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Regulating Decentralized Cryptocurrencies Under Payment Services Law: Lessons From The European Union, Asress Adimi Gikay Dr.
Regulating Decentralized Cryptocurrencies Under Payment Services Law: Lessons From The European Union, Asress Adimi Gikay Dr.
Journal of Law, Technology, & the Internet
Several years after the inception of the most dominant cryptocurrency, bitcoin, the European Central Bank in 2015 indicated the need for establishing legal clarity by relevant authorities through explaining how the current legal framework applies to cryptocurrencies. Three years later, no meaningful step has been taken by any of the European Union (EU) institutions including the parliament. By examining the EU’s legal framework governing payments services, including the Single Euro Payment Area (SEPA) Regulation, the Electronic Money Directive, the Payment Services Directive and the proposed AML/CTF Directive, this article concludes that (a) because the existing payment services laws apply to …
Blockchain Technology: An Interconnected Legal Framework For An Interconnected System, Marina Fyrigou-Koulouri
Blockchain Technology: An Interconnected Legal Framework For An Interconnected System, Marina Fyrigou-Koulouri
Journal of Law, Technology, & the Internet
In 2018, someone hiding behind the pseudonym Satoshi Nakamoto created Bitcoin, the first decentralized cryptocurrency operating without a central bank or authority. However, the true revolution seems to be its underlying technology; blockchain. Today, a lot of discussion is taking place around the legal issues of this nascent technology. This paper focuses on blockchain and the law. After exploring blockchain’s basic features, it will propose an international regulatory framework suitable for this technology’s characteristics and its borderless nature.