New York regulatory response to virtual currency risks

• Authors: Tomasz Tomczak

Title variants

PL

Nowojorska odpowiedź regulacyjna na ryzyka związane z wirtualnymi walutami

Abstracts

PL

W ramach niniejszego artykułu zostały wskazane główne ryzyka związane z walutami wirtualnymi oraz przedstawiono jaka była nowojorska regulacyjna odpowiedź na nie. Ponieważ od przyjęcia odpowiednich regulacji minęło już trochę czasu, ich skutki mogą być również ocenione. Na podstawie opisanych badań postawiona jest teza, że nawet uciążliwa regulacja waluty wirtualnej w pewnych porządkach prawnych nie powinna doprowadzić do zabicia tej innowacji finansowej. Dlatego porządki prawne powinny regulować kryptoaktywa, aby przyciągnąć branżę, która obecnie ma ogromny potencjał wzrostu.

EN

This paper indicates the main risks connected with virtual currencies and shows what was the New York regulatory response to them. Because some time has passed since the adoption of the appropriate laws, the effect of the regulation could be also assessed. Based on described research, a thesis is put forward that even an onerous regulation of virtual currency in certain jurisdiction shall not kill this financial innovation there. Therefore, states should regulate crypto-assets to attract the industry which currently have a huge potential to growth.

Keywords

EN

virtual currency; crypto-currency; crypto-assets

PL

waluty wirtualne; kryptowaluty; kryptoaktywa

• Publisher: Uniwersytet Opolski
• Journal: Opolskie Studia Administracyjno-Prawne
• Year: 2021
• Volume: 19
• Issue: 4
• Pages: 55-71

Dates

published

2021

Contributors

author

Tomasz Tomczak

• University of Opole

• https://orcid.org/0000000284994553

References

• Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, OJ L 141, 5.6.2015.
• Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU, OJ L 156, 19/6/2018.
• N.Y. COMP. CODES R.&REGS. tit. 23, § 200, 2015, https://casetext.com/regulation/new-york-codes-rules-and-regulations/title-23-financial-services/chapter-i-regulations-of-the-superintendent-of-financial-services/part-200-virtual-currencies/
• Alcantara, Cristopher. Dick, Caroline. 2017. Decolonization in a Digital Age: Cryptocurrencies and Indigenous Self-Determination in Canada. Canadian Journal of Law & Society/La Revue Canadienne Droit et Société, 32(1). Toronto: Canadian Law and Society Association/Association Canadienne Droit et Société.
• Baker, Bejnjamin. 2017. Application of the New York Bitlicense to Initial Coin Offerings. SSRN, 3319540. Online: https://ssrn.com/abstract=3319540.
• Bullmann, Dirk. Klemm, Jonas. Pinna, Andrea. 2019. In Search for Stability in Crypto Assets: Are Stablecoins the Solution? ECB Occasional Paper, 230. Brussels: European Central Bank.
• Hoskins, Peter. 2021. Tesla will no longer accept Bitcoin over climate concerns, says Musk. BBC, 57096305. London: BBC.
• Cheah, Eng-Tuck. Fry, John. 2015. Speculative bubbles in bitcoin markets? An empirical investigation into the fundamental value of bitcoin. Economics Letters, 130. Amsterdam: Elsevier.
• Chohan, Usman. 2018. Oversight and Regulation of Cryptocurrencies: BitLicense. SSRN, 3133342. Online: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3133342.
• Dyntu, Valeriia. Dykyi, Oleh. 2018. Cryptocurrency in the System of Money Laundering. Baltic Journal of Economic Studies, 4.5. Wilno: Baltija Publishing.
• European Banking Authority. 2019. Report with advice for the European Commission on crypto-assets. Paris: EBA.
• European Securities and Markets Authorities. 2019. Advice. Initial Coin Offerings and Crypto Assets. Paris: ESMA.
• European Securities and Markets Authorities. 2017. The Distributed Ledger Technology Applied to Securities Markets. Paris: ESMA.
• Handagame, Sandali. Kalra, Jaspreet. 2020. BitLicense at 5: A Timeline of New York’s Landmark Cryptocurrency Regulation. Coindesk. Online: https://www.coindesk.com/policy/2020/06/24/bitlicense-at-5-a-timeline-of-new-yorks-landmark-cryptocurrency-regulation/
• Hayton, David et. al. 2016. Underhill and Hayton: Law Relating to Trusts and Trustees. London: LexisNexis.
• Houben, Robby. Snyers, Alexander. 2018. Cryptocurrencies and blockchain. Legal context and implications for financial crime, money laundering and tax evasions. Brussels: European Parliament.
• Hughes, Sarah. Middlebrook, Stephen. 2015. Advancing a framework for regulating crypto-currency payments intermediaries feature. Yale Journal on Regulation, 32(2). Yale: Yale Law School.
• Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets and amending Directive (EU) 2019/1937, available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0593 (accessed: 4.04.2021).
• Srokosz, Witold. 2020. Law and Innovations on the Financial Market. In: P. Mrkyvka, J. Gliniecka, E. Tomaskova, E. Juchniewicz, T. Sowiński, M. Radvan (eds.). The Financial Law towards challenges of the XXI century. Gdańsk–Brno: Masaryk University Press.
• Srokosz, Witold. 2017. Legalna definicja kryptowaluty. In: W. Rogowski (ed.). Regulacje finansowe, FinTech – nowe instrumenty finansowe – resolution. Warszawa: C.H. Beck.
• Srokosz, Witold. 2021. Supervisory issues over blockchain-based activities.In: L. Gąsiorkiewicz, J. Monkiewicz (eds.). Innovation in Financial Services: Balancing Public and Private Interests. London: Routledge.
• Stolarski, Konrad. 2018. Prawny i podatkowy status walut wirtualnych w kontekście wprowadzenia do prawa polskiego definicji legalnej waluty wirtualnej. Monitor Podatkowy, 9. Warszawa: C.H. Beck.
• Szostek, Dariusz. 2019. Regulacje prawne drugiej dekady XXI wieku – dokąd zmierzamy? Czy zastąpi nas inżynieria prawa? Monitor Prawniczy, 2. Warszawa: C.H. Beck.
• Tomczak, Tomasz. 2020. Anti-cryptocurrency narrative in public interest litigation. In: B. Heiderhoff, I. Queirolo (eds.). Private (International) Law in an Evolving Transboundary Society Selected Issues. Rome: Aracne editrice.
• Tomczak, Tomasz. 2019. Are cryptocurrencies the new „financial weapons of mass destruction”? Bank i Kredyt, 5. Warszawa: Narodowy Bank Polski.
• Tomczak, Tomczak. 2021. Zabezpieczenia akcesoryjne w kredytowaniu konsorcjalnym – problem separacji podmiotowej. Wrocław: Wydawnictwo Uniwersytetu Wrocławskiego.
• Urząd Komisji Nadzoru Finansowego. 2021. Ostrzeżenie Urzędu KNF o ryzykach związanych z nabywaniem oraz z obrotem kryptoaktywami (Polish Financial Supervision Authority Office warning about the risks associated with the acquisition and trading of kryptoassets). Warszawa: KNF.
• Urząd Komisji Nadzoru Finansowego. 2020. Stanowisko Urzędu Komisji Nadzoru Finansowego w sprawie wydania i obrotu krypto aktywami (Position of the Polish Financial Supervision Authority on the issue and trading of krypto-assets). Warszawa: KNF.
• Xie, Rain. 2019. Why China had to ban cryptocurrency but the US did not: a comparative analysis of regulations on crypto-markets between the US and China. Washington University Global Studies Law Review, 457. Washington: Washington University School of Law.

Identifiers

DOI

10.25167/osap.4541

Biblioteka Nauki

1965297