Harmonising cryptocurrency regulation in Europe: opportunities for preventing illicit transactions

Vladlena Benson, Bogdan Adamyk (), Anitha Chinnaswamy and Oksana Adamyk
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Vladlena Benson: Aston University
Bogdan Adamyk: Aston University
Anitha Chinnaswamy: Aston University
Oksana Adamyk: Loughborough University

European Journal of Law and Economics, 2024, vol. 57, issue 1, No 2, 37-61

Abstract: Abstract This study focuses on the analysis of cryptocurrency regulatory developments in Europe. The aim is to review national crypto-legislation in Europe and the EU's latest initiative to create designated regulatory instruments for the crypto-economy. This study assessed whether the European Union's Regulation on Markets in Crypto-Assets (MiCA) would have the intended effect. Drawing on the results of a survey of crypto experts from five European countries, this study evaluated the effectiveness of current regulation across Europe and how it can be improved to reduce financial crimes. The findings show that a unified national legal framework for regulating transactions with crypto assets does not exist in European countries. Current crypto regulations are dictated by anti-money laundering recommendations. This study provides suggestions for improving MiCA regulation. The article offers recommendations for an international regulatory standard for crypto assets and insights for increasing efficiency in regulating DeFi, NFTs, and smart contracts.

Keywords: Blockchain; Cryptocurrency; Regulation; Decentralised finance; Non-fungible tokens; Smart contract (search for similar items in EconPapers)
JEL-codes: G18 K20 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10657-024-09797-w

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