The recent wave of Fintech innovation is sweeping across the globe. Our government, in an effort to keep pace with this global trend, shows strong commitment to develop this fast-growing industry. But, in reality, the domestic Fintech industry faces more obstacles than key developed countries due to an over-regulated financial system. Cases demonstrate that innovative technology and business models are in effect prevented from launching their services due to legal barriers. For instance, Fintech company ``Tomato Solution`` developed a ``Peer-to- Peer (P2P) cross-border payments service``. Its business model enables transfers to happen locally by matching a customer who intends to transfer money abroad with another customer who is a recipient in the opposite direction, and achieves the intended transaction without actually transferring the money through international borders and avoiding costly fees. However, this model corresponds to what is commonly known as ``hwanchigi`` (or, alternative remittance systems resembling ``hawala``), which under our law is not only in direct violation of the ``Foreign Exchange Agency Principle`` under Article 8 of the Foreign Exchange Transactions Act but also potentially contravenes with ``Reporting on Methods of Payment or Receipt`` requirements under Article 16 of the same Act, meaning that this company cannot lawfully launch its services. In the UK, on the other hand, there are no such limits on foreign exchange and we can see firms like ``TransferWise`` which operate online based on the same model. The company``s charges are 0.5% of the transfer sum, an amount equivalent to around one-tenth of conventional cross-border money transfers using financial institutions. This has won TransferWise a competitive edge in the cross-border money transfer market. TransferWise has transacted 4.5 billion dollars in the last 4 years. As we can see from the ``TransferWise`` case, allowing Fintech companies to provide P2P cross-border payments services benefits users in terms of cost and convenience. Also, it prevents potential dangers of these services being drawn into the shadow economy while making room for promoting the Fintech sector and enhancing competitiveness of conventional channels. Therefore, measures are called for to lower the existing barriers for Fintech companies to enter the P2P cross-border money transfer market as soon as possible. This study looks into ways of introducing prompt deregulatory measures and proposes a ``foreign exchange services`` system which would allow operators (non-financial institutions) to send or receive foreign currency limited to a small amount, as is the case in Japan. I believe that our government needs to be more proactive in promoting the Fintech industry in light of the significantly improved domestic economic conditions as well as the fact that our Fintech companies need to compete with fast-growing companies from advanced countries in the world market.