Comparative Review of Regulatory Framework of Virtual Currency (Cryptocurrency) in Selected Countries

Abstract

In the era of rapid technological progress, the legislators of individual countries face the challenge of submitting new technological phenomena to the legal framework. The business operation in the field of virtual currencies (cryptocurrencies),widely, in the financial technology sector (hereinafter referred to in as “fintech”), create a chance to attract investors and develop the economy. On the other hand, the same might be misused for illegal purposes, such as, in particular,money laundering or financing of terrorism. This study provides for an overview of the legal regulations of selected states in the field of virtual currencies (cryptocurrencies). Although, presented laws and regulations herein are in favour of thecryptocurrencies, the scope of implemented acts varies significantly.

The Used of UTAUT Model in Initial Coin Offerings: A Conceptual Paper

“…The way individuals interact and exchange money has changed as a result of these changes. As a result of the ongoing trend of change over the last two decades, a new type of currency, cryptocurrency, has evolved because of the transition from paper to virtual currency (Kasprzyk, 2019). According to Mazambani and Mutambara (2019), cryptocurrency is a type of digital money that uses advanced encryption techniques to carry out a variety of economic transactions.…”

“…Security, transparency, as well as anonymity are all goals of the blockchain technology that supports bitcoin activities. Furthermore, consumers can avoid using traditional retail payment methods by using cryptocurrencies such as bitcoins because of two key factors: anonymity and the lack of reliance on central entities such as banking institutions (Kasprzyk, 2019). A reduction in transaction time and dramatically cheaper transaction fees are two of the few benefits that cryptocurrencies can bring to potential customers.…”