Licensing and supervision in the field of digital assets

Kristina Trajkovic
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Kristina Trajkovic: National Bank of Serbia

Working Papers Bulletin from National Bank of Serbia

Abstract: The digital assets market has been growing in the last decade. Market development brings new opportunities for economic development at the national level. However, the wide acceptance of virtual currencies also creates the potential for money laundering, terrorist financing and other risks specific to this market. Hence the need for continuous market supervision and the establishment of an adequate regulatory framework which will above all contribute to greater legal certainty in dealing with virtual currencies. Although there is no unique approach in the world regarding the legal regulation of virtual currencies, a large number of countries has established a system of regulation, i.e. rules regarding licensing and supervision in this area. This paper first presents a brief analysis of the digital assets market. The analysis aims to consider the existing risks, as well as the volatility of virtual currency prices. In the continuation of the paper, a comparative legal study of laws and regulations governing the licensing and supervision of the digital assets market in the European Union, Japan, the United States and the Republic of Serbia is presented. The aim is to understand the need to define the regulatory framework and unique rules for the implementation of the licensing and supervision process by regulators.

Keywords: regulation; digital assets; virtual currencies; licence; supervision (search for similar items in EconPapers)
JEL-codes: E30 K20 K23 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2022-03
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