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Crypto-Finance, Law and Regulation by Joseph Lee Pdf
Crypto-Finance, Law and Regulation investigates whether crypto-finance will cause a paradigm shift in regulation from a centralised model to a model based on distributed consensus. This book explores the emergence of a decentralised and disintermediated crypto-market and investigates the way in which it can transform the financial markets. It examines three components of the financial market – technology, finance, and the law – and shows how their interrelationship dictates the structure of a crypto-market. It focuses on regulators’ enforcement policies and their jurisdiction over crypto-finance operators and participants. The book also discusses the latest developments in crypto-finance, and the advantages and disadvantages of crypto-currency as an alternative payment product. It also investigates how such a decentralised crypto-finance system can provide access to finance, promote a shared economy, and allow access to justice. By exploring the law, regulation and governance of crypto-finance from a national, regional and global viewpoint, the book provides a fascinating and comprehensive overview of this important topic and will appeal to students, scholars and practitioners interested in regulation, finance and the law.
FinTech has developed rapidly in recent years, and with these developments new challenges arise, particularly for regulators: how do you apply current law to these ever-changing concepts in a world of continual technological advancement?
Crypto-assets global corporate finance transactions by Massimiliano Caruso Pdf
The rise of crypto-assets and crypto-assets corporate finance transactions – like Initial Coin Offerings, Security Token Offerings, Initial Exchange Offerings, and respective variants – are disrupting the way companies raise funds. At the same time the sudden rise of crypto finance transactions has created unprecedented challenges for regulators, financial market authorities, corporate finance lawyers and professionals. Crypto-assets corporate finance transactions are essentially borderless, global and interconnected. Their borderless nature was the core inspiration of this work. This book, indeed, is an attempt to address to a comparative and functional analysis of crypto-assets corporate finance transactions. I believe it’s neutral, international, functional and short. It’s neutral because while it’s true that the variety of crypto-assets necessitates a case-by-case analysis, it’s unquestionable that some types and hybrid forms of crypto-assets fall within existing securities laws and regulations. Securities offerings, however, are highly regulated in most developed jurisdictions, while, by contrast, the rapid rise of these crypto-assets corporate finance transactions is very likely nothing else than a mere market response to overregulation. It has to be noted that: (i) regulations should be technologically neutral, and in order to become so, address the actors and not the products themselves; (ii) far too often (non-accredited, non-qualified, non-sophisticated) investors are denied the opportunity to invest in new and promising technologies and in new companies — all which undermine productive capital formation and economic growth; (iii) crypto finance transactions are part of a self-contained system and this unique context requires to carefully weigh competing goals – protecting investors (that can lead to a larger and healthier crypto finance environment) while promoting capital raising and economic liberty. This is why these crypto-assets should be treated as a new type of asset whose use – currently falling within existing regulations – should be governed by new and ad hoc regulations, above all in the securities field, in order not to disregard their unique operational and technological features. Existing securities rules and best practices are frequently nonsensical or even counterproductive in the context of many crypto finance transactions. Regulation is certainly necessary to allow crypto-assets and crypto- assets corporate finance transactions to achieve their potential, but the regulatory system should have an appropriate balance and a high degree of clarity. I believe, however, optimal regulatory structures will emerge and converge over time. The final part of the book, then, sketches some proposals for regulators – based on a weighted approach – that, if adopted, would enhance legal certainty and seek to balance support for innovation and investor protection. It’s international because it contains summary information on the securities law regimes in Australia, Brazil, Canada, China, EU / EAA (Austria, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, United Kingdom), Hong Kong, India, Israel, Japan, Nigeria, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Switzerland, United Arab Emirates, United States, including the principal prospectus exemptions and private placements rules in each jurisdiction. Securities offerings are highly regulated and significant civil and criminal penalties can be incurred as a result of offerings which are not authorized by the relevant authorities or compliant with the applicable securities regime. There are good reasons why similar measures have arisen in the wider corporate world over time – to ensure a sustainable ecosystem with resources directed at better quality projects, to ensure that bad actors are (to the extent possible) eliminated, and to ensure that legal and professional risks are mitigated by a better balance between the interests of all stakeholders. This is why crypto-assets corporate finance transactions falling within existing securities laws and regulations can’t be conducted assuming the law doesn’t exist – in the meantime specific regulations arise. Also, while the lack of widely accepted global standards has led to a great deal of regulatory arbitrage, as crypto-assets issuers shop for jurisdictions with the lightest touch (or no touch), I believe they should not attempt to flee from regulation. By contrast, they should talk with financial market authorities. It’s functional because with regard to crypto-assets with real intrinsic usage (non- speculative crypto-assets) this book discusses how a proactive self-regulation, ethical human behaviors, rigorous due diligence, improved governance, disclosure, investors protection and accountability measures could be applied to lead to better quality Initial Coin Offerings, a more sustainable fundraising environment for all the parties involved and mitigate risks due to regulatory uncertainty. At the same I propose (and encourage the adoption of) a Corporate Crypto Conduct Code for businesses in this space. It’s short because my project in writing this book is to give a quick framework for understanding the most important securities law regimes. This book is not intended to be an exhaustive guide to the regulation of crypto-assets corporate finance transaction globally or in any of the included jurisdictions. Instead, for each jurisdiction, I have endeavored to provide a sufficient overview for the reader to understand the current legal and regulatory environment. I hope that it remains short enough to attract the readers I would like to reach: (i) my colleagues in international business and corporate law and related legal fields (who can start from these frameworks to make a more detailed analysis of the securities laws in the core jurisdictions summarized in this book); (ii) regulators and lawmakers (with the hope they will find this book a helpful guide to develop new strategies, policies and regulations); (iii) crypto-assets issuers (with the hope they understand the importance of being compliant with the law – even if and when, on the spot, it seems economically irrational – and the reasons why the current measures have arisen in the wider corporate world over time).
Regulating the Crypto Economy by Iris H-Y Chiu Chiu Pdf
"This book focuses on the building of a crypto economy as an alternative economic space and discusses how the crypto economy should be governed. The crypto economy is examined in its productive and financialised aspects, in order to distil the need for governance in this economic space. The author argues that it is imperative for regulatory policy to develop the economic governance of the blockchain-based business model, in order to facilitate economic mobilisation and wealth creation. The regulatory framework should cater for a new and unique enterprise organisational law and the fund-raising and financing of blockchain-based development projects. Such a regulatory framework is crucially enabling in nature and consistent with the tenets of regulatory capitalism. Further, the book acknowledges the rising importance of private monetary orders in the crypto economy and native payment systems that do not rely on conventional institutions for value transfer. A regulatory blueprint is proposed for governing such monetary orders as 'commons' governance. The rise of Decentralised Finance and other financial innovations in the crypto economy are also discussed, and the book suggests a framework for regulatory consideration in this dynamic landscape in order to meet a balance of public interest objectives and private interests. By setting out a reform agenda in relation to economic and financial governance in the crypto economy, this forward-looking work argues for the extension of 'regulatory capitalism' to this perceived 'wild west' of an alternative economic space. It advances the message that an innovative regulatory agenda is needed to account for the economically disruptive and technologically transformative developments brought about by the crypto economy."--
Digital Finance in Europe: Law, Regulation, and Governance by Emilios Avgouleas,Heikki Marjosola Pdf
Global finance is in the middle of a radical transformation fueled by innovative financial technologies. The coronavirus pandemic has accelerated the digitization of retail financial services in Europe. Institutional interest and digital asset markets are also growing blurring the boundaries between the token economy and traditional finance. Blockchain, AI, quantum computing and decentralised finance (DeFI) are setting the stage for a global battle of business models and philosophies. The post-Brexit EU cannot afford to ignore the promise of digital finance. But the Union is struggling to keep pace with global innovation hubs, particularly when it comes to experimenting with new digital forms of capital raising. Calibrating the EU digital finance strategy is a balancing act that requires a deep understanding of the factors driving the transformation, be they legal, cultural, political or economic, as well as their many implications. The same FinTech inventions that use AI, machine learning and big data to facilitate access to credit may also establish invisible barriers that further social, racial and religious exclusion. The way digital finance actors source, use, and record information presents countless consumer protection concerns. The EU’s strategic response has been years in the making and, finally, in September 2020 the Commission released a Digital Finance Package. This special issue collects contributions from leading scholars who scrutinize the challenges digital finance presents for the EU internal market and financial market regulation from multiple public policy perspectives. Author contributions adopt a critical yet constructive and solutions-oriented approach. They aim to provide policy-relevant research and ideas shedding light on the complexities of the digital finance promise. They also offer solid proposals for reform of EU financial services law.
Regulating the Crypto Economy by Iris H-Y Chiu Pdf
This book focuses on the building of a crypto economy as an alternative economic space and discusses how the crypto economy should be governed. The crypto economy is examined in its productive and financialised aspects, in order to distil the need for governance in this economic space. The author argues that it is imperative for regulatory policy to develop the economic governance of the blockchain-based business model, in order to facilitate economic mobilisation and wealth creation. The regulatory framework should cater for a new and unique enterprise organisational law and the fund-raising and financing of blockchain-based development projects. Such a regulatory framework is crucially enabling in nature and consistent with the tenets of regulatory capitalism. Further, the book acknowledges the rising importance of private monetary orders in the crypto economy and native payment systems that do not rely on conventional institutions for value transfer. A regulatory blueprint is proposed for governing such monetary orders as 'commons' governance. The rise of Decentralised Finance and other financial innovations in the crypto economy are also discussed, and the book suggests a framework for regulatory consideration in this dynamic landscape in order to meet a balance of public interest objectives and private interests. By setting out a reform agenda in relation to economic and financial governance in the crypto economy, this forward-looking work argues for the extension of 'regulatory capitalism' to this perceived 'wild west' of an alternative economic space. It advances the message that an innovative regulatory agenda is needed to account for the economically disruptive and technologically transformative developments brought about by the crypto economy.
THE LAW OF BITCOIN is the definitive guide to navigating the rules in the dynamic world of cryptocurrency. This book is the first of its kind delving into cryptocurrency law in four jurisdictions: Canada, Germany, the United Kingdom, and the United States. Written by knowledge leaders in the legal cryptocurrency space, THE LAW OF BITCOIN addresses such topics as the intersection of cryptocurrencies and criminal law, taxation, anti-money laundering and counter-terrorist financing regulations, securities law, consumer protection, negotiable instruments, currency law, and financial regulation. THE LAW OF BITCOIN will be a leading resource and go-to text both for those wishing to understand the basics of how the law affects cryptocurrency and for those in the legal community searching for sophisticated answers to more advanced questions. “It is unique because the authors concisely and objectively explain how Bitcoin and bitcoin are lawfully viewed. They provide relevant, up-to-date clarity in a space that is often nebulous, confusing and filled with conflicting partisan information. The authors arrive at what will likely be unpopular conclusions that are only possible because they are not seeking to defend special interest groups. This includes issues such as fungibility which is handled in a manner that flips the conventional narrative within the Bitcoin community on its head, yet is important for any entrepreneur, developer, investor and user in the nascent space. THE LAW OF BITCOIN is a helpful guide to novices and veterans alike.” —Tim Swanson, author of THE ANATOMY OF A MONEY-LIKE INFORMATIONAL COMMODITY and GREAT CHAIN OF NUMBERS
Daniel T. Stabile,Kimberly A. Prior,Andrew M. Hinkes
Author : Daniel T. Stabile,Kimberly A. Prior,Andrew M. Hinkes Publisher : Edward Elgar Publishing Page : 392 pages File Size : 52,5 Mb Release : 2020-07-31 Category : Law ISBN : 9781789907445
Digital Assets and Blockchain Technology by Daniel T. Stabile,Kimberly A. Prior,Andrew M. Hinkes Pdf
This key textbook examines the financial growth and success of digital assets in the contemporary economy. As digital assets and other blockchain applications mature, and regulatory authorities work hard to keep pace, three leading attorneys in the field invite students to consider the legal frameworks pertinent to regulating this new method of exchange. In this, the first textbook of its kind, the authors explore the growth of smart contracts, the application of securities laws to token sales, the regulation of virtual currency businesses, the taxation of digital assets and the intersection of digital assets and criminal law.
Cryptocurrencies and Cryptoassets by Andrew Haynes,Peter Yeoh Pdf
This book examines the legal and regulatory aspects of cryptocurrency and blockchain and the emerging practical issues that these issues involve. The analysis covers a range of advanced economies across the world, in America, Europe and Asia. The book describes, explains and analyses the nature of cryptocurrencies and the blockchain systems they are constructed on in these major world economies and considers relevant law and regulation and their shortcomings. It will be of use and interest to academics, lawyers, regulators and anyone involved with cryptocurrencies and blockchain.
Cryptocurrencies and the Regulatory Challenge by Allan C. Hutchinson Pdf
As a social process that places great stock in its stability and predictability, law does not deal easily or well with change. In a modern world that is in a constant and rapid state of flux, law is being placed under considerable stress in its efforts to fulfill its task as a primary regulator of social and economic behaviour. This challenge is particularly acute in the realm of technology and its profound ramifications for social and economic behaviour. The innovative Techno-Age not only offers fresh ways of handling old problems, but also throws up entirely new problems; traditional ways of thinking about and responding to these old and new problems and their optimal resolution are no longer as tenable as many once thought. One such example is the burgeoning world of cryptocurrencies – this peer-to-peer digital network presents a profound challenge to the status quo of the financial services sector, to the established modes of state-backed fiat currency, and to the regulatory authority and reach of law. Taken together, these related challenges demand the urgent attention of jurists, lawyers and law reformers. It is the future and relevance of legal regulation as much as cryptocurrency that is at stake. This book proposes an approach to regulating cryptocurrency that recognises and retains its innovative and transformative potential, but also identifies and deals with some of its less appealing qualities and implications.
Financial Services Law and Distributed Ledger Technology by Brendan McGurk,Stefan Reichenbach Pdf
This incisive book examines the extent to which existing UK financial service regulations can be applied to digital assets and decentralised financial services provided by distributed networks. Brendan McGurk and Stefan Reichenbach consider the wider legal issues beyond regulatory enforcement, attributable to the use of distributed ledger technology based financial services.
Rethinking the Regulation of Cryptoassets by Johnstone, Syren Pdf
This thought-provoking book challenges the way we think about regulating cryptoassets. Bringing a timely new perspective, Syren Johnstone critiques the application of a financial regulation narrative to cryptoassets, questioning the assumptions on which it is based and whether regulations developed in the 20th century remain fit to apply to a technology emerging in the 21st.
Regulation of Cryptocurrencies and Blockchain Technologies by Rosario Girasa Pdf
The book highlights the rise of Bitcoin, which is based on blockchain technology, and some of the many types of coins and tokens that emerged thereafter. Although Bitcoin and other cryptocurrencies have made national and international news with their dramatic rise and decline in value, nevertheless the underlying technology is being adopted by both industry and governments, which have noted the benefits of speed, cost efficiency, and protection from hacking. Based on numerous downloaded articles, laws, cases, and other materials, the book discusses the digital transformation, the types of cryptocurrencies, key actors, and the benefits and risks. It also addresses legal issues of digital technology and the evolving U.S. federal regulation. The varying treatment by individual U.S. states is reviewed together with attempts by organizations to arrive at a uniform regulatory regime. Both civil and criminal prosecutions are highlighted with an examination of the major cases that have arisen. Whether and how to tax cryptocurrency transactions both in the U.S. and internationally are analyzed, and ends with a speculative narrative of future developments.
This incisive and thought-provoking book examines the regulation of cryptocurrency trading by state and federal financial services regulators, in order to understand why these statutes proved to be ineffective in regulating this new asset class. Furthermore, it analyzes and evaluates pending proposals in Congress for more effective cryptocurrency regulation.
Cryptoassets represent one of the most high profile financial products in the world, and fastest growing financial products in history. From Bitcoin, Etherium and Ripple's XRP-so called "utility tokens" used to access financial services-to initial coin offerings that in 2017 rivalled venture capital in money raised for startups, with an estimated $5.6 billion (USD) raised worldwide across 435 ICOs. All the while, technologists have hailed the underlying blockchain technology for these assets as potentially game changing applications for financial payments and record-keeping. At the same time, cryptoassets have produced considerable controversy. Many have turned out to be lacklustre investments for investors. Others, especially ICOs, have also attracted noticeable fraud, failing firms, and alarming lapses in information-sharing with investors. Consequently, many commentators around the world have pressed that ICO tokens be considered securities, and that concomitant registration and disclosure requirements attach to their sales to the public. This volume assembles an impressive group of scholars, businesspersons and regulators to collectively write on cryptoassets. This volume represents perspectives from across the regulatory ecosystem, and includes technologists, venture capitalists, scholars, and practitioners in securities law and central banking.