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1
Yuda, Bayu Pratama, Yoserwan Yoserwan, and Riki Afrizal. "Analisis Yuridis Pertanggungjawaban Tindak Pidana Pencucian Uang Melalui Aset Kripto Di Indonesia." Lareh Law Review 1, no. 1 (June 13, 2023): 17–33. http://dx.doi.org/10.25077/llr.1.1.17-33.2023.
Анотація:
Both Indonesia and countries that guide the establishment of crypto asset regulations such as America, Singgapura, and Japan, also face challenges related to their aspects and systems. With these aspects and systems, it will continue to complicate criminal liability for perpetrators who commit laundering. Theissues raised are; 1. How is the regulation regarding Money Laundering Crimes committed through Crypto Assets in Indonesian criminal law, 2. How is the Responsibility for Money Laundering Crimes committed through Crypto Assets. The research method used is normative juridical by examining from the point of view in the form of aspects of legality and criminal responsibility for perpetrators of money laundering through crypto assets based on Indonesian positive law. The results of the research obtained are; 1. The existing regulations in Indonesia currently relating to crypto assets, none of which include criminal provisions for perpetrators who use crypto assets as a mode of committing criminal acts. However, provisions in Law No. 11 of 2008 concerning Electronic Information and Transactions can be imposed on actors who use crypto assets as a new medium in committing criminal acts. And the use of crypto assets can also be classified as a mode of committing money laundering crimes, provided that the money converted into crypto assets comes from the proceeds of criminal acts as stated in article 2 of Law No. 8 of 2010 concerning the Prevention and Eradication of Money Laundering. 2. Criminal liability for perpetrators who misuse crypto assets as a mode of committing money laundering can be subject to articles 3, 4, and 5 of Law Number 8 of 2010 concerning the Prevention and Eradication of Money Laundering. This is based on the normative error theory, the principle of strict liability and based on the judge's consideration in the decision of case No. 1240/Pid.Sus/2022/PN.Tng
2
Brechko, Oleksandr. "CRYPTOCURRENCY AS A PHENOMENON OF A NEW FINANCIAL INFRASTRUCTURE: ISSUES OF THEORETICAL UNDERSTANDING AND PRACTICAL USE." Economic Analysis, no. 27(3) (2017): 144–50. http://dx.doi.org/10.35774/econa2017.03.144.
Анотація:
The approach to understanding electronic money and their types on the basis of cryptographic technologies and data encryption protocols is disclosed in the article. Electronic money is becoming more popular among Internet users, as payment transactions and additional revenues. This determines the formation of new economic categories and characteristics, which gradually enter the system of modern development of society. Among them we can point out crypto technology, cryptosystems, and crypto economy, trade and money relations. They are based on bitcoin and alternative crypto assets. Modern approaches to understanding crypto currencies and their classification features are analysed. Characteristics that show the advantages over fiat money are given. The directions for the development of the crypto currency market and its surrogates are outlined.
3
Rubin, Ryan. "Inside the Crypto Money Maze." ITNOW 61, no. 2 (2019): 34–37. http://dx.doi.org/10.1093/itnow/bwz045.
4
Ismi Yonifia. "Conception of Money in Islamic Economic Dimension." Talaa : Journal of Islamic Finance 1, no. 2 (December 31, 2021): 121–32. http://dx.doi.org/10.54045/talaa.v1i2.343.
Анотація:
Money is seen not only as a legal tender (legal tender) but also seen as a commodity, money has two possibilities, namely the possibility leads to the good thing and the possibility leads to the bad thing. Both depend on the person using it. Money continues to innovate and evolve from cash to non-cash or electronic money. The emergence of crypto currencies raises pros and cons in various circles. This study aims to explain the concept of money from an Islamic perspective by analyzing crypto currencies as virtual currency. The writing method used is qualitative research using a literature review. The data taken are secondary data and data collection techniques using documentation and library studies. The results of this study explain that in Islamic economics currency must have underlying assets recognized by the government to avoid "money to money" transactions, while crypto currencies do not have underlying assets and no one is responsible.
5
Simanovskiy, A. Yu. "On the issue of crypto‑currency economic nature." Voprosy Ekonomiki, no. 9 (September 28, 2018): 132–42. http://dx.doi.org/10.32609/0042-8736-2018-9-132-142.
Анотація:
The article deals with the analysis of the economic nature of cryptocurrency, risks that arise from its use for economic turnover servicing, and consequences of different options of its probable legalization. Crypto-currency is deemed a money surrogate, a new kind of fiduciary money, having essentially no ground for trust, and an instrument of national wealth redistribution. The major way of crypto-currency existence is Ponzi scheme. Proposals are provided for limiting negative economic and social costs of crypto-currency use.
6
Muravskyi, Volodymyr, Pavlo Denchuk, and Oleh Reveha. "Inventory control and accounting valuation of electronic money and crypto assets in electronic transactions." Central Ukrainian Scientific Bulletin. Economic Sciences, no. 9(42) (2023): 131–41. http://dx.doi.org/10.32515/2663-1636.2023.9(42).131-141.
Анотація:
The monetary basis of the digital economy is electronic money and cryptographic objects that have specific characteristics, consideration of which significantly complicate accounting and control. In order to ensure the identification, inventory and valuation of crypto assets, it is necessary to optimize the methodology and organization of accounting for electronic money transactions in the digital economy. The purpose of the article is to improve the inventory control and accounting assessment methodology from the point of view of the current and future value of electronic and cryptographic money in the context of electronic money transactions. The article substantiates the possibility of a permanent automatic inventory of electronic and cryptographic money funds based on the information synchronization of crypto exchanges (electronic transactions operators) with specialized software for automation of accounting. The procedure for carrying out inventory control of electronic money and cryptocurrencies in terms of types of electronic transactions has been improved. The features of accounting valuation of crypto assets characterized by intangible nature, significant volatility, speculative nature, confidentiality, decentralization, etc. have been determined. The methodology of accounting valuation of crypto assets has been optimized with the determination of their initial and future value in the context of distinguishing types of electronic transactions, as well as the need to revalue accounting objects used as a means of circulation or as investment and financial instruments. The methodology for valuation of newly created crypto assets has been clarified in terms of taking into account the costs of labor and social insurance, electricity and utilities, and depreciation of equipment related to the maintenance of the electronic transaction system. The use of the author's proposals will contribute to reliable and timely accounting of electronic and cryptographic money funds.
7
Yang, Gi Jin. "Crypto-assets and Financial Consumer ; A Review of Surrounding Legal Issues." International Review of Financial Consumers 3, No. 2 Oct 2018 (October 1, 2018): 1–8. http://dx.doi.org/10.36544/irfc.2018.1-2.1.
Анотація:
Crypto-assets or cryptocurrencies have emerged globally lately. This paper aims to discuss several issues about crypto-assets or cryptocurrencies while it introduces the some Korean issues. Recent attempts to regulate crypto-assets or cryptocurrencies are mostly to avoid/decrease regulatory arbitrage. Activities surrounding crypto-assets or cryptocurrencies may constitute pseudo-deposit taking activities subject to the related banking regulations. As cryptocurrencies are sometimes traded like money, activities dealing with cryptocurrencies may be subject to regulations about anti-money laundering (AML) and counter terrorist financing (CTF). Securities issues to protect investors are most topical; securities issues makes ICOs reviewed from an investor protection aspect thereby justifying application of securities regulations. Furthermore, the issue of accounting and taxation, and privacy issue are also important which need to keep watching.
8
Novashina, Т. S. "Economic Nature of A. Yu. Simanovskiy Crypto-Currency." Vestnik of the Plekhanov Russian University of Economics, no. 3 (May 13, 2020): 27–39. http://dx.doi.org/10.21686/2413-2829-2020-3-27-39.
Анотація:
The author by analyzing theoretical ideas put forward b y A. Yu. Simanovskiy in the research ‘Concerning Economic Nature of Crypto-Currency’, which was published in the journal “Issues of Economics’ provides his own opinion concerning whether currency (including crypto-currency) can have economic nature. This question is not rhetoric and has nothing to do with casuistry. It is essential, principle and touches upon problems dealing with national security. On the basis of system-functional analysis and achievements of modern theory of money and using its fundamental provisions the author considers the content of money in dialectic unity of form transformation (material, money, paper, electronic) and spheres (social – money as a symbol; economic – bank notes; political and legal – monetary units) of their being. It is shown that currency, especially crypto-currency cannot have economic nature. In this connection the author studying the process of historical transformation of international monetary systems with regard to achievements of finance, technical and social engineering aimed at creation of ‘digital gold’ thinks that the social and economic model of the future international monetary system has been tested already.
9
GÖKALP, Bekir Tamer. "The Effects of Cryptocurrency Market on Borsa Istanbul Indices." Ekonomi, Politika & Finans Araştırmaları Dergisi 7, no. 2 (June 30, 2022): 481–99. http://dx.doi.org/10.30784/epfad.1081705.
Анотація:
It has been emphasized in many studies that the developments in the crypto money markets have a serious impact on the world stock markets. Due to these effects, the fluctuations in the world stock markets have increased, and it has become necessary for investors to follow these markets more closely and determine their strategies according to these developments. In this study, it was examined whether the developments in the crypto money market have an effect on Borsa Istanbul (BIST) indices. For this purpose, data of the three most popular cryptocurrencies Bitcoin, Ethereum and Ripple were used, and their spillover effects on BIST100, BIST30 and banking (XBANK) indices were investigated. Oil prices (WTI) and fear index (VIX) variables were also used as control variables in the study. The findings obtained from the analyses in our study carried out for the period 01/01/2014-31/12/2021 showed that there is a positive spillover effect from the crypto money markets to the indices we examined. While oil prices were found to be statistically significant in all models among the control variables, different results were obtained on the effect of the fear index. The findings show that it is imperative for stock market investors to closely monitor the developments in the crypto money market in addition to track various economic variables, in their investment decisions.
10
Waspada, Ikaputera, Dwi Fitrizal Salim, and Astrie Krisnawati. "Horizon of cryptocurrency before vs during COVID-19." Investment Management and Financial Innovations 20, no. 1 (December 16, 2022): 14–25. http://dx.doi.org/10.21511/imfi.20(1).2023.02.
Анотація:
Investment cannot be separated from the level of return and risk inherent in assets. Today, investment instruments are not only stocks, currencies, bonds, deposits, savings and others. The beginning of Bitcoin’s emergence as a pioneer of Cryptocurrency was in 2009. Crypto assets are emerging rapidly and are accompanied by an increase in the number of transactions each period. The growth in the market capitalization value of crypto assets has also grown significantly. During COVID-19, many investments, such as stocks, experienced a decline due to market uncertainty. The results of this study prove that with the existence of COVID-19, the crypto market is not affected. Crypto is an attraction characterized by a high degree of fluctuation, and there is no limit to transactions in the open market 24 hours to trade. The Cryptocurrency market is currently a market that can provide short-term benefits to risk-taking investors, while the market in other investment instruments is declining. 78% of the value capitalization of the top 200 cryptocurrencies is represented by the top 9 cryptos used as samples in this study. So that if there is a decrease in these 9 cryptos, it will also have an impact on the overall capitalization value of crypto in the market. The future development of Cryptocurrencies will no longer be digital assets traded with many speculators who can control prices, it can even be digital money that can be used worldwide without any transaction fees and is controlled on a blockchain system.
11
GUERRA, Gustavo Rabay, and Henrique Jerônimo Bezerra MARCOS. "LEGAL REMARKS ON THE OVERARCHING COMPLEXITIES OF CRYPTO ANTI-MONEY LAUNDERING REGULATION." Revista Juridica 4, no. 57 (October 5, 2019): 83. http://dx.doi.org/10.21902/revistajur.2316-753x.v4i57.3757.
Анотація:
ABSTRACT Objective:The paper analyzes money laundering through crypto-assets and offers a legal perspective on how this new technology can be used to commit these felonies. The study intends to shed light on the matter, helping to visualize how future anti money laundering – AML regulation should focus on tackling crypto criminal activity effectively. Methodology: The research adopts an inductive approach, bibliographic and documental research technique, with an exploratory and propositional methodological objective. Results: The paper proposes the following framework of anti-money laundering principles for crypto-focused action: transnational approach for AML action; going beyond basic gatekeeper compliance approach, considering the lack of structural chokepoints in a blockchain protocol; private-sector cooperation and clear AML standards; usage of tracking and reverse-engineering anonymization techniques for the tracing of crypto transaction history; and adoption of a global blacklist for cryptoasset prefixes, preventing money laundering integration. Contributions: The study addresses a topic that is still unfamiliar in the academic world due to its innovation and complexity, as well as elaborates a set of principles to combat money laundering with crypto-assets that could be of great value to companies and financial institutions. KEYWORDS: Crypto-assets; crypto-currencies; bitcoin; blockchain; money laundering. RESUMO Objetivos: O artigo analisa a lavagem de dinheiro através de ativos criptográficos e oferece uma perspectiva jurídica sobre como essa nova tecnologia pode ser usada para cometer tais crimes. O estudo busca esclarecer o assunto, ajudando a visualizar como a futura regulação contra a lavagem de dinheiro cometida através destes ativos deve ser estruturada para assegurar efetividade. Metodologia: A pesquisa adota uma abordagem indutiva, a técnica de pesquisa é bibliográfica e documental, seu objetivo metodológico é exploratório e propositivo. Resultados: O artigo propõe o seguinte conjunto de princípios para o combate à lavagem de dinheiro com criptoativos: a abordagem transacional para combate à lavagem de dinheiro; ir além de uma abordagem focada em intermediários, considerando a falta de pontos de estrangulamento em um protocolo block chain; a cooperação com o setor privado e padrões claros de compliance para prevenção à lavagem de dinheiro; uso de técnicas de rastreamento e de engenharia reversa para processos de ocultação de histórico de transações; e a adoção de listas sujas globais para evitar a fase de integração do processo de lavagem de dinheiro com criptoativos.Contribuições: O estudo aborda um tema ainda muito pouco divulgado no meio acadêmico devido à sua inovação e complexidade, bem como elabora uma proposta de conjunto de princípios para o combate à lavagem de dinheiro com criptoativos que poderá ser de grande valia para empresas e instituições financeiras. PALAVRAS-CHAVE: Criptoativos; criptomoedas; bitcoin; blockchain; lavagem de dinheiro.
12
Service, Robert F. "Billionaire’s crypto company collapse strands scientists." Science 378, no. 6621 (November 18, 2022): 697. http://dx.doi.org/10.1126/science.adf8362.
13
Koutsoupia, Victoria. "Challenges of the Use of Virtual Assets in Money Laundering." Nordic Journal of European Law 6, no. 4 (December 27, 2023): 53–78. http://dx.doi.org/10.36969/njel.v6i4.25919.
Анотація:
Cryptocurrencies have vast potential, but they also present significant risks related to money laundering and terrorist financing due to their technical characteristics. Crypto-assets are essentially applications of blockchain technology, which entails a public, encrypted, and secure ledger distributed across a network of validated computers. Each computer operates with common software that fosters consensus on new entries and prevents unauthorized alterations to the agreed-upon register. The Financial Action Task Force (FATF) has issued numerous guidelines on virtual assets, and in September 2020, the European Commission embraced the Digital Finance Package to bring the EU in line with the digital age. A pivotal component of this package is Regulation (EU) 2023/1114 of the European Parliament and of the Council, dated May 31, 2023, on markets in crypto-assets, known as MiCA Regulation. This regulation signifies the EU’s endeavor to standardize the legal framework for crypto assets while actively contributing to the prevention of money laundering and terrorist financing. The challenge for regulatory authorities lies in the seizure, confiscation, and forfeiture of crypto-assets as proceeds of crime, given their inherent characteristics that impede traceability. Court decisions outlined in this article underscore the difficulties faced by law enforcement authorities when handling crypto-assets as proceeds of crime. The article examines how European legal authorities and the FATF utilize various legal tools, such as Directives, Regulations, and Guidelines, to adapt to the evolving landscape of virtual assets. To mitigate the risk of forum shopping, where individuals seek the most favorable legal regime, alignment of the legal frameworks of Member States is crucial. The ongoing evolution of the legal framework reflects the persistent challenges posed by virtual assets in the context of criminal activities, prompting a continuous adaptation of regulations by European legal authorities and the FATF.
14
Putri, Tiara, Amiludin Amiludin, Dwi Nurfauziah Ahmad, and Hidayatulloh Hidayatulloh. "Inadequate Cryptocurrency and Money Laundering Regulations in Indonesia (Comparative Law of US and Germany)." Yustisia Jurnal Hukum 12, no. 2 (August 2, 2023): 129. http://dx.doi.org/10.20961/yustisia.v12i2.71835.
Анотація:
<em>Cryptocurrency as a virtual currency managed by a decentralized system makes it immune to government interference and allows it to transact under pseudonyms. This has the potential for cybercrime and illicit transactions, especially money laundering. This study aims to compare legal instruments in Indonesia, the US, and Germany regarding the use of cryptocurrency as a money laundering tool and to analyze the readiness of Indonesia to respond to this crime. This study is normative legal research conducted using a comparative and statutory approach. These findings show that the US and Germany have extensively regulated crypto. In the US, Crypto transactions are considered MSB, subject to BSA compliance. Each transaction must comply with AML, KYC, and CIP requirements. In Germany, Cryptocurrency is considered a personal asset. The crypto trading must meet the KYC and AML requirements. Indonesia needs advanced regulations because crypto is only considered an investment asset. The investigation is difficult because cryptocurrency is transacted pseudonyms, so connecting pseudonyms with real people is challenging</em>
15
Dudukalov, Egor V., Yulia A. Geroeva, Mariya A. Shtepa, and Denis Ushakov. "The crypto currency as money of digital economy." E3S Web of Conferences 244 (2021): 10021. http://dx.doi.org/10.1051/e3sconf/202124410021.
Анотація:
The digitalization of monetary and foreign exchange circulation is one of the leading institutional and infrastructural transformations at the beginning of the 21st century, affecting not only the long-term interests and priorities of business development and state progress, but also the very principles of public-private relations within the socio-economic system. The article assess opinions of 350 experts from 8 sectors of the economy of Russia and Thailand for the prospects of cryptocurrency (on the example of Bitcoin) introducing into official calculations, turnover, accumulation, as well as the readiness of business and state for this digital transformation in context of the Digital Economy trend globalization. The research implemented the quantitative methodology throughout using a survey and the data had been treated using SPSS statistical tool for hypotheses validation. The empirical data obtained confirmed the priorities of the factors for accelerating the currencies cryptotization, identified the main problems of Russian and Thai business, pessimizing the potential for using Bitcoins, and the concept of state financial regulation modernizing in the dynamics of digitalization.
16
Bawono, Suryaning, and Silvi Asna Prestianawati. "RETHINKING OF FINANCE STABILITY :." JBFEM 2, no. 1 (March 2, 2019): 15–22. http://dx.doi.org/10.32770/jbfem.vol215-22.
Анотація:
We are attempting to review the stability of the internal exchange rates of paper money and gold and to examine the effects of the mysterious anti-crypto money policy. We used the ordinary least squares quantitative method to compare the resilience of the internal values of gold and USD against inflation and the charts to see the impact of anti-crypto money policy along with the resilience of gold and USD against the turbulence of internal exchange rate stability. When viewed from R-squared and Adjusted R-squared inflation can be said no significant effect on world crude oil prices with USD as a means of payment. So the world oil turbulence is influenced by another variable that is more significant than inflation. This paper has contribution to the government in monetary side to derive the digital money regulation in order to secure the digital transaction.
17
Karpunin, Vyacheslav I., and Tatiana S. Novashina. "Crypto currency's "economic nature" in the light of new monetary theory." Nexo Revista Científica 34, no. 01 (April 14, 2021): 258–69. http://dx.doi.org/10.5377/nexo.v34i01.11304.
Анотація:
The systemic and functional analysis of economic nature of Crypto currency within the modern theory of money is a necessary essential component of the study that allowed the authors to formulate a vision of social and economic model of future international monetary system. The authors consider the substance of money in a dialectic unity of the transformation of forms and spheres of its being. The forms of being of money are: material, monetary, paper, electronic. The spheres of being of money are: social, - the "symbol money"; economic, - the "bank notes"; political and legal, - "monetary units". In this paper we show that money is a financial instrument. Money is a market form of universal claim to a share in the wealth of society. The uncovering of internal intrinsic structure of money allows the authors to show convincingly that a currency, especially a "Crypto currency", cannot have and does not have an "economic nature". In considering the process of historical transformation of international monetary systems, taking into account the real achievements of financial, information, program and social engineering for the creation of a digital "gold" the authors believe that the social and economic model of future international monetary system has received its real approbation.
18
Maslov, Dmytro S. "The Institutional Framework for Regulating the Production and Circulation of Digital Goods in Ukraine." Business Inform 11, no. 538 (2022): 31–40. http://dx.doi.org/10.32983/2222-4459-2022-11-31-40.
Анотація:
The purpose of the study is to offer a scientific vision of the essence of digital goods and recommendations for its reflection in Ukrainian legal regulation based on the study of scientific publications of researchers of digital goods and existing normative acts regulating the processes of their production and circulation. The article brings forward arguments to support the opinion that «virtual assets», «digital assets» and «crypto assets» are not good names for goods operating on the basis of distributed ledger technology, since such a name is not scientifically based and does not reflect the essence of these objects. From the point of view of economic science, it is more expedient to use the name «crypto goods», which reflects both the commodity essence of these objects and their external technological form, formed on the basis of cryptography and a distributed ledger. According to their functional role, among crypto goods can be distinguished articles related to money, investment goods, personal consumption items, and means of production. It is determined that regulators chose such names, guided not by scientific, but political expediency, as they try to prevent competition on the part of monetary crypto goods for the sake of the monopoly of issuing public money by central banks. Simultaneously, the economic essence of crypto goods in general forces the relevant institutions to be appointed directly responsible for the regulation of certain crypto goods. For example, monetary crypto goods are regulated by central banks, and investment crypto goods are regulated by bodies that are usually engaged in the regulation of the securities market. The philosophy of regulation is aimed primarily at legally making all crypto goods either investment or consumer goods. Monetary crypto goods is only viewed as digital currencies of central banks. A promising direction of research in this area may be the analysis of the consequences of the spread of the production of crypto goods, especially in metaverses, for national economies and for business.
19
Levashenko, Antonina D., and Ivan S. Ermokhin. "MODERN CRYPTOECONOMICS: INTERNATIONAL LEGAL REGULATION." International Trade and Trade Policy, no. 1 (March 31, 2018): 135–42. http://dx.doi.org/10.21686/2410-7395-2018-1-135-142.
Анотація:
Due to increasing interest around the world about crypto-currency there is a growing need among authorities for understanding the approaches to regulate the new phenomenon. Analysis of international experience in the regulation of crypto-currencies and other cryptoactive assets shows that regulators are now trying to reduce the risks associated with the violation of public interests - the risks of erosion of the tax base and money laundering and terrorist financing. The article provides information on the approaches of the EU, the US and other OECD countries to the regulation of crypto-currencies and other crypto assets, as well as possible proposals for regulators in Russia.
20
L, Sowmiya, Keerthana D, Mahalakshimi L, and Ramya A. "Implementation and Analysis of Cryptocurrency." International Journal for Research in Applied Science and Engineering Technology 10, no. 6 (June 30, 2022): 1425–29. http://dx.doi.org/10.22214/ijraset.2022.43742.
Анотація:
Abstract: A crypto currency is a digital currency mainly based on blockchain technology. The use of virtual currency has become widespread in many different systems in recent years. Virtual money is not fully controlled and regulated hence most of the countries have not admitted this currency in their economic activities. The project aims to understand the basic concepts of cryptocurrency, how they works , analyze the different type of crypto at market and the hardship they face . We will be also trying to use this knowledge to create a small prototype of a crypto system.
21
Jihan Nahdah Rachmahdani. "Pertanggungjawaban Pidana Pelaku Pencucian Uang melalui Aset Kripto." Jurist-Diction 6, no. 4 (October 1, 2023): 713–40. http://dx.doi.org/10.20473/jd.v6i4.51220.
Анотація:
Abstract Indonesia as a country that allows cryptocurrencies but limits the use of cryptocurrencies, namely only as an investment, not as a legal means of payment as regulated in the Currency Law. As an alternative, cryptocurrencies are categorized as commodity futures in the form of assets called crypto assets whose operations will be supervised by Bappebti. However, certain crypto assets can be an alternative for perpetrators of money laundering crimes to disguise the proceeds of their crimes. The type of research used is legal research with a conceptual approach, legislation, and cases. Suggestions that can be submitted are: (a) International cooperation to facilitate tracking of crypto assets stored in crypto asset exchange service wallets abroad (b) increase vigilance and caution towards the parties concerned, especially Bappebti dan PPATK, and asset traders cryptocurrencies to report any suspicious financial transactions electronically and protect against cyber attacks related to crypto asset transactions that have the potential to lead to money laundering. Keywords: Money Laundering, Crypto Assets, Accountability of Defendant. Abstrak Indonesia sebagai negara yang mengizinkan cryptocurrency akan tetapi membatasi penggunaan cryptocurrency yaitu hanya sebagai investasi bukan sebagai alat pembayaran yang sah sebagaimana yang diatur dalam UU Mata Uang. Sebagai alternatifnya, cryptocurrency dikategorikan sebagai barang berjangka komoditi dalam bentuk aset yang disebut aset kripto yang penyelenggaraannya akan diawasi oleh Bappebti. Namun, aset kripto tertentu dapat menjadi alternatif bagi pelaku tindak pidana pencucian uang untuk menyamarkan dana hasil kejahatannya. Tipe penelitian yang digunakan adalah penelitian hukum dengan pendekatan konseptual, perundang- undangan, dan kasus. Saran yang dapat disampaikan adalah: (a) Kerjasama Internasional untuk mempermudah pelacakan terhadap aset kripto yang tersimpan pada wallet layanan pertukaran aset kripto di luar negeri (b) meningkatkan kewaspadaan dan kehati- hatian terhadap pihak yang bersangkutan, utamanya Bappebti, PPATK, dan pedagang aset fisik kripto untuk melaporkan setiap transaksi keuangan yang mencurigakan secara elektronik dan melindungi serangan siber yang berkaitan dengan transaksi aset kripto yang berpotensi mengarah pada pencucian uang. Kata Kunci: Pencucian Uang, Aset Kripto, Pertanggungjawaban Pelaku.
22
Paesano, Federico, and Dorothy Siron. "Working Paper 38: Cryptocurrencies in Asia and beyond: law, regulation and enforcement." Basel Institute on Governance Working Papers, no. 38 (May 17, 2022): 1–69. http://dx.doi.org/10.12685/bigwp.2022.38.1-69.
Анотація:
The crypto industry has exploded in recent years, and authorities in different countries have been reacting in very different ways. Some have banned cryptocurrencies, while others are embracing them to varying degrees. Some are working hard to align their anti-money laundering regulations with FATF standards, while others are turning a blind eye. A few countries have confiscated huge quantities of crypto assets linked to crime and money laundering. Others are at square one in terms of enforcement, risking becoming a hub for crypto crime and money laundering and posing a serious vulnerability in the world’s financial system.
This Working Paper draws on a detailed analysis of how selected countries are addressing legal, regulatory and enforcement issues around cryptocurrencies and other virtual assets. The analysis is focused on Asia, but set in the context of global trends in crypto law, regulation and enforcement. It explores critical questions that will shape policies around virtual assets at the corporate, national and international levels:
What is working in terms of crypto regulation and enforcement?
What are the implications of different policy choices on crypto assets – for the industry, for the countries themselves and for global financial integrity as a whole?
What would the crypto wave possibly bring next?
The Paper also highlights broader developments needed to bring light and clarity to laws, policies and practices around the crypto industry, such as collaboration between both market players and governments.
Jurisdictions touched upon in this Working Paper alphabetically include Bhutan, Central African Republic, El Salvador, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan, Malaysia, Myanmar, Russia, Singapore, South Korea, the Philippines, the People’s Republic of China, Thailand, Ukraine and Vietnam.
A list of key terms and abbreviations have been prepared in the Annex to this Working Paper for the readers’ easy reference.
About this Working Paper
This Working Paper is a collaboration between Dorothy Siron, Co-Managing Partner, Zhong Lun Law Firm LLP and Federico Paesano, Senior Financial Investigation Specialist, Basel Institute on Governance.
Dorothy Siron provided the bulk of the analysis and discussion, while Federico Paesano provided a selection of case studies and was co-author of the seven recommendations contained in section 4. The collaboration was facilitated by the International Academy of Financial Crime Litigators, an independent, non-partisan global centre that shapes and advances financial crime litigation practices for the future.
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Анцибор, Инга Александровна, and Татьяна Сергеевна Маркова. "ICO: Big Money, Big Risks." ВЕСТНИК ОБРАЗОВАНИЯ И РАЗВИТИЯ НАУКИ РОССИЙСКОЙ АКАДЕМИИ ЕСТЕСТВЕННЫХ НАУК, no. 3 (October 15, 2019): 14–17. http://dx.doi.org/10.26163/raen.2019.23.72.003.
Анотація:
Анализируются вопросы, связанные с реализацией такого механизма привлечения инвестиций, как ICO: продажа цифровых монет проекта - токенов с целью привлечения начального капитала для создания и развития программного продукта. Описываются основные характеристики токенов как криптоаналогов ценных бумаг. Рассматриваются риски инвесторов в ходе реализации ICO. We analyze issues concerning such a mechanism of attracting investment as ICO - selling digital coins (tokens) to attract opening capital to create and develop program product. We describe the main characteristics of tokens as crypto analogues of securities. We consider investors’ risks when selling ICO.
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Sadat, S. Abdul Wahid. "EVALUATION OF LEGAL INFRASTRUCTURE OF DIGITAL CURRENCIES IN TURKEY." SOCIAL SCIENCE DEVELOPMENT JOURNAL 7, no. 32 (July 15, 2022): 132–45. http://dx.doi.org/10.31567/ssd.659.
Анотація:
In order for the crypto money tax to be collected, it must first be regulated by law. The first thing to do is to legalize cryptocurrencies as assets and money and then tax them accordingly. We will first examine the attitudes of some states towards cryptocurrencies and then touch on tax issues in the next step. A study of attitudes in the European Union (EU) shows that only four EU countries guarantee cryptocurrencies (EU). In the statement of the Bank of Turkey Regulation and Supervision Agency dated 25 November 2013 and numbered 2013/32; According to the Law No. 6493 on Payment and Securities Payment Systems, Payment Services and Electronic Money Institutions, bitcoin cannot be issued as digital money, and there is no accreditation and inspection requirement within the scope of this decree. In transactions with Bitcoin and similar cryptocurrencies, there is no risk of accessing the personal information of the buyers, the use of virtual money for illegal activities and theft or loss of market equivalent currency. Due to some similar risks, such as the use of electronic packages or unauthorized use of transactions or irreversible transactions, citizens who deposit funds need to be careful. In this study, it was tried to examine the crypto money tax in Turkey.
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Christiani, Karina, Arief Wibisono, and Gatut Hendro TW. "Perlindungan Hukum Terhadap Nasabah Cryptocurrency Di Indonesia." SALAM: Jurnal Sosial dan Budaya Syar-i 9, no. 5 (August 14, 2022): 1541–56. http://dx.doi.org/10.15408/sjsbs.v9i5.27644.
Анотація:
Regulation of money or currency in Indonesia is based on Law (UU) Number 7 of 2011 concerning Currency. Money is a symbol of state sovereignty that must be respected and proud of by all Indonesian citizens. In this study, the author discusses the implementation of cryptocurrency transactions in Indonesia according to the Regulation of the Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Market for Crypto Assets (Crypto Assets) on the Futures Exchange, and discusses the Legal Protection in Cryptocurrency Transactions according to the Agency Regulations. Commodity Futures Trading Supervisor Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Crypto Asset Market on the Futures Exchange in Indonesia. This writing uses descriptive qualitative method. The results of the study state that legal protection for the community is currently familiar with digital transactions and specifically during this pandemic.Keywords: Legal Protection; Cryptocurrencies; Crypto Asset AbstrakPengaturan uang atau mata uang di Indonesia didasarkan pada Undang-Undang (UU) Nomor 7 Tahun 2011 tentang Mata Uang. Uang merupakan simbol kedaulatan negara yang harus dihormati dan dibanggakan oleh seluruh warga negara Indonesia. Dalam Penelitian ini, penulis membahas mengenai Pelaksanaan Transaksi cryptocurrency di Indonesia menurut Peraturan Badan Pengawas Perdagangan Berjangka Komoditi Nomor 5 Tahun 2019 Tentang Ketentuan Teknis Penyelenggaraan Pasar Fisik Aset Kripto (Crypto Asset ) Di Bursa Berjangka, dan membahas tentang Perlindungan Hukum Dalam Transaksi Cryptocurrency Menurut Peraturan Badan Pengawas Perdagangan Berjangka Komoditi Nomor 5 Tahun 2019 Tentang Ketentuan Teknis Penyelenggaraan Pasar Fisik Aset Kripto (Crypto Asset) Di Bursa Berjangka di Indonesia. Penulisan ini menggunakan metode kualitatif deskriptif. Adapun hasil penelitian menyatakan bahwa perlindungan hukum terhadap masyarakat saat ini sudah banyak mengenal transaksi digital dan khusus dimasa pandemic ini.Kata Kunci: Perlindungan Hukum; Cryptocurrency; Crypto Asset
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Wardoyo, Yohana Puspitasari, and Dwi Ratna Indri Hapsari. "Cryptocurrency assets as a physical collateral in Indonesia." Legality : Jurnal Ilmiah Hukum 31, no. 1 (April 10, 2023): 59–71. http://dx.doi.org/10.22219/ljih.v31i1.24190.
Анотація:
Cryptocurrency investment is currently expanding quickly on a global scale as well as in Indonesia. On the one hand, cryptocurrency can be used as a medium of exchange or a form of money, which represents the original purpose of cryptocurrency. On the other hand, it can also be used as a commodity or as digital assets, also known as crypto assets. Cryptocurrency is illegal to use as money in Indonesia, but it is legal to exchange it as an asset. This study explores the legal protections for holders of collateral against the loss of crypto assets as well as how crypto assets are governed by material guarantees in Indonesia. A conceptual and statutory approach, technical analysis, and a normative legal research methodology were applied in the study. The legal material was analyzed by using the content analysis approach, which involved examining the content and legality of the material gleaned from various laws and regulations by looking at the relevant legal precedents. The discussion results discover that crypto assets fall under the definition of "intangible movable objects" as defined in article 503 BW. In addition, crypto assets had material rights in the form of material guarantees in the form of a pledge and fiduciary guarantees, allowing the parties to carry out their agreements in good faith even in the event that the collateral object is lost. These disputes could be settled through either non-litigation or litigation.
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Zimba, Aaron, Christabel Ngongola-Reinke, Mumbi Chishimba, and Tozgani Fainess Mbale. "Demystifying Cryptocurrency Mining Attacks: A Semi-supervised Learning Approach Based on Digital Forensics and Dynamic Network Characteristics." Zambia ICT Journal 5, no. 1 (May 31, 2021): 1–7. http://dx.doi.org/10.33260/zictjournal.v5i1.108.
Анотація:
Cryptocurrencies have emerged as a new form of digital money that has not escaped the eyes of cyber-attackers. Traditionally, they have been maliciously used as a medium of exchange for proceeds of crime in the cyber dark-market by cyber-criminals. However, cyber-criminals have devised an exploitative technique of directly acquiring cryptocurrencies from benign users' CPUs without their knowledge through a process called crypto mining. The presence of crypto mining activities in a network is often an indicator of compromise of illegal usage of network resources for crypto mining purposes. Crypto mining has had a financial toll on victims such as corporate networks and individual home users. This paper addresses the detection of crypto mining attacks in a generic network environment using dynamic network characteristics. It tackles an in-depth overview of crypto mining operational details and proposes a semi-supervised machine learning approach to detection using various crypto mining features derived from complex network characteristics. The results demonstrate that the integration of semi-supervised learning with complex network theory modeling is effective at detecting crypto mining activities in a network environment. Such an approach is helpful during security mitigation by network
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Wardani, Andhira, Mahrus Ali, and Jaco Barkhuizen. "Money Laundering through Cryptocurrency and Its Arrangements in Indonesian Money Laundering Act." Lex Publica 9, no. 2 (December 31, 2022): 49–66. http://dx.doi.org/10.58829/lp.9.2.2022.49-66.
Анотація:
The development of the modus operandi of money laundering become a major concern. Cryptocurrency technology has the potential to become a new media for money laundering because law enforcement officials still use to this technology, this technology which has a pseudonymous and even anonymous character is a new means for money laundering perpetrators to disguise their crimes. This study aims to examine how cryptocurrency is used as the modus operandi of money laundering and how is the readiness of regulations in Indonesia, especially Law No. 8 of 2010 in prosecuting money laundering offenders with the cryptocurrency modus operandi. This study uses a normative juridical method with legal materials from literature studies and uses a statutory regulation approach. The results of this study are the use of crypto as a mode of money laundering due to peer-to-peer networks, namely the absence of third parties to supervise crypto transactions, high user privacy, and transaction flexibility.
Abstrak. Berkembangnya modus operandi pencucian uang menjadi perhatian utama. Teknologi cryptocurrency berpotensi menjadi media baru TPPU dikarenakan masih awamnya teknologi tersebut oleh aparat penegak hukum, teknologi yang memiliki karakter pseudonymous bahkan anonymous ini menjadi sarana baru bagi pelaku TPPU untuk menyamarkan kejahatannya. Penelitian ini bertujuan untuk mengkaji bagaimana pemanfaatan cryptocurrency sebagai modus operandi TPPU dan bagaimana kesiapan regulasi di Indonesia khususnya Undang-Undang Nomor 8 Tahun 2010 dalam menjerat pelaku TPPU dengan modus operandi cryptocurrency. Penelitian ini menggunakan metode yuridis normatif dengan bahan hukum studi kepustakaan dan menggunakan pendekatan peraturan perundang-undangan. Hasil penelitian ini adalah pemanfaatan kripto sebagai modus pencucian uang dikarenakan jaringan peer-to-peer yaitu tidak adanya pihak ketiga yang melakukan pengawasan transaksi kripto, privasi pengguna yang tinggi, dan fleksibilitas transaksi.
Kata kunci: Modus Operandi, Cryptocurrency, Pencucian Uang, Indonesia
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Campbell-Verduyn, Malcolm. "Bitcoin, crypto-coins, and global anti-money laundering governance." Crime, Law and Social Change 69, no. 2 (January 19, 2018): 283–305. http://dx.doi.org/10.1007/s10611-017-9756-5.
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Muntafiah, Syamsul Bakri, and Amin Rais. "TINJAUAN TRANSAKSI CRYPTO CURRENCY BERBASIS KEABSAHAN KONTEMPORER SYARIAH." Academica : Journal of Multidisciplinary Studies 6, no. 2 (December 30, 2022): 335–52. http://dx.doi.org/10.22515/academica.v6i2.5931.
Анотація:
Cryptocurrency is very often found in almost every economic activity, especially on the basis of modern applications. This study aims to provide an understanding of how cryptocurrency is reviewed according to sharia which is packaged contemporary. This study uses a qualitative approach by utilizing descriptive analysis. Cryptocurrency is seen by the majority of the public as a very ordinary system. Therefore, cryptocurrencies have different properties from stocks and electronic money (e-money) because it is very difficult to find out the contents and/or ownership status and there is no official legality in Indonesia. Understanding the research above is very important to know the limits that have been determined in engaging in the realm of sharia-based business. Keywords: Contemporary; Cryptocurrency; Sharia
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Subarkah, Imam. "Initial Coin Offering (ICO) in Perspective Law of Sharia Business." Al-Ahkam 30, no. 1 (July 7, 2020): 1. http://dx.doi.org/10.21580/ahkam.2020.30.1.4701.
Анотація:
<p>Tixl (TXL) is a crypto money project that uses Initial Coin Offering (ICO) to fund its development phase. Various problems underlying the existence of Tixl (TXL) and the proposed solutions are closely related to the condition of society in the information technology era. This study aims to determine the various factors underlying the use of ICO as a way to raise funds, examine Tixl (TXL) as a crypto money project and its position in public life which is reviewed in the perspective of the <em>maṣlaḥa mursala</em>, and token sales transactions in ICO organized by Tixl gmmbH in the perspective of Islamic treaty law. This research is a library research using a conceptual approach and qualitative analysis techniques. This paper shows that there are three factors underlying the use of ICOs as a way to raise funds, namely a change in orientation in the business model, tokenization, and characteristics of business activities. As a crypto money project, Tixl (TXL) cannot provide benefits that are comprehensive or <em>kully</em>, even the harm caused is greater than the benefits. Transaction of token sales in ICO held by Tixl (TXL) is a transaction that is damaged because it is contrary to <em>maqāṣid al-sharī'ah</em>.</p>
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Athanassiou, Phoebus L. "Shunning Banks or Depending on Them? Crypto Markets and the Rise of Crypto-Friendly Banking." European Company and Financial Law Review 18, no. 3 (June 1, 2021): 321–37. http://dx.doi.org/10.1515/ecfr-2021-0015.
Анотація:
Abstract Often touted as the opposite of money and banks, crypto-assets and their ecosystem may gradually be coming to terms with the idea that their success will also depend on their issuers’ readiness to adhere to conventional financial practices, on their acceptance of the preponderant role that banks have to play in the financial system, and on their ability to access basic banking services. Some within the banking community are starting to reciprocate the attention, by positioning themselves so as to serve the needs of crypto assets and their ecosystem, as a promising source of revenue at a challenging time for bank profitability. No less important for the emergence of crypto-friendly banks than the risk appetite of existing or new banking service providers is the regulators’, supervisors’ and policy makers’ stance vis-à-vis crypto-friendly banking. This paper explores the relationship of dependency between crypto and banks, how some banks around the world are facing up to the challenge of serving crypto-assets and their holders, and how policy makers, regulators and supervisors in Europe and elsewhere may want to position themselves vis-à-vis the incipient phenomenon of crypto-friendly banking.
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Khidasheli, Mirza. "CENTRAL BANK DIGITAL CURRENCY EFFECTS ON FRACTIONAL RESERVE BANKING." Economic Profile 17, no. 1(23) (August 4, 2022): 8–14. http://dx.doi.org/10.52244/ep.2022.23.06.
Анотація:
An aim of the paper is to explore the outlines of the looming monetary order. For these purposes, we have made a brief retrospective analysis of money genesis. In its inception market had selected gold as a medium of exchange and gold had become a social institution. After WWII the leading force of monetary order changed. The Bretton Woods conference had made a political agreement to endorse the US dollar as a reserve currency. In 1971 the picture had become clearer, and the gold-backed dollar system collapsed as it was predicted earlier. A digital environment has given the reborn of new types of money. The pioneer of digital money was the crypto currency, a decentralized and transparent system to pay and hold the value. As the old saying tells, everything new is well forgotten old one. Since 2021 central Bank of China has launched a digital RMB pilot program. It is easy to grasp that the state tries to substitute the market-developed money (crypto currencies) with the monopolistic system of CBDC. We have found out the effects of CBDC on retail banking and the incapability of CBDC monetary order with fractional reserve banking.
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Choi, Michael, and Guillaume Rocheteau. "Money Mining and Price Dynamics." American Economic Journal: Macroeconomics 13, no. 4 (October 1, 2021): 246–94. http://dx.doi.org/10.1257/mac.20200034.
Анотація:
We develop a random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. For our leading example, there exists a unique equilibrium where the value of money increases over time and reaches a steady state. There is also a continuum of perfect-foresight equilibria where the price of money inflates and bursts gradually over time. Initially, money is held for a speculative motive, but it acquires a transactional role as it becomes sufficiently abundant. We study fiat, commodity, and crypto monies, endogenous acceptability, and adopt implementation and equilibrium approaches. (JEL E31, E42, E51, N13, N14, N23, N24)
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Tsindeliani, Imeda. "Cryptocurrency: problematic aspects of legal regulation." Annual Center Review, no. 12-13 (2020): 15–21. http://dx.doi.org/10.15290/acr.2019-2020.12-13.03.
Анотація:
The article is devoted to the analysis of the legal nature of the cryptocurrency as an object of financial and legal regulation from the point of view of Russian legislation. It includes the analysis of the qualification of the cryptocurrency described as money, electronic money, foreign currency, other property, as well as the possibility of assigning crypto-loans to obligations rights. The conclusion is made about the possibility of treating cryptocurrency as private money on a par with national currencies.
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Starovoitova, A. S. "A Crypto Loan: Problems of Legal Qualification." Lex Russica 75, no. 10 (October 17, 2022): 9–16. http://dx.doi.org/10.17803/1729-5920.2022.191.10.009-016.
Анотація:
The author considers the concept of «digital money». The paper analyzes the legal nature of various types of digital currency. Special attention is paid to the civil law regime of the cryptocurrency and the peculiarities of its property turnover in an information system using blockchain technologies. The paper examines the following complex debatable issues of civil law: 1. possibility of applying provisions on obligations to digital relations; 2. problems of protecting the rights of digital money holders; 3. enforcing restitution in the digital environment. The paper analyzes the design of a crypto loan using a centralized Binance Loan exchange. The author concludes that the actual algorithm for lending cryptocurrencies is similar to the mechanism of traditional transfer of things determined by generic characteristics applied to a loan. The conclusion is reasoned that such legal concepts as «transaction», «legal relationship», «obligation» and «contract» can only be applied to the interaction of participants in actual loan relations in the digital environment with a high degree of conditionality. It has been revealed that attempts to qualify cryptocurrency loan relations without taking into account the position of the legislator are premature. Currently, the actual relationship with cryptocurrency is not a legal relationship and it cannot be formalized by civil contracts. The paper determines the tasks the solution of which, according to the author, will serve to settle loan relations in the digital environment. In particular, the issues concerning legislative determination of the civil law regime of digital money, consolidation of digital legal facts, possibility of applying general provisions on obligations to digital relations need immediate resolution. It is proved that in order to guarantee the proper fulfillment of cyber loan obligations, it is necessary to establish rules for the functioning of information systems at the legislative level, to formalize requirements for their operators and determine the responsibility of the latter for the data safety and reliability of transactions.
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Fabris, Nikola. "Cashless Society – The Future of Money or a Utopia?" Journal of Central Banking Theory and Practice 8, no. 1 (January 1, 2019): 53–66. http://dx.doi.org/10.2478/jcbtp-2019-0003.
Анотація:
Abstract In recent years we have witnessed a growing trend in cashless transactions as well as products and services sold exclusively in this way. Also, after the onset of the global financial crisis, private crypto currencies appeared that have raised some concerns. All of these changes beg the question of whether modern societies are moving towards a cashless society. This also raises a number of other dilemmas such as whether cashless societies have negative implications, whether they have what should be the response of economic policymakers, who would be potential winners and losers, and the like. The paper analyses the arguments both in favour and against cashless society, the future of crypto currencies, as well as potential responses of economic policymakers to the emergence of a cashless society. The paper concludes with the observation that it is not reasonable to expect the transition to a cashless society in the near future but the next step in the evolution of money might be the appearance of central bank digital currencies, at least in some countries.
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ZAKHARCHENKO, VOLODYMYR. "WHAT MONEY WILL BECOME A MAINSTREAM CASH FLOW – ELECTRONIC OR VIRTUAL?" "EСONOMY. FINANСES. MANAGEMENT: Topical issues of science and practical activity", no. 2(60) (August 30, 2022): 22–36. http://dx.doi.org/10.37128/2411-4413-2022-2-2.
Анотація:
The article considers the current issues of monetary circulation in Ukraine and the world in the context of global challenges related to the world financial crisis of 2008-2009, the coronavirus pandemic and the Russian-Ukrainian war. The purpose of the study is a comparative analysis of electronic money, both fiat and virtual, as non-fiat, regarding the possibilities of their transformation into mainstream, that is, to occupy their dominant position in the money circulation systems of Ukraine and the world. It is noted that virtual money is often also called cryptocurrencies, because it is based on the blockchain technology, which provides a cryptographic system for protecting information. It is emphasized that their main technological feature is the decentralized nature of the crypto network. This means that they are not emitted or controlled by the state, and therefore cannot belong to fiat money (as opposed to electronic). Both advantages and disadvantages of virtual money compared to electronic ones have been identified. The presence of such shortcomings in cryptocurrencies, as a significant energy consumption of mining coins, high market volatility, the presence of «bad actors» in crypto networks and the displacement of national currencies, acutely raises questions about their regulation. It is proposed to distinguish between the five models of regulation of cryptocurrencies: repressive (with their complete prohibition); conservative (with the possibility of their purchase and sale in crypto exchangers); liberal (with permits for most operations with them); legal turnover; permitting (with recognition as a means of payment on par with the dollar and other reserve currencies). It is noted that despite the significant restrictions, especially according to the demands of repressive and conservative regulatory models, the cryptosector is rapidly developing both in the world and in Ukraine. As a positive moment in the development of the cryptosector in Ukraine, it is noted that it is already «working» in support of Ukraine in the war with the russian federation. It is concluded that the mainstream of cash flow should be electronic money. Virtual money should not bypass their share in cash and become another reserve currency. Otherwise, it will give cartblanche to transnational capital and undermine the basis of the current world system – the division of the world into separate states.
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Mustafa, Mustafa G. "The Regulation of the Investment in Crypto-Assets and its role in the growth of International Trade." International Journal of Private Law and International Arbitration 1, no. 1 (2022): 30–37. http://dx.doi.org/10.54216/ijplia.010104.
Анотація:
This article discusses the importance of enacting a regulatory framework for investing in Crypto-Assets where the need for this arose after the advent of blockchain technology and the accompanying development, The volume of trading on cryptocurrencies has increased, and Non-fungible Tokens (NFTs) have become the focus of many investors in every country in the world and are sold for a huge price. Crypto-assets are attracting investors, especially because of their features such as encryption and ease of proof of ownership equally, many countries seek to invest in crypto-assets to ensure that they have an additional financial resource that increases the volume of GDP. Crypto-assets have also played an important role in international trade by facilitating trade financing operations. Crypto-assets have helped remove traditional barriers and eliminate risks that have hindered investors, and the international trade process is proceeding more smoothly and efficiently. During this time, it was necessary to examine and discuss how to enact regulatory frameworks for investing in crypto-assets, ensuring that people and countries make the best use of them, and also prevent money-laundering and terrorist financing that might accompany it.
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Dr.P. Lavanya, Dr.T. Vara Lakshmi, and Arup Roy. "Analysing Risk and Returns: A Study on Selected Crypto Currencies." International Research Journal on Advanced Engineering and Management (IRJAEM) 2, no. 05 (May 31, 2024): 1694–96. http://dx.doi.org/10.47392/irjaem.2024.0245.
Анотація:
The present study focuses on "Crypto currency" also called digital money existing on the block chain. It refers to the transactions related to computer-generated currencies which are secured by crypto currencies. The data considered in the project is from 2017 to 2023. The objective of this research is to compute and compare the risk and return performance of the selected crypto. In India, crypto currency investment carries a high degree of risk due to its uncertain legal status and lack of regulation. The Reserve Bank of India has issued warnings about the potential financial, operational, legal, customer protection, and security related risks associated with dealing in crypto currencies. However, the potential for high returns has also attracted many investors. To make informed decisions, Indian investors should conduct thorough research on the market, stay up-to-date on regulatory changes, and diversify their investment portfolios. It is also essential to have a clear understanding of one's risk tolerance and not invest more than one can afford to lose. In conclusion, by taking a balanced and well-informed approach to invest in crypto currencies, Indian investors can make effective decisions that weigh both the potential risks and returns.
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Mert, Nilcan, and Mustafa Caner Timur. "Bitcoin and money supply relationship: An analysis of selected country economies." Quantitative Finance and Economics 7, no. 2 (2023): 229–48. http://dx.doi.org/10.3934/qfe.2023012.
Анотація:
<abstract> <p>Bitcoin has become quite known after the 2008 economic crisis and the COVID-19 health crisis. For some, these cryptocurrencies constitute rebellion against the existing system as governments encourage uncontrolled expansions in the money supply; for some others, it is a quick source of income. Undeniably, the volume of the crypto money market has grown considerably in recent years, regardless of the reasoning of the people who invest and trade in this field. At this point, one of the most important questions to be investigated is "what variables have caused the tremendous growth in the crypto money quantities in recent years?" This study tests the assumption that changes in cryptocurrencies are affected by changes in national currencies. Thus, the Bitcoin price is the dependent variable, and M1 monetary supply changes in the USA, European Union and Japanese economies are considered independent variables. The variables in this study were tested using the time-varying Granger causality method. The results obtained from this study confirm the philosophy of Bitcoin's emergence and the possibility that it can be a hedge against the inflationary effects of money, especially after the COVID-19 pandemic.</p> </abstract>
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Gimigliano, Gabriella. "The Three Lives of Electronic Money Institutions." European Business Law Review 34, Issue 4 (June 1, 2023): 563–84. http://dx.doi.org/10.54648/eulr2023031.
Анотація:
Electronic Money Institutions (EMIs) are non-banking financial institutions specialized in the issuing of electronic money and the provision of payment services. They were introduced in 2000 and revised in 2009, but the MiCA Regulation proposal will amend their legal framework. Through a legal analysis of the “lives” of EMIs, this paper argues that the European framework for EMIs has, over time, levelled market conditions for business entities professionally providing the issuance of e-money, but still lacks a consistent construction and application of European standards and waivers, suffering from a dystopian approach between public and private enforcement. e-money, fintech, PSD 2015, MiCA, EMIs, crypto-assets, money as a social institution, level playing field, financial stability, monetary function
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Siregar, Emiel Salim, Widya Manurung, Rudi Gunawan, Muhammad Dzulkhairil, Ramadhan Siagian, Muhammad Ardiansyah, Rusdi Lubis, and Andreansyah Sitorus. "Kepastian Hukum Aset Kripto sebagai Instrumen Investasi dalam Persfektif hukum islam dan Hukum Positif." El-Mujtama: Jurnal Pengabdian Masyarakat 4, no. 1 (February 18, 2023): 181–92. http://dx.doi.org/10.47467/elmujtama.v4i1.3249.
Анотація:
Cryptocurrency is a virtual currency that has no physical or concrete form and exists in cyberspace. One of several types of crypto money is Crypto Asset. The use of Crypto Assets as a means of payment in online buying and selling transactions has recently become increasingly widespread, even though the government has banned this practice. At the beginning of 2019, the Indonesian government has issued regulations regarding the legalization of Crypto Assets (crypto assets) in Commodity Futures Trading. The dual function of Crypto Asset as a commodity and online transaction exchange tool raises pros and cons among scholars and economists. This study aims to obtain answers regarding cryptocurrencies as a commodity in Indonesia and what are the opportunities for Crypto Assets as subjects in Islamic commodities on the Commodity Exchange. The theory applied is the theory of legal and vanity business transactions in Islam. This research is a literature study and is qualitative in nature. The data analysis technique used is analytical descriptive with a normative juridical Islamic law approach. From this research, the results show that cryptocurrencies can be traded on Islamic commodity exchanges on condition that the state protects this trade under a legal umbrella and issues cryptocurrencies where the price is determined by gold or the country's currency. Crypto Assets cannot be used as commodities in Sharia Derivative Contracts in Indonesia, because Crypto Assets still contain speculation, maysir and are prone to be used for illegal activities. Crypto assets are legally h}aram lighairihi or illegal due to external factors, so they should be avoided.
Keywords: Legal Certainty, Crypto Assets, Investment in Islamic Law and Positive Law
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DMYTRENKO, Tetiana, and Valeriya VOLKOVA. "Decentralized finance in the modern financial system: development and risks." Naukovi pratsi NDFI 2022, no. 1 (August 25, 2022): 55–68. http://dx.doi.org/10.33763/npndfi2022.01.055.
Анотація:
The article highlights analogues of traditional financial instruments - decentralized financial services (DeFi), their protocols and essence, it also explores the spheres and types of activities, crypto-financial operations, defines the concept of decentralized finance and reveals the essence of blocked capital and market making. Concepts and prospects for the development of decentralized stablecoins and stable assets, their interaction, disintermediation function and decentralization are considered. Current risks associated with the use and adoption of DeFi areanalyzed, including market manipulation, wrong incentives, excessive short-termism, systemic risks, fraud and money laundering issues. Implementation of a risk-oriented approach in the context of combating money laundering and terrorist financing (AML/CFT) by national state supervisory and law enforcement agencies and enterprises involved in activities on the virtual assets market, is a mechanism for preventing threats and developing a legislative framework for regulation crypto market and interaction on these issues at the international level.
45
Cvetković, Mihajlo. "Crypto as an object of contractual obligation under the Regulation on Markets in Crypto Asset (MICA) and the Digital Assets Act (DAA)." Zbornik radova Pravnog fakulteta Nis 62, no. 100 (2023): 159–87. http://dx.doi.org/10.5937/zrpfn0-48243.
Анотація:
The paper examines the legal status and treatment of crypto assets in the context of contractual obligations. The analysis begins by considering the evolution from cryptocurrencies to crypto-goods, with special reference to definitions and terms used in the context of private law transactions. Then, the author focuses on the contractual parties under the EU Regulation on Markets in Crypto Asset (MiCa, 2023) and the Serbian Digital Assets Act (DA Act, 2020), where crypto-assets are predominantly treated as investment assets. Special attention is given to e-money tokens in the context of monetary obligations, as well as to Non-fungible tokens (NFTs) that have not yet been covered by regulations. The paper also refers to the contracting of crypto services, exploring how contractual relationships are formed and regulated, and elaborating on legal transactions based on contracts within the blockchain environment and tokenization. In conclusion, the paper draws attention to the problematic terminology used in the Serbian Digital Assets Act (2020), stating that the term "digital asset" (srb. "digitalna imovina") is too broad and inadequate, and proposes the term "crypto asset" (srb. "kripto dobro") which is defined through two key elements: the private nature of the good and the use of cryptography within the Digital Ledger Technology (DLT). This paper correlates the general theory of contract law and nominate contracts when the contractor's performance is in crypto.
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Andina Putri, Chiquita, Yati Nurhayati, and Iwan Riswandie. "Mekanisme Eksekusi Sita Jaminan Aset Kripto di Indonesia." Jurnal Penegakan Hukum Indonesia 3, no. 3 (January 9, 2023): 336–47. http://dx.doi.org/10.51749/jphi.v3i3.82.
Анотація:
Cryptocurrency is a type of virtual currency that works similarly to real money and enables users to virtually send payments for transactions involving business. With the development of crypto assets today, several pawn and loan institutions accept crypto assets as collateral objects. In the case of pawning, default can also occur which requires that the collateral from the debtor be confiscated in the event of default. The purpose of this study is to determine the legal strength of crypto assets used as collateral objects and to find out the execution mechanism for crypto asset confiscation in Indonesia in the event of default. This study used a normative juridical research method for its research. The type of information used in this study is secondary information, specifically information found through library research. The result of this research is that crypto assets can be used as collateral objects, but not as main collateral. Crypto assets as collateral objects already have strong legal force, this is based on Book II of the Civil Code, Law no. 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading, Regulation of the Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Crypto Asset Market on the Futures Exchange. In terms of regulating the confiscation of crypto assets, it can be said that currently in Indonesia itself there are no special regulations and special institutions that regulate the confiscation of crypto assets. But the process of confiscation of crypto assets can be carried out with procedures such as foreclosure of other material guarantees.
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Maxson, Sam, Stuart Davis, and Rob Moulton. "UK Cryptoassets Taskforce publishes its final report." Journal of Investment Compliance 20, no. 2 (July 1, 2019): 28–33. http://dx.doi.org/10.1108/joic-02-2019-0015.
Анотація:
Purpose To analyse the final report of the UK Cryptoassets Taskforce published in October 2018 and discuss the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services. Design/methodology/approach This article considers some of the key aspects of the final report of the UK Cryptoassets Taskforce and provides a summary of the next steps the UK authorities have committed to taking in relation to regulation of crypto-assets in the UK. Findings The approach to regulation of crypto-assets in the UK is evolving and the relevant UK authorities are continuing to improve their understanding of crypto-assets in order to assess the appropriate type and level of regulation that should apply to them. Whilst risks relating to consumer detriment and anti-money laundering have been identified as needing to be addressed as a matter of priority, the UK authorities appear to be taking a measured approach to regulation of crypto-assets. They also remain supportive of the adoption of distributed ledger technology in financial services, whilst noting some potential challenges to scalability. Originality/value This article contains valuable information about current policy direction and regulatory thinking in the UK in relation to crypto-assets, and analysis from leading FinTech lawyers.
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Ababou, Adil, and Nicole Kearse Stewart. "Preparing Sovereign Debt Instruments for a Rainy Day: A Case for Using Pandemic Debt Suspension Clauses." Business Law Review 44, Issue 6 (December 1, 2023): 204–5. http://dx.doi.org/10.54648/bula2023026.
Анотація:
Blockchain, Crypto Assets, Digital Assets, Cryptocurrency, Distributed Ledger Technology, DLT, Metaverse, Tokens, Utility tokens, Non-Fungible Tokens, NFTs, Tokenized art, Smart Contracts, Blockchain regulation, NFT regulation, Copyright, Intellectual Property, Trademark, Anti-money laundering, Terrorist financing, AML-CFT, Fifth AMLCFT Directive, GAFI, MiCA
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Botha, Johnny, Thor Pederson, and Louise Leenen. "An Analysis of the MTI Crypto Investment Scam: User Case." European Conference on Cyber Warfare and Security 22, no. 1 (June 19, 2023): 89–99. http://dx.doi.org/10.34190/eccws.22.1.1441.
Анотація:
Since the start of the Covid-19 pandemic, blockchain and cryptocurrency adoption has increased significantly. The adoption rate of blockchain-based technologies has surpassed the Internet adoption rate in the 90s and early 2000s. As this industry has grown significantly, so too has the instances of crypto scams. Numerous cryptocurrency scams exist to exploit users. The generally limited understanding of how cryptocurrencies operate has increased the possible number of scams, relying on people’s misplaced sense of trust and desire for making money quickly and easily. As such, investment scams have also been growing in popularity. Mirror Trading International (MTI) has been named South Africa’s biggest crypto scam in 2020, resulting in losses of $1.7 billion. It is also one of the largest reported international crypto investment scams. This paper focuses on a specific aspect of the MTI scam; an analysis on the fund movements on the blockchain from the perpetrators and members who benefited the most from the scam. The authors used various Open-Source Intelligence (OSINT) tools, alongside QLUE, as well as news articles and blockchain explorers. These tools and techniques are used to follow the money-trial on the blockchain, in search of possible mistakes made by the perpetrator. This could include instances where some personal information might have been leaked. With such disclosed personal information, OSINT tools and investigative techniques can be used to identify the criminals. Due to the CEO of MTI having been arrested, and the case currently being dealt with in the court of law in South Africa, this paper also presents investigative processes that could be followed. Thus, the focus of this paper is to follow the money and consequently propose a process for an investigator to investigate crypto crimes and scams on the blockchain. As the adoption of blockchain technologies continues to increase at unprecedented rates, it is imperative to produce investigative toolkits and use cases to help reduce time spent trying to catch bad actors within the generally anonymous realm of cryptocurrencies.
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Jacsó, Judit, and Vivien Cintia Vámosi. "The impact of digitalisation on money laundering." Multidiszciplináris Tudományok 13, no. 2 (December 19, 2023): 197–208. http://dx.doi.org/10.35925/j.multi.2023.2.18.
Анотація:
The crime of money laundering poses many dangers. It is used by a significant proportion of criminals to try to hide the proceeds of crime. This is mostly done through the banking system, but digitalisation is increasing the variety of options available to criminals. Money laundering through financial institutions is one of the most common forms of money laundering, but money laundering in the virtual space is also becoming increasingly common. Cryptocurrencies and crypto-assets are the main threat in this respect, as one person can have several virtual "wallets" and there is a high degree of anonymity. This increases latency and makes it almost impossible for the authorities to trace the origin of assets.