Summary of Global Framework for Digital Assets

Jasperse, Joseph; Hammer, Sarah

doi:10.2139/ssrn.4228354

Cited by 1 publication

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“…Despite the transnational character of crypto-exchange activities, there are not any internationally recognized or supranational minimal standards for the regulation of their transactions. Nevertheless, the EU created the European Blockchain Observatory and Forum, and the European Blockchain Partnership which unites all Member States at a political level (Jasperse and Hammer 2022). The European Union also established a unified framework for state-members concerning the prevention of risks arising from cryptocurrencies, information disclosure by crypto-exchanges, combating money laundering and the financing of terrorism (AML/CFT) requirements for cryptocurrency trading.…”

Section: Crypto-exchangesmentioning

confidence: 99%

Model Framework for Consumer Protection and Crypto-Exchanges Regulation

Alekseenko

2023

JRFM

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Cross-border insolvency of crypto-exchanges, cyber-risks, transnational character of activities with cryptocurrencies, and financial frauds on the Internet are among the key threats for individuals who use Bitcoin as an investment. Moreover, crypto-exchanges impose consumer agreements containing provisions limiting their liability for hacker attacks and other clauses promoting inequality in relations with investors. All the named obstacles highlight the vulnerability of unsophisticated individuals investing in digital assets and have pointed out the necessity to adopt an internationally recognized model of rules for crypto-exchanges, otherwise, it will be impossible to effectively protect the rights of investors engaged in the activities of intermediaries exchanging and keeping decentralized cryptocurrencies. The purpose of the study is to elaborate on the fundamentals for constructing an international legal framework protecting consumers from risks arising from the activities of crypto-exchanges dealing with decentralized cryptocurrencies. Based on the methodology of comparative legal study, this paper examines the judicial practice of various countries and the legislation of jurisdictions popular among crypto-exchanges. The research explores the nature of Bitcoin, describes the types of crypto-exchanges and discusses the main approaches to crypto-exchanges regulation. It argues that an international framework on crypto-exchanges should be based on understanding Bitcoin as a commodity which is situated in the place of crypto-exchange incorporation, licensing of crypto-exchanges, and self-regulation.

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Section: Crypto-exchangesmentioning

confidence: 99%

Model Framework for Consumer Protection and Crypto-Exchanges Regulation

Alekseenko

2023

JRFM

View full text Add to dashboard Cite

show abstract

Summary of Global Framework for Digital Assets

Cited by 1 publication

References 0 publications

Model Framework for Consumer Protection and Crypto-Exchanges Regulation

Model Framework for Consumer Protection and Crypto-Exchanges Regulation

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