Legal Regulation Of Cryptocurrencies Research Articles

Legal regulation of a cryptocurrency used in Nigeria and Russia: a comparative study

Cryptocurrency becomes an integral part of modern financial markets all over the globe, meanwhile, in many states, there is no legal regulation of cryptocurrency. To elaborate legal framework legis...

Legal regulation of cryptocurrencies (Russian and foreign legislation)

Legal regulation of cryptocurrencies (Russian and foreign legislation)

Криптовалюта як валюта майбутньої фінансової системи

Annotation. Introduction. At the present stage of development of the world is the rapid functioning of all spheres of society. Based on this, today society seeks to be progressive, modern, and therefore the world introduces us to a new type of money that is gaining popularity – cryptocurrency. Currently, humanity is aimed at finding a more progressive way of realization of any financial transactions with minimal risk. Now, the cryptocurrency is in the same city, where was the first paper money during the popularization of the concept of “printing money”. That is why, after a certain period of time cryptocurrency calculations become commonplace. Purpose. The purpose of the study is to consider cryptocurrency as the currency of the future financial system and possible prospects for its future development in Ukraine and the world. Results. The article discusses the theoretical aspects and history of cryptocurrency as currency future financial system. The main types of cryptocurrencies, the process of their creation, which is based on the solution of computers to complex mathematical problems and their entry into the market, are identified. The advantages and disadvantages of using cryptocurrencies are studied, as well as its feature as decentralization, which distinguishes it from other currencies. It is emphasized that in the world, so far, there is no consensus on the further strategy for the development of cryptocurrency in the world, its legalization and legality of use, thus analyzing the legal status of cryptocurrency in different countries and prospects for use. The legal regulation of cryptocurrencies in Ukraine in accordance with the norms of Ukrainian legislation is considered. The peculiarities of the functioning of virtual currencies in Ukraine are highlighted. Conclusions. Cryptocurrency inevitably and actively popularized worldwide in furthering decade. In some areas, such as online gaming business, this kind of currency has found its application in full. In Ukraine, there is everything necessary for legal operations with cryptocurrencies, but it is at the legislative level that there is a problem that prevents the active distribution and use of such currencies. The situation when cryptocurrency is not banned, but also not allowed, is an additional reason for fraudulent schemes. Legal entities and individuals who want or are able to use cryptocurrency is not protected. Similarly, the state can not get taxes from prospective activities. That is why the need for a clear establishment of the concept of “Cryptocurrency” by the law of Ukraine and the creation of mechanisms for regulating any activity with cryptocurrencies at the legislative level, are the priority state tasks at present. Keywords: cryptocurrency; currency; bitcoin; mining; digital currency; the legal status.

On the issue of the use of cryptocurrencies in the Russian Federation

This article is devoted to the consideration of issues related to the legal regulation of cryptocurrencies in the Russian Federation and some foreign countries. In the course of the study, the features of cryptocurrencies were highlighted, various approaches to the definition of this category were considered, some aspects of the legal regulation of digital currencies were analyzed. It has been determined that the rules of financial law regulate a whole range of public relations related to the use of cryptocurrencies and the complex regulation of this institution is necessary. The author came to the conclusion that it is necessary to use digital technologies and digital currencies in the Russian economy in the future. At the same time, this is a complex and not an instantaneous process of transition to digital currencies; a clearly thought-out strategy for the development of legislation in this area is necessary.

Implementation of FATF approaches to the regulation of virtual assets in the legislation of the Russian Federation: development prospects

The emergence and dissemination of digital values, and, above all, cryptocurrencies, necessitated their legal regulation. The article analyzes the basic FATF requirements to the legal regulation of virtual assets. The article discusses legislative novelties that enshrine the legal status of utilitarian digital rights, as well as the main provisions of the draft federal law “On Digital Financial Assets”, which is currently being discussed in the State Duma of the Federal Assembly of the Russian Federation. Particular attention is paid to the approaches to the legal regulation of cryptocurrencies. The risks arising from the legal circulation of cryptocurrencies are identified and systematized. It is concluded that deciding on the legalization of cryptocurrency requires provision of mechanisms protecting the rights and legitimate interests of its owners as well as mechanisms preventing possible negative impact of cryptocurrency on the state’s monetary system.

Legal Regulation of Cryptocurrencies and Blockchain Technologies in Germany and Italy

In the paper, the author analyzes the legislation of Germany and Italy, which regulates financial technologies, and highlights the official positions of the state bodies of these countries regarding digitalization and its elements. The trends in the development of legislation in the digital sphere and its prospects are identified. In addition, the German and Italian scientific doctrine is being studied, which, as noted, does not offer a unified approach to financial technologies, in particular to a smart contract, but contains conflicting positions and points of view. Based on the study, it is concluded that there is a need for legislative regulation of financial technologies not only at the national level, but also at the international level. It is emphasized that legislation must find a compromise between public interests, economic needs and technological capabilities in order to make the most effective use of digital technologies in various spheres of public life.

Cryptocurrency as an object of tax law: practice of political application and legal regulation

Problem setting. The work is devoted to the study of the legal status of cryptocurrency as an object of taxation. The legal status of cryptocurrency in legal relations between tax authorities and individuals or legal entities is an urgent problem, since there is only a small number of works on this issue. Of particular note is the study of international experience in taxation of cryptocurrency transactions, as well as an analysis of the most relevant proposals for amending national legislation in order to establish the legal status of cryptocurrency and transactions related to cryptocurrency as an object of tax legal relations. Analysis of recent researches and publications. Despite the great relevance of this topic, in the modern science of tax law there are no fundamental scientific works and studies on the problems of taxation of cryptocurrency and cryptocurrency transactions. Target of research. The purpose of the scientific article is to conduct research on the legal nature of cryptocurrency, as well as the disclosure of theoretical, practical problems and features of legal regulation of cryptocurrency and operations related to the use of cryptocurrency in modern tax law. Article’s main body. The article deals with the legal nature of transactions connected with the use of the cryptocurrency as an object of tax relations. The issues of the possibility of attributing income, as well as profits from cryptocurrency transactions to the objects of taxation of personal income tax, profit tax, and value-added tax, are disclosed in accordance with the current tax legislation. The following conclusions have been drawn: it is impossible to impose the relevant taxes on income and profits from transactions with the cryptocurrency; there is a conflict in the current legislation, according to which the proceeds from transactions with cryptocurrency may be subject to the Law ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as Well as Financing Proliferation of Weapons of Mass Destruction’ In addition, foreign experience of legal regulation of transactions with cryptocurrency in tax legislation in such economically developed countries as the USA, Great Britain, Canada, Germany, Switzerland, etc. has been analyzed. It has been established that nowadays, in world practice, there is no unambiguous approach to the tax regulation and taxation of cryptocurrency transactions. So, in some countries, the income from operations with cryptocurrency is taxable, while in others cryptocurrency transactions do not belong to objects of taxation. Conclusions and prospects for the development. As a result, the author presents her own proposals on amending the tax legislation aimed at determining the legal status of cryptocurrency transactions in tax law. The article is devoted to the legal nature of transactions related to the use of cryptocurrency as an object of tax relations. Foreign experience of taxation of operations with the cryptocurrency is analyzed. The author considers current proposals for amending the tax legislation of Ukraine, who’s the purpose of which is to determine the legal status and control measures for compliance with tax legislation in the implementation of cryptocurrency transactions in tax law.

Problems of relationship and legal regulation of cryptocurrency, bitcoin, digital and virtual currency: russian and foreign experience

Crypto currency, bitcoins and virtual currencies are topics the scientific community has been discussing for years. The Bank of the Russia has repeatedly warned about high risks of investments in crypto currencies and risks in its turnover. Populations of many countries continue to lose their investments in virtual currencies, which are positioned by their developers as tamper-proof. However, there is still a vacuum in the legal regulation of crypto currencies and the legitimacy of their use as legal payment. The article presents the author’s view on a number of issues arisen in the process of crypto currency, bitcoin, digital and virtual currency use and presents ways to solve them in the context of Russian and world experience.

Aspects of legal regulation of the cryptuality of Ukraine and EU countries

The purpose of the paper is to determine the financial and legal nature of cryptocurrency, its characteristic features, the history of cryptocurrency on the basis of domestic and foreign scientific intelligence, current legislation of Ukraine and foreign experience. Approaches to determining the nature of cryptocurrencies are available in the world and national practice. Research methods: documentary analysis and synthesis, comparative analysis, objective truth, cognitive-analytical, etc. The author analyzes the situation of determining the legal status of cryptocurrency in foreign countries and Ukraine, and substantiates the peculiarities of the application in the world practice of three basic approaches to regulation of the cryptocurrency market. The article presents a number of practical problems that determine the need to intensify the activity of the state on the legal regulation of cryptocurrency in Ukraine. Discussion: the analysis of the developments concerning the cryptocurrency market development was carried out, which made it possible to distinguish the relevant tendencies of its development in Ukraine for the future. The necessary determinants of implementation the efficient regulation approaches to the cryptocurrencies’ transactions and the ways of legislative base formation in Ukraine are shown. To our mind, the main steps for Ukrainian financial market regulators nowadays could be recognition of cryptocurrencies as digital currencies, introduction of favorable regime of cryptocurrencies market regulation, and development of fluent approaches to the taxation of incomes generated by transactions with cryptocurrencies. The author concludes that, in the long term, blockchain technology in Ukraine can be actively used not only for IT technologies and cybersecurity, but also for data storage in the real estate trade and property registration, cadastral accounting, public administration, banking, education, medicine, trade, insurance, etc. Therefore, the author calls the issue of regulatory regulation of cryptocurrency in the territory of our country relevant and necessary, because cryptocurrency is becoming more and more popular in international practice, and its development is almost impossible and economically impractical.

European Legal Regulation of Cryptocurrencies through the AML Scope

This article deals with cryptocurrencies and its impact nowadays on the AML field at a European Union level. The article will be divided into an introduction, four chapters and a conclusion; it will define elementary information and defitions, will identify ways of practical use of cryptocurrencies, will introduce risks connected with the use of cryptocurrencies and will introduce legal regulation of cryptocurrencies by the V. AML Direction. In the conclusion the quality of communitary regulation will be evaluated and a few de lege ferenda tips will be devised to improve regulation for the future.

Cryptocurrency-Related Cybercrimes in Ukraine

Cybercrime, including cryptocurrency-related cybercrime, has become widespread in recent years. Despite a thorough study of cybercrime issues, there is still no legislative position on the legal regulation of cryptocurrencies and the responsibility for cryptocurrency-related cybercrime in Ukraine. The authors classify and characterize all cryptocurrency-related cybercrimes into five groups. In view of the spread of cryptocurrency-related cybercrimes, the EU’s counteraction measures have been analyzed. Ways to prevent and counteract to cryptocurrency-related cybercrimes in Ukraine are suggested.

Features of the legal regulation of cryptocurrency: a foreign response

Features of the legal regulation of cryptocurrency: a foreign response

BITCOIN AS A SPECIAL KIND OF CRYPTOCURRENCY: A CONCEPT, MEANING AND PROSPECTS OF LEGAL REGULATION IN BUSINESS

In order to develop the digital economy in the Russian Federation, the Program «Digital Economy of the Russian Federation» that is aimed, inter alia, at the formation of a regulatory framework for the legal regulation of new relations in the field of digital economy, was approved by the Decree of the Government of the Russian Federation No. 1632-r of July 27, 2017. Particularly relevant in this regard is the issue of cryptocurrency and bitcoin legal regulation. The article deals in detail with a special type of cryptocurrency, namely: bitcoin. The author analyzes the main problems associeted with the necessity of legal regulation of cryptocurrencies. The conclusion is made that legal regulation of cryptocurrency as a means of payment requires a complex approach and it is impossible without due regatd to the peculiarities of legal regulation of bitcoin. The paper provides for the interaction between the concept of bitcoin and other key concepts, namely: virtual currency and digital currency. The author concludes that it is necessary to create a non-governmental self-regulatory organization supported by the State in order to protect the interests of the cryptocurrency business. Since legal regulation of cryptocurrencies is global in its nature, the article examines the foreign experience of legal regulation of cryptocurrencies and their types.

The determination of legal status of cryptocurrencies and questions of economic and legal support for their use in ukraine

The article considers modern approaches to the determination of the legal status of Bitcoin and other cryptocurrencies in order to create effective economic and legal mechanisms for their regulation. The main tendencies in the regulation of cryptocurrencies by the international financial regulators and leading countries of the world are analyzed, and also it is proposed to unify the common features for all cryptocurrencies. A comparative analysis of the draft Law of On the Cryptographic Currency in Ukraine and the Draft Law of On Stimulation of the Cryptographic Market and its Derivatives in Ukraine was conducted, and ways of optimizing the domestic legislation on legal regulation of cryptocurrency were proposed. It is defined that the cryptocurrencies’ use drawbacks are, above all, the risks associated with their lack of real provision of them. Therefore, in the event of certain emergencies (new economic crises, wars, prohibitions and restrictions on the use at the state level), the cost of screaming on the stock market can instantly turn from liquid asset to soap bubble. The advantages include the following factors: instantaneous calculation speed (from several seconds to several minutes); no commission for committing transactions; anonymity of settlements; high degree of security of operations; irreversibility of payments; no need to convert to the currency of the country of calculation. It is determined that the phenomenon of cryptocurrencies is a completely new phenomenon that arose as a result of the evolutionary development of electronic money.

Анализ перспектив правового регулирования криптовалют в рамках обеспечения национальной и международной безопасности

Анализ перспектив правового регулирования криптовалют в рамках обеспечения национальной и международной безопасности

THE SPECIFICITIES OF USING CRYPTOCURRENCY IN PURCHASE AND SALE CONTRACTS

The aim of the article is to study the theoretical and legal possibilities of using cryptocurrency in purchase and sale contracts, to determine the specificities of such a phenomenon as cryptocurrency (Bitcoin) from the perspective of jurisprudence, and to draw attention of legal scholars primarily to possible further scientific researches on the introduction of this phenomenon in the modern civilian legislation of Ukraine. The subject of the study is the specificities of using cryptocurrency in contracts of purchase and sale. Methodology. The research is based on an analysis of legal acts on the legal regulation of cryptocurrency in Ukraine. By means of the comparative legal method of investigation of certain provisions of Ukrainian legislation, the possibilities and limits of the use of cryptocurrency in contractual relations, in particular, contracts of purchase and sale are determined. The results of the study revealed that the cryptocurrency regime in Ukraine and in many countries is in a legal vacuum. Such a conclusion is based on the lack of clear legal clarification and consolidation of the concept and types of cryptocurrency in the relevant rules of the tax, banking, civil, and commercial law. In case of eliminating this gap, it is advisable to review the state policy on Bitcoin and its analogues. Practical implications. It is necessary and appropriate to introduce a corresponding license for cryptocurrency activities that can minimize the laundering of proceeds from crime or terrorism financing. It is suggested that eventually the relations concerning the digital currency will be regulated in Ukraine, but most likely, it will copy the experience of another state, which may have negative consequences. Relevance/originality. Analysis of a possible use of cryptocurrency in contracts of purchase and sale can become the basis for the development of the most promising directions of domestic civil law in contractual relations.