small and medium businesses, as well as in large companies, improves access to capital and enhances the efficiency of financial processes. Under conditions of stringent restrictions and external pressure, DFAs become an alternative to traditional financing channels and a flexible tool for structuring transactions. However, the spread of DFAs faces significant obstacles, including incomplete and changing regulations, vulnerabilities in the cyber environment, a lack of secondary markets, and differences in infrastructure solutions. To overcome these limitations, it is necessary to develop measures for the standardization of the issuance and circulation of DFAs, ensure regulatory alignment, and provide technological support from the government, industry associations, and information system operators. This will reduce regulatory and operational uncertainty, increase investor confidence, and accelerate the development of the Russian DFA market.
Decentralized finance is often perceived as an alternative to the securities market, which does not require the participation of intermediaries; however, their participation can significantly facilitate the functioning of the crypto-asset market, among other things. This is especially relevant for the Russian digital financial assets market, which is built following a model very similar to the traditional securities market. At the same time, there are currently a significant number of legal obstacles to the functioning of intermediaries in the digital financial assets market. The paper examines some ways to build the infrastructure of the digital financial assets market and proposes changes to the regulatory framework that will help achieve this goal. Legislative barriers to the functioning of intermediaries in the digital financial assets market have been identified. A conclusion is made about the possibility of building an infrastructure of intermediaries in the digital financial assets market by bringing together the regulation and legal regime of digital financial assets and uncertificated securities.
The proliferation of FinTech platforms has transformed global financial systems by offering innovative, real-time services.However, this evolution has also expanded the surface area for cyber-enabled financial fraud, especially across multi-layered infrastructures comprising mobile banking apps, decentralized finance (DeFi) platforms, digital wallets, and cloud-based services.Traditional machine learning and rule-based systems have demonstrated limited adaptability in detecting increasingly sophisticated attack vectors that span multiple digital layers.This paper presents a comprehensive exploration of explainable deep learning (XDL) models tailored to detect complex cyber-enabled fraud schemes across interconnected FinTech ecosystems.The study begins with an overview of the structural and technological evolution of FinTech infrastructure, followed by an examination of the most prevalent and emerging fraud typologies including synthetic identity fraud, account takeover, transaction laundering, and insider collusion.Emphasis is placed on the limitations of black-box AI models in high-stakes financial environments where interpretability is critical for regulatory compliance, stakeholder trust, and legal recourse.We introduce an explainable deep learning framework incorporating convolutional neural networks (CNNs) for behavioral biometrics, graph neural networks (GNNs) for multi-entity relationship mapping, and attention-based mechanisms for anomaly prioritization.The model integrates SHAP (SHapley Additive exPlanations) and LIME (Local Interpretable Model-agnostic Explanations) to improve transparency without compromising predictive performance.Evaluation is conducted using real-world transaction data from anonymized FinTech institutions, with metrics highlighting accuracy, false positive reduction, and interpretability scores.The paper concludes by discussing policy implications, ethical considerations, and future research directions in explainable AI for secure financial innovation.