Existing Regulatory Frameworks of Cryptocurrency and the Shari’ah Alternative

Alam, Nafis; Zameni, Abdolhossein

doi:10.1007/978-3-030-10749-9_12

Cited by 3 publications

(4 citation statements)

References 2 publications

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“…One respondent is of the view that consultation with other benchmark countries is the need of the time: "Definitely, it's a global phenomenon which can't be dealt with in isolation, so we will learn from other benchmark countries, will consult with others in drafting regulations"/R-2. The result is consistent with previous research conducted by Alam and Zameni (2019).…”

Section: Regulatory Consultation or Isolated Regulationsupporting

confidence: 93%

“…The SECP (2020) invites relevant parties to submit their thoughts and opinions on the draft regulations for digital and virtual assets. This aligns with the nature of cryptocurrencies, which operate beyond national borders and necessitate international cooperation (Juhro, 2022;Alam and Zameni, 2019).…”

Section: Regulatory Consultation or Isolated Regulationmentioning

confidence: 71%

“…Cryptocurrencies are subject to legal constraints, such as those related to money laundering, tax evasion among others, which can be regulated (Trozze et al , 2022; Shariyah Review Bureau Bahrain, 2018). Lack of a regulatory framework, inflexible supply, lack of government regulations, lack of governing authority and volatility are major obstacles to official recognition (Alam and Zameni, 2019; Ammous, 2018; Kahf, 2017; Noreen et al , 2021; Siron and Paesano, 2022). Cryptos’ decentralized nature evades regulations (Lee and L'heureux, 2020; Alhihi, 2019), making them attractive for criminal and speculative activities (Kaminskaya and Kurbanova, 2018).…”

Section: Systematic Literature Reviewmentioning

confidence: 99%

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Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

Khan,

Ullah,

Atiq

2023

QRFM

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Purpose This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies. Design/methodology/approach The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis. Findings The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws. Research limitations/implications This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan. Practical implications The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies. Social implications The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature. Originality/value This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.

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Section: Regulatory Consultation or Isolated Regulationsupporting

confidence: 93%

Section: Regulatory Consultation or Isolated Regulationmentioning

confidence: 71%

Section: Systematic Literature Reviewmentioning

confidence: 99%

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Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

Khan,

Ullah,

Atiq

2023

QRFM

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“…According to the Pew Research Center, approximately 1.8 billion of the world's population, or 24.1% of global citizens, adhered to Islam. The Muslim population is projected to increase to 2.2 billion by 2030 [2]. These data carry substantial implications for the market of Islamic products and services.…”

Section: Introductionmentioning

confidence: 99%

Sustainable Development of Islamic Banks by Creating Islamic Branding: Challenges, Importance, and Strategies of Islamic Branding

Andespa,

Yeni,

Fernando

et al. 2024

IJSDP

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This article delves into sustainable growth strategies for Islamic banks, focusing on expanding and developing Islamic branding. Overcoming challenges and outlining an essential strategy, the research, conducted using the PRISMA model, reviews articles from various academic databases. The findings emphasize Sharia compliance as a critical strategy for sustainable development, ensuring strict adherence to Islamic principles in all financial products and services. This approach builds trust within the Muslim community, distinguishing Islamic banks from conventional institutions and establishing a foundation rooted in commitment to Islamic values. The research underscores the ethical principles of Islamic banking, emphasizing risk-sharing and social justice, and highlights the significance of Islamic branding in reinforcing moral foundations and attracting ethically conscious customers. The study highlights how effective branding enhances trust, facilitating financial inclusion and social responsibility. It implies a need for regulatory frameworks supporting standardized Islamic branding, consumer education, and incentives for ethical practices, positioning Islamic banking as a valuable contributor to the financial landscape.

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Cryptocurrencies in Modern Finance: A Literature Review

Rejeb

Keogh

2021

Etikonomi

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The focus on cryptocurrencies in the finance and banking sectors is gaining momentum. In this paper, we investigate the role of cryptocurrencies in modern finance. We apply a narrative literature review method to synthesize prior research and draw insights into the opportunities and challenges of leveraging cryptocurrencies. The results indicate that cryptocurrencies offer businesses and individuals’ lower transaction costs, higher efficiencies, increased security and privacy, meaningful diversification benefits, alternative financing solutions, and financial inclusion.Challenges exist related to the integration of cryptocurrencies in modern finance. These include the lack of regulatory standards, the risk of criminal activity, high energy and environmental costs, regulatory bans and usage restrictions, security and privacy concerns, and the high volatility of cryptocurrencies.The current review is useful for scholars and managers, including those seeking to have a more balanced understanding of these emerging financial instruments.JEL Classification: E42, F30, F65, G21, G23How to Cite:Rejeb, A., Rejeb, K., & Keogh, J. G. (2021). Cryptocurrencies in Modern Finance: a Literature Review. Etikonomi, 20(1), 93 – 118. https://doi.org/10.15408/etk.v20i1.16911.

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Existing Regulatory Frameworks of Cryptocurrency and the Shari’ah Alternative

Cited by 3 publications

References 2 publications

Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan

Sustainable Development of Islamic Banks by Creating Islamic Branding: Challenges, Importance, and Strategies of Islamic Branding

Cryptocurrencies in Modern Finance: A Literature Review

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