Cryptocurrency regulation in the BriCs Countries and the eurasian economic union

Chudinovskikh, Marina; Sevryugin, V.

doi:10.21684/2412-2343-2019-6-1-63-81

Cited by 26 publications

(26 citation statements)

References 4 publications

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“…Though it is difficult to have outright total control of a borderless digital currency (Sushko and Kaznin, 2019), in some African countries digital currency innovations are legally restricted (Thomson Reuters, 2017). However, the South African financial market as one of the most advanced in Africa took a laisser-faire approach to cryptocurrency transactions by allowing the market to trade at own risk as there is no substantive regulatory framework yet (SARB, 2014; Chudinovskikh and Sevryugin, 2019). The resilience and adaptive of the South African financial market makes it more liberal from a regulatory perspective as it continues to look for a policy position to fully embrace cryptocurrency (IFWG, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency

Mazambani

Mutambara

2019

AJEMS

107

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Purpose Financial technology innovation within the developed world is driving financial markets, yet its adoption is lagging among consumers in emerging markets. At the same time, most African economies continue to be at the tail end of global financial innovations adoption. Given lagging consumer adoption of cryptocurrency in South Africa, the purpose of this paper is to apply the theory of planned behaviour (TPB) to predict behavioural intention to adopt cryptocurrency. Design/methodology/approach A survey instrument based on the TPB was used to collect quantitative data for predicting adoption from adult distance students at the Mancosa, Cape Town campus. For data analysis, the two-step structural equation modelling approach was used. Findings The findings indicate that attitude and perceived behavioural control positively impact the intention to adopt cryptocurrency. Subjective norm showed a negative non-significant influence. Overall, the results of the study show that the model has a good model fit and can be used to explain the theory. Research limitations/implications The results of this study may not be generalisable to the wider population as it is only based on a cross-sectional study of a sample of adult students at a single institute in South Africa. Originality/value The contribution of this paper is threefold: it is one of a few studies on the behavioural intention to adopt cryptocurrency in South Africa using the TPB model, it contributes towards the use of predictive behavioural economics models in understanding consumer behaviour critical to accelerating the adoption of financial innovations, and the results of the study also inform behaviour change strategies that can be applied by practitioners or policymakers to improve adoption. Studies of this nature may lead to the development of financial innovation in emerging markets through a nuanced understanding of consumer behaviour.

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Section: Literature Reviewmentioning

confidence: 99%

Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency

Mazambani

Mutambara

2019

AJEMS

107

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“…It is very important that there is a unified European or global definition of virtual currencies and cryptocurrencies. In many countries, the legal framework for cryptocurrencies is not considered at all and needs to be developed [23]. Cryptocurrencies are gaining significant popularity due to the benefits of their use, such as convenience, independence, accessibility, lack of commitment, confidentiality, no documents, full accounting automation, and optimization of administrative costs [24].…”

Section: Discussionmentioning

confidence: 99%

Specifics of Cryptocurrencies from an Accounting, Tax and Financial View in a Globalized Environment

2021

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Research background: With the advancing entrance of digital technologies into all areas of private and business life in the past 10 years a new digital asset referred to as virtual currency or cryptocurrency had been invented. This virtual currency is not yet regulated in most countries and there is a need to establish a legal framework for accounting, taxation and recording of financial transactions so the treatment of transactions with these digital assets is the same across the globalized environment, as different approaches may affect the decision-making of the management and investors or can alter the tax base for income tax purposes. Purpose of the article: The aim of this paper is to compare and discuss the different possible approaches of recording and reporting of the virtual currencies for accounting and tax purposes and to compare the approaches among the Czech Republic, the Slovak Republic and Germany to point out the need for a harmonized solution in a global environment, as dealing with cryptocurrencies is not included in the accounting and tax legal framework in many other countries. Methods: Methods of description, analysis, comparison and synthesis are used to achieve the set aim of the paper. Different approaches to the topic are demonstrated and compared in illustrative Tables. Findings & Value added: The paper highlights the need for a uniform approach for the accounting and tax treatment of virtual currency by comparing the level of legal definitions and different approaches. The most elaborate legal implementation of this topic is in the Slovak Republic where the treatment of virtual currencies is included in the Accounting Act and the Income Tax Act. The Czech Republic approaches cryptocurrencies only on the basis of recommendations from the Ministry of Finance, which is not legally binding to obey. Germany has included cryptocurrencies in the Banking Act, the accounting definition is missing and the tax solution is in the Income Tax Act.

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“…There are a number of legal approaches to the discussed issues in contemporary legal systems. 141 For instance, ICOs are banned in China and South Korea. 142 In most countries, traditional financial 143 and civil 144 regulations are applicable to issues regarding cryptocurrencies.…”

Section: General Remarksmentioning

confidence: 99%

Considerations on the Construction of Future Financial Regulations in the Field of Initial Coin Offering

Szwajdler

2021

Eur Bus Org Law Rev

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Legal issues of ICOs are significant in the contemporary financial world because this method of capital formation is becoming widespread. In spite of the significance of ICOs, there are no financial regulations in this field in the most important legal systems. Therefore, research concerning future legal provisions in the area of ICOs is needed. This paper concerns issues related to the scope and structure of future financial regulations applicable to ICOs. The author focuses on principles on which legal provisions in the field of ICOs should be based. National, European and international matters are discussed separately in this work. Matters regarding a future international organisation competent in issues of crypto-assets are elaborated. Furthermore, the author proposes to create a model convention on cryptocurrencies and bilateral agreements on the exchange of information in crypto-asset matters. Disclosure obligations, anti-manipulation provisions and anti-money laundering principles are also set out. Moreover, the author discusses issues regarding audit requirements, special methods of registration and innovative payment rules for crypto-asset purposes. Finally, recommendations concerning ICOs are made separately for national, European and international purposes. The author believes that the conclusions in this paper can be useful not only for legislators but also for international actors, European institutions and legal researchers.

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Cryptocurrency regulation in the BriCs Countries and the eurasian economic union

Cited by 26 publications

References 4 publications

Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency

Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency

Specifics of Cryptocurrencies from an Accounting, Tax and Financial View in a Globalized Environment

Considerations on the Construction of Future Financial Regulations in the Field of Initial Coin Offering

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