Criminal law measures of ensuring the security of the crypto sphere

Abstract

In the first issue of the Bratislava Law Review magazine for 2018, our article addressed the problem of legal regulation of relations related to the crypto sphere “Failure to repatiate funds in foreign currency from abroad and modern issues of currency regulation” was published. In December 2017, Bitcoin predicted the cost of $ 40 – $ 100 thousand. However, in 2018, the situation changed-the Bitcoin exchange rate began to lose from $ 0.5 to $ 1 thousand per day, and its market capitalization fell to $ 70 billion. The crisis of the crypto market has affected not only the capitalization of cryptocurrencies, but also the issues of legal regulation of relations associated with its use. Currently, only three countries – Sweden, the Netherlands and Japan – recognize cryptocurrency as a legal means of payment. In Spain, the cryptocurrency is classified as an electronic means of payment only in relation to the gaming business. The legislation of Germany, as well as Finland, allows to classify cryptocurrencies as financial instruments. In China, Singapore and Norway cryptocurrency is considered as a financial asset in the US – as property, i.e. developed countries are in no hurry to equate cryptocurrency to means of payment. In Russia, the use of cryptocurrencies is not regulated by any rules, but there is no legislation prohibiting the circulation of cryptocurrencies as means of payment. At the same time, the draft bill “On digital nancial assets”, designed to regulate financial relations in the crypto sphere, completely excludes the issues of mining and circulation of existing crypto-currencies. However, new electronic entities carry certain risks associated with their turnover. In this regard, many States seek to develop mechanisms to ensure the security of actions in the new crypto sphere of legal relations before the direct legalization of cryptocurrencies and other modern electronic entities. The purpose of the article is to analyze the approaches related to the security of the crypto sphere in modern society by criminal law measures taking into account foreign experience.