Anti-money laundering regulation of crypto assets in Europe’s smallest member state

Buttigieg, Christopher P.; Efthymiopoulos, Christos; Attard, Abigail; Cuyle, Samantha

doi:10.1080/17521440.2019.1663996

Cited by 17 publications

(13 citation statements)

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“…Cryptocurrencies are "traded online and are characterized by non-face-to-face customer relationships whereby users are only identified by their encrypted public addresses". 16 When a transaction occurs on the blockchain network, each user involved in that transaction has a specific personal key, similar to a user name. Once that transaction is completed and verified, those personal keys are also completed and can never be used again.…”

Section: Understanding Cryptocurrencymentioning

confidence: 99%

The Regulation of Cryptocurrencies under Ethiopian Legal Norms

Gobena¹

2021

Miz Law Rev

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Cryptocurrencies are a subset of virtual currencies that have been devised for anonymous payments made entirely independent of governments and traditional financial institutions. The payment system of cryptocurrencies is expanding at a rapid pace and has reached Ethiopia. This article examines the extent to which cryptocurrencies are regulated under Ethiopia’s national payment system and anti-money laundering legal norms. The study has employed doctrinal research supported by in-depth interviews. During the last decade, Ethiopia has adopted several legal frameworks that govern different aspects of the payments landscape, most notably regarding payment services and electronic money. The country has anti-money laundering legal norms that are embodied in domestic laws and international and regional instruments that it has ratified. However, these legal norms have strategic deficiencies in regulating cryptocurrencies. Thus, the government of Ethiopia should consider enacting a comprehensive law that regulates the payment system of cryptocurrencies.

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Section: Understanding Cryptocurrencymentioning

confidence: 99%

The Regulation of Cryptocurrencies under Ethiopian Legal Norms

Gobena¹

2021

Miz Law Rev

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“…Malta a smaller state of the EU is a good example of making a framework for the AML and fight against terrorism financing. EU also possesses such a regime for regulating the cryptocurrency and, as two of the countries under the study are the EU countries, we will have a look at this regulatory law to place our study in its context (Buttigieg et al , 2019). The UK, Switzerland and Germany are at high risk of money laundering concerning crypto assets.…”

Section: Literature Reviewmentioning

confidence: 99%

“…This paper will add to the existing knowledge by comparing the three states and their models of AML regimes and the effect they could have over the crypto businesses. How is the integration going on and when will the states be able to control their own economic sphere and be sure to track all the account holders under the national net of the economy (Buttigieg et al , 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

“…The individual jurisdiction has given rise to homegrown regimes. These regimes need to be under the regulations through a global approach (Buttigieg et al , 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

“…In actual, there is no special law for cryptocurrencies, but the AML laws handle the same. Crypto businesses raise two main challenges; the first challenge is the high risk of financing terrorism and the second challenge with the crypto businesses is the regulation in addition to centralization under the regulations of the state (Buttigieg et al , 2019; Boehm and Pesch, 2015). AML laws modified to have the crypto businesses under government control are insufficient to address all the provisions of cryptocurrencies and their characteristics.…”

Section: Introductionmentioning

confidence: 99%

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Anti-money laundering regimes: a comparison between Germany, Switzerland and the UK with a focus on the crypto business

Wronka¹

2021

JMLC

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Purpose This paper aims to examine the framework for the regulation of crypto assets in Germany, the UK and Switzerland focusing on anti-money laundering (AML) laws. It comprehensively addresses the risks of crypto assets and the benefits along with the changes made to the existing laws to regulate cryptocurrency. Design/methodology/approach Qualitative data was analyzed to collect information for the case study and to challenge/examine the existing data and statistics. Findings The findings suggested that the AML laws are additionally modified to include the cryptocurrencies violations of the legislation, as it is the decentralized financial systems generating opportunities for crimes and terror financing. The moderate or mild laws were found in Switzerland following Germany and the UK has the most traditional and stringent laws of money laundering. Originality/value The paper has focused on the comparison of the three states in their AML laws comprehensively along with their attitude toward the crypto businesses.

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Tracing Crypto-Laundering Through the Sharing Economy

Ilbiz

Kaunert

2023

Advanced Sciences and Technologies for Security Applications

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Anti-money laundering regulation of crypto assets in Europe’s smallest member state

Cited by 17 publications

References 0 publications

The Regulation of Cryptocurrencies under Ethiopian Legal Norms

The Regulation of Cryptocurrencies under Ethiopian Legal Norms

Anti-money laundering regimes: a comparison between Germany, Switzerland and the UK with a focus on the crypto business

Tracing Crypto-Laundering Through the Sharing Economy

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