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International Journal of Law and Management: Cryptocurrency in the Darknet: sustainability of the current national legislation
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Abstract
Purpose – The purpose of the study is to show that divergent perceptions among regulators, the regulated
and the associated regulatory bodies across multiple jurisdictions regarding the nature and functionality of
cryptocurrencies hamper the development of a more comprehensive and coherent regulatory framework in
curbing crimes and other related risks associated with cryptocurrencies.
Design/methodology/approach – The study has used a descriptive doctrinal legal research method to
investigate and understand the insights of existing laws and regulations in four selected jurisdictions concerning
cryptocurrencies and how these laws could be further improved and developed to reduce crypto-related crimes.
Furthermore, the study has also used a comparative research method to conceptualize the contours of the new legal
discourse emerging from cryptocurrencies to adopt and implement a sound regulatory framework.
Findings – The study illustrated that divergent regulatory treatment among different jurisdictions might
suffocate novel digital innovations such as cryptocurrency. These fragmented regulatory approaches by
various jurisdictions question the sustainability of the present national legislation adopted to regulate
cryptocurrencies. Looking into other jurisdictional developments in regulating cryptocurrencies, it is apparent
that a concerted regulatory approach is needed to minimize the abuse of this innovation.
Research limitations/implications – The study has implications for regulators and policymakers to
review the current regulatory framework for regulating cryptocurrencies to prevent regulatory arbitrage. The
divergent legislative measures concerning cryptocurrency among different jurisdictions question the sustainability
of these legislative initiatives, considering the evolving and borderless nature of cryptocurrency. Therefore, this
paper will help regulators to consider the present legislative gaps in establishing a common global regulatory
approach in the crypto sphere.
Originality/value – The study contributes to the existing body of literature by examining the regulatory
frameworks of four jurisdictions, namely, the USA, Canada, China and the EU, related to cryptocurrencies,
with a discussion on the development of cryptocurrencies-related laws among these four jurisdictions and
their sustainability in curbing crimes in the Darknet.
Mohsin Dhali and Shafiqul Hassan - Personal Name
NONE
Text
ENGLISH
EMERALD INSIGHT
2023
ENGLAND
JURNAL ILMU HUKUM
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APA Citation
Mohsin Dhali and Shafiqul Hassan. (2023).International Journal of Law and Management:
Cryptocurrency in the Darknet:
sustainability of the current
national legislation.(Electronic Thesis or Dissertation). Retrieved from https://localhost/etd