Global Cryptoasset Regulatory Landscape Study

Blandin, Apolline; Cloots, AS; Hussain, Hatim; Rauchs, Michel; Saleuddin, Rasheed; Allen, JG; Zhang, B; Cloud, Katherine

doi:10.2139/ssrn.3379219

Cited by 69 publications

(34 citation statements)

References 9 publications

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“…Tokens can be issued as native to a specific blockchain platform -protocol tokens, or through a decentralised application. They can represent nonfinancial assets or financial assets, either native like cryptocurrencies or tokenised [7]. The lack of a uniform approach to token classification is challenging for regulators.…”

Section: Token Taxonomy Issuesmentioning

confidence: 99%

“…Cryptocurrencies were the first blockchain tokens that attracted the attention of regulators, due to their rapid increase in value, widespread presence in the mainstream media and appeal to a wider audience [7]. Consumer protection, money laundering and financing illicit activities were just a few of the main concerns that brought cryptocurrencies onto the regulators' agenda.…”

Section: Regulatory Challengesmentioning

confidence: 99%

“…The Cambridge Centre for Alternative Finance identified [7] several considerations for the regulatory process with regard to cryptoassets. One of the first steps in such a process is to understand the concepts involved, underlying technological infrastructure and associated potential harms and risks.…”

Section: Regulatory Challengesmentioning

confidence: 99%

“…When applying an existing regulatory framework to blockchain-based tokens, often the first regulatory step is to distinguish cryptoassets deemed to be securities from other types of cryptoassets [7]. Guidance and official statements are often issued clarifying whether and which tokens are included within the regulatory compliance regime applicable to regulated financial markets.…”

Section: Emerging Regulatory Approachesmentioning

confidence: 99%

See 3 more Smart Citations

Emerging regulatory approaches to blockchain based token economy

Ferreira

2020

The JBBA

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Blockchain-enabled digital scarcity has opened up a whole new dimension of possibilities for the token economy, particularly with regard to rights and assets that have not been traded electronically before. Blockchain-based tokenization of rights and assets has also brought a new set of legal and regulatory challenges. Regulators and legislators are yet to address many of the issues raised by blockchain-based tokenization, from decentralisation and token characterisation to cross-border harmonisation and regulatory compliance with traditional market infrastructure. Lack of regulatory alignment can undermine many of the benefits of the token economy. Lack of legal certainty may not only stifle innovation and slow down mainstream adoption of blockchainbased tokenization, but can also raise the risks for investors and harm the reputation of the industry. The emerging regulations vary in approach. Liechtenstein became the first country to have a comprehensive technology-neutral regulation of the token economy. Malta and Singapore also represent progressive jurisdictions for blockchain regulation. However, most jurisdictions, including the United States and the European Union, have not yet formed a clear policy for blockchain regulation, and many legal questions remain open. The paper examines whether there is an emerging predominant regulatory approach or prevailing regulatory direction for the future of the token economy. It also highlights the existing regulatory void and divergent approaches to blockchain-based tokenization. Finally, the paper concludes that there is an urgent need to provide a clear legal and regulatory framework if the potential of the token economy is to be realised.

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Section: Token Taxonomy Issuesmentioning

confidence: 99%

Section: Regulatory Challengesmentioning

confidence: 99%

Section: Regulatory Challengesmentioning

confidence: 99%

Section: Emerging Regulatory Approachesmentioning

confidence: 99%

See 2 more Smart Citations

Emerging regulatory approaches to blockchain based token economy

Ferreira

2020

The JBBA

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“…Starting from 2018, even the concept of cryptocurrency will be abandoned and replaced first by "token", then by the one of "asset" (digital or tokenised asset) (FCA, 2018), and finally by the much more general concept of digital right (property or contractual right) (US congress 2018 H.R. 7356) (See Blandin et al, 2019). This progressive conceptual movement away from the concept of currency or money came full circle with the conceptual shift from the original physicalist and metallist interpretation of the coin's economic value (Maurer et al, 2013;Swartz, 2018) towards a modern "legal" interpretation of exchange value (and money) intended as a redeemable claim (or right) on the social community or part of its members (Simmel, 2004;Dodd, 2014;Gleeson, 2018).…”

Section: (C) Coin: Data As Social Claimsmentioning

confidence: 99%

Towards a Theory of Digital Network De/centralization: Platform-Infrastructure Lessons Drawn from Blockchain

Rossi

Sørensen

2019

SSRN Journal

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Global digital platforms are conquering the world and rely critically on digital infrastructures to function, yet little research has explored the fundamental interrelationship between the two. This working paper argues that understanding centralization and decentralization in digital networks as asymmetry and symmetry in mutual interdependencies between the constitutive elements of a digital network can help us understand the platform-infrastructure relationship more fundamentally (and vice versa). To this end, the paper proposes, as a starting point, the in-depth analytical and literature study of blockchain networks as a particularly revealing type of digital platform/infrastructure duality. The paper proposes an analytical model for characterizing de/centralization in digital networks and maps this onto blockchain networks. Based on this, the paper explores the de/centralization of blockchain, arguing that the extant blockchain literature largely has failed in providing a comprehensive understanding of de/centralization by not considering the complex second-order interdependencies between the different constitutive dimensions of a blockchain: the symbolic, technological and political dimension. Based on this, the paper provides an analysis of the meaning of de/centralization in blockchain networks by studying the interdependencies between its constitutive elements of coin, network technology, and social community.

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Valuation of cryptoassets in EU insolvency: Challenges and prospects

Kostoula

2023

Intl Insolvency Rev

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How and when to determine the value of cryptoassets in insolvency proceedings? This question becomes more topical with the increasing adoption of volatile cryptoassets such as Bitcoin. As many of these assets do not have an ‘apparent’ value that may be readily ascertainable, it is not always clear how their value may be established. This presents significant challenges to their proper valuation in the context of insolvency proceedings and requires certain attention to efficiently confront the implications on the assessment of claims, the calculation of their value and the determination of the recoverable amount. Accordingly, this Article exposes the arising challenges and implications from an EU insolvency perspective, with the aim to trigger considerations for legislative interventions at EU level.

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Global Cryptoasset Regulatory Landscape Study

Abstract: Rasheed is a post-doctoral researcher at the Cambridge Centre for Endowment Asset Management. His work on the formation and regulation of modern markets, 'The Government of Markets', was recently published by Palgrave Macmillan.

Cited by 69 publications

References 9 publications

Emerging regulatory approaches to blockchain based token economy

Emerging regulatory approaches to blockchain based token economy

Towards a Theory of Digital Network De/centralization: Platform-Infrastructure Lessons Drawn from Blockchain

Valuation of cryptoassets in EU insolvency: Challenges and prospects

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