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2018 | OriginalPaper | Buchkapitel

International Regulation

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Abstract

We now examine how most countries have dealt with virtual currencies and, as anticipated, some countries welcome the newest technology, some prohibit it totally as being dangerous to the local currencies, others are satisfied with issuing warnings, while yet others seek to tax gains made from the exchange. We also examine how international organizations and entities such as the European Union and its banking organizations are interposing regulatory regimes to prevent money laundering and other misuses of the new technology.

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Fußnoten
1
The Bank for International Settlements, headquartered in Basel, Switzerland, was established on May 17, 1930 and is an international financial organization owned by 60 member national central banks and Hong Kong SAR, that make up about 95 percent of global GDP. Its mission is to serve central banks in their pursuit of monetary and financial stability, to foster international co-operation in those areas, and to act as a bank for central banks. https://​www.​bis/​org/​cpmi/​publ/​d137.​htm
 
2
Committee On Payments and Market Infrastructures, Digital currencies, Bank for International Settlements, Nov., 2015, https://​www.​bis.​org.​cpmi/​publ/​d137.​htm
 
3
Id.
 
5
Id. For a discussion of the ECB’s report and the EU’s concern and regulation of virtual currencies, see Aneta Vondrackova, Regulation of Virtual Currency in the European Union, Prague Law Working Papers Series 2016/III/3, 2016, http://​prf.​cuni.​cz/​en/​workingpapers-1404048982.​html
 
6
Virtual currency schemes – a further analysis, European Central Bank, Feb. 2015, http://​www.​ecb.​europa.​eu/​pub/​pdf/​other/​virtualcurrencys​chemesen.​pdf
 
7
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, http://​eur-lex.​europa.​eu/​legal-content/​EN/​TXT/​?​uri=​celex%3A32015L0849
 
9
Proposed amendments to the Fourth Anti-Money Laundering Directive, http://​www.​europarl.​europa.​eu/​RegData/​etudes/​BRIE/​2017/​607260/​EPRS_​BRI(2017)607260_​EN.​pdf. The text of the proposal for an amendment to (EU) 2015/849 is Eur. Parl. Doc. (COD) 2016/0208, http://​ec.​europa.​eu/​justice/​criminal/​document/​files/​aml-directive_​en.​pdf
 
10
Stan Higgins, EU Report: Digital Currency Use by Organized Criminals is Rare, CoinDesk, July 18, 2017, https://​www.​coindesk.​com/​eu-report-digital-currency-use-by-organized-criminals-is-rare/​
 
11
European Commission, Project to prevent criminal use of the dark web and virtual currencies launched by international consortium, Cordis News and Events, http://​cordia.​europa.​eu/​news/​ren/​141335-html
 
12
Eur. Parl. Doc. (2016/2007(INI)) (May 26, 2016).
 
13
European Securities and Markets Authority, About ESMA, https://​www.​esma.​europa.​eu/​about-esma/​who-we-are
 
14
European Securities and Markets Authority, Call for Evidence: Investment using virtual currency or distributed ledger technology, April 22, 2015, ESMA/2015/532, https://​www.​esma.​europa.​eu/​sites/​default/​files/​library/​2015/​11/​2015-532_​call_​for_​evidence_​on_​virtual_​currency_​investment.​pdf
 
15
European Securities and Markets Authority, Discussion Paper: The Distributed Ledger Technology Applied to Securities Markets, Feb. 6, 2016, ESMA 2016/773, https://​www.​esma.​europa.​eu/​press-news/​esma-news/​esma-assesses-usefulness-distributed-ledger-technologies
 
16
Id.
 
17
European Commission, European Commission launches the EU Blockchain Observatory and Forum, Press Release, Feb. 1, 2018, http://​europa.​eu/​rapid/​press-release_​IP-18-521_​en.​htm
 
19
European Court of Justice, Judgment, October 22, 2015, ECLI: EU:C:205:718, http://​curia.​eu/​juris/​document/​document.​jct?​docid=​170305&​doclang=​EN
 
20
Id.
 
21
Mirko L. Marinc, Koert Bruins, Roger van de Berg, and Esteban van Goor, European Court of Justice decides on landmark case regarding the VAT treatment of bitcoin, Lexology, Oct. 28, 2015, https://​www.​lexology.​com/​library/​detail.​aspx?​g=​f67931b0-9136-4a53-8b7c-47b762fe12f6
 
22
The OECD is composed of 35 countries, almost all from the developed world, the United States, Canada, Japan, South Korea, countries that are also members of the EU, Mexico, Chile, and other economic powers, OECD About, http://​www.​oecd.​org/​about/​
 
23
Adrian Blundell-Wignall (2014), The Bitcoin Question: Currency versus Trust-less Transfer Technology, OECD Working Papers on Finance, Insurance and Private Pensions, No. 37, (2014), https://​doi.​org/​10.​1787/​5jz2pwjd9t20-en
 
24
United Nations Security Council Counter-Terrorism Committee, Official Launch of Knowledge-sharing platform in support of the global tech industry tackling terrorist exploitation of the Internet, (2017), https://​www.​un.​org/​sc/​ctc/​blog/​event/​official-launch-of-knowledge-sharing-platform-in-support-of-the-global-tech-industry-tackling-terrorist-exploitation-of-the-internet/​
 
25
The G20 (Group of Twenty) consists of central bank governors of the leading industrial nations plus the EU. The nations represented are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the United States, and the EU.
 
28
OICU-IOSCO, IOSCO Board Communication on Concerns Related to Initial Coin Offerings (ICOs), Media Release, Jan. 18, 2018, http://​www.​iosco.​org/​news/​pdf/​IOSCONEWS485.​pdf
 
29
For an excellent guide, see Robin Arnfield, Regulation of Virtual Currencies: A Global Overview (2015), Virtual Currency Today, http://​www.​nfcidea.​pl/​wp-content/​uploads/​2015/​02/​Regulation-if-Virtual-Currancies-by-Jumio.​pdf
 
30
La Unidad de Informacion Financiera, https://​www.​argentina.​gob.​ar/​uif
 
31
Chapter 2, Overview and recent developments: What is digital currency?, Parliament of Australia, https://​www.​aph.​gov.​au/​Parliamentary_​Business/​Committees/​Senate/​Economics/​Digital_​currency/​Report/​c02
 
32
FMA in Austria Issues Warning against Fraudulent Virtual Currency Schemes, News BTC, Nov. 15, 2016, http://​www.​newsbtc.​com/​2016/​11/​15/​fma-in-austria-issues-a-warning-against-fradulent-virtual-currency-schemes/​
 
34
E-Money and virtual currencies, Digitalwatch, Dec. 22, 2017, https://​dig.​watch/​issues/​e-money-and-virtual-currencies. For an untranslated copy of the press release from the National Bank of Belarus, see decree, see https://​www.​nbrb.​by/​Press/​?​id=​6534, cited in Coinformer, State Bank in Belarus Builds on Blockchain, Coinfirmation, July 19, 2017, http://​coinfirmation.​com/​state-bank-of-belarus-builds-on-blockchain/​
 
35
Nermin Hajdarbegovic, Brazilian Central Bank Outline Digital Currency Risks, CoinDesk, Feb. 20, 2014, https://​www.​coindesk.​com/​brazilian-central-bank-outlines-digital-currency-risks/​
 
37
r/bitcoin, Tax authorities in Bulgaria say bitcoin is “virtual currency”, Reddit, April 2, 2014, https://​www.​reddit.​com/​r/​Bitcoin/​comments/​220ek1/​tax_​authorities_​in_​bulgaria_​say_​bitcoin_​is/​
 
38
Canadian Securities Adminsitrators, Cryptocurrency Offerings, Staff Notice 46-307, Aug. 24, 2017, http://​www.​osc.​gov.​on.​ca/​en/​SecuritiesLaw_​csa_​20170824_​cryptocurrency-offerings.​htm
 
39
Id.
 
40
Id.
 
41
Opinion No. JDS 14696, July 12, 2016, cited in Carlos Fradique-Mendez and Sebastian Boada Morales, Columbia: Virtual currency regulation, Intn’l Financial L. Rev., Sept. 26, 2016, http://​www.​iflr.​com/​Article/​3588434/​Colombia-Virtual-currency-regulation.​html
 
42
Maria Santos, Croatia considers Bitcoin legal: 45 members of the Swiss parliament want the same, Bitcoins, March 17, 2015, https://​99bitcoins.​com/​croatia-considers-bitcoin-legal-45-members-of-the-swiss-parliament-want-the-same/​
 
43
CYSEC Announcement on Virtual Currency, Global Banking and Finance Review, Nov. 21, 2017, https://​globalbankingand​finance.​com/​cysec-announcement-on-virtual-currencies/​
 
44
Bitcoin Cash Embassy to Open in Limassol, Cyprus, Bitcoin.Com, Dec. 20, 2017, https://​news.​bitcoin.​com/​bitcoin-cash-embassy-open-limassol-cyprus/​
 
45
tom93, The Czech Republic is a Paradise for virtual currencies. You will pay Bitcoin in the village, Steemit, 2017, https://​steemit.​com/​bitcoin/​@tom93/​the-czech-republic-is-a-paradise-for-virtual-currencies-you-will-pay-bitcoin-in-the-village
 
46
‘We Don’t do Bitcoin’: Denmark’s finance director exempts crypto-currencies from its function, RT, Dec. 17, 2013, https://​www.​rt.​com/​news/​bitcoin-denmark-regulator-unsafe-395/​
 
48
Peter Teffer, Estonia to launch own virtual currency, EUobserver, Dec. 19, 2017, https://​euobserver.​com/​economic/​140344
 
49
Francesco Canepa, ECB’sDraghi rejects Estonia’s virtual currency idea, Reuters, Sept. 7, 2017, https://​www.​reuters.​com/​article/​us-ecb-bitcoin-estonia/​ecbs-draghi-rejects-estonias-virtual-currency-idea-idUSKCN1BI2BI
 
50
Kati Pohjanpalo, Finland Central Bank Rules Bitcoin Is Not A Currency, Bloomberg, Jan. 20, 2014, https://​mashable.​com/​2014/​01/​20/​bitcoin-commodity-finland/​#9wUWMiSqYPqp
 
51
Tanaya Macheel, French Government Outlines New Regulations for Bitcoin Market Transparency, Coindesk, July 11, 2014, https://​www.​coindesk.​com/​french-government-outlines-new-regulations-bitcoin-market-transparency/​
 
52
Virtual Currencies Working Group, Regulating Virtual Currencies, Ministry for the Economy and Finance, June, 2014, https://​www.​economie.​gouv.​fr/​files/​regulatingvirtua​lcurrencies.​pdf
 
54
The Legal Framework of Currency Exchange Licensing and Operation in Greece, Law and Tech, Nov. 29, 2017, http://​lawandtech.​eu/​en/​2017/​11/​29/​virtual-currency-exchange-licensing-in-greece/​
 
55
Samuel Haig, Hong Kong Exchange Tidebit Seeks to Capitalize Upon Chinese Cryptocurrency Crackdown, Bitcoin.Com, Oct. 4, 2017, https://​news.​bitcoin.​com/​hong-kong-exchange-tidebit-seeks-to-capitalize-upon-chinese-cryptocurrency-crackdown/​
 
56
Jong Kong launches public education campaign on cryptocurrency and ICO risks, Ecotimes, Feb. 2, 2018, https://​www.​econotimes.​com/​Hong-Kong-launches-public-education-campaign-on-cryptocurrency-and-ICO-risks-1130103
 
58
Hungary: Blockchain and Virtual Currency Regulation 2018, Global Legal Insights, https://​www.​globallegalinsig​hts.​com/​practice-areas/​blockchain-laws-and-regulations/​hungary
 
59
Jonathan Millet, Hungarian National Bank Considers Virtual Currency Like Bitcoin Risky, NEWSBTC, Feb. 19, 2014, http://​www.​newsbtc.​com/​2014/​02/​19/​hungarian-national-bank-considers-virtual-currency-like-bitcoin-risky/​
 
61
Dan Falvey, ‘DON’T invest in Bitcoin’ warns Indian central bank despite surge in cryptocurrency value, Express, Dec. 9, 2017, https://​www.​express.​co.​uk/​finance/​city/​890101/​bitcoin-cryptocurrency-investment-india-bank
 
62
Tarun Mittal, What is Laxmicoin, possibly the first legal Indian cryptocurrency? Yourstory, Nov. 22, 2017, https://​yourstory.​com/​2017/​11/​what-is-laxmicoin-indian-cryptocurrency/​
 
63
Bank Indonesia, Bank Indonesia Warns All Parties Not To Sell, Buy, or Trade Virtual Currency, Press Release, Jan. 18, 2018, http://​www.​bi.​go.​id/​en/​ruang-media/​siaran-pers/​Pages/​sp_​200418.​aspx
 
64
Joshua Althauser, Central Bank of Iran Plans Comprehensive Review of Cryptocurrency Policy, Cointelegraph, Nov. 15, 2017, https://​cointelegraph.​com/​news/​central-bank-of-iran-plans-comprehensive-review-of-cryptocurrency-policy
 
65
Regulation of Bitcoin in Selected Jurisdiction, Library of Congress Law Library, https://​www.​loc.​gov/​law/​help/​bitcoin-survey/​
 
66
Moti Bassok, Shelly Appleberg, and Reuters, Bitcoin Is Risky, Israel Warns Amid Talk of Regulating Virtual Currency, Haaretz, Feb. 20, 2014, https://​www.​haaretz.​com/​israel-news/​business/​1.​575233
 
67
Stefano Capaccioli, Central Bank of Italy Declares Virtual Currency Exchanges Are Not Subject to AML Requirements, Bitcoinmagazine, Feb. 4, 2015, https://​bitcoinmagazine.​com/​articles/​central-bank-italy-declares-virtual-currency-exchanges-not-subject-aml-requirements-1423096093/​
 
68
Article 2, §5 of Act on Financial Transactions that is part of the Virtual Currency Act. The Virtual Currency Act explained, Bitflyer, https://​bitflyer.​jp/​en/​virtual-currency-act
 
69
Id.
 
70
Act on Settlement of Funds as amended (Act No. 59 of 2009 as amended) cited by Makoto Koinuma, Koichiro Ohashi, and Yukari Sakamoto, New Law & Regulations on Virtual Currencies in Japan, Lexology, Jan. 24, 2017, https://​www.​lexology.​com/​library/​detail.​aspx?​g=​b32af680-1772-4983-8022-a2826878bcd5
 
71
Omar Obeidat, Central bank warns against using bitcoin, The Jordan Times, Feb. 22, 2014, http://​www.​jordantimes.​com/​news/​local/​central-bank-warns-against-using-bitcoin
 
72
Lisa Froelings, Lebanese Central Bank Criticizes Bitcoin as “Unregulated” Commodities, Cointelegraph, Oct. 29, 2017, https://​cointelegraph.​com/​news/​lebanese-central-bank-governor-criticizes-bitcoin-as-unregulated-commodities
 
73
Board of Bank of Lithuania, Position of Bank of Lithuania On Virtual Currencies and Initial Coin Offering, Oct. 10, 2017, https://​www.​lb.​lt/​uploads/​documents/​files/​Pozicijos%20​del%20​virtualiu%20​valiutu%20​ir%20​VV%20​zetonu%20​platinimo%20​EN.​pdf
 
74
Josee Weydert, Jad Nader, Vincent Wellens, and Nicolas Rase, Luxembourg and European Developments on Bitcoins, Lexology, June 26, 2014, https://​www.​lexology.​com/​library/​detail.​aspx?​g=​78bd56d2-bf6b-4823-a23f-332d13f827ba
 
75
Patrick Murck, Luxembourg To Become European Virtual Currency Hub, LuxembourgForFinance, Sept. 7, 2014, http://​www.​luxembourgforfin​ance.​com/​en/​luxembourg-become-european-virtual-currency-hub
 
76
Joshua Althauser, Malaysian Central Bank To Issue Cryptocurrency Regulation in Early 2018, Cointelegraph, Nov. 24, 2017, https://​cointelegraph.​com/​news/​malaysian-central-bank-to-issue-cryptocurrency-regulation-in-early-2018
 
77
Bank of Mexico Rejects ‘Virtual Currency’ as Legal Classification for Bitcoin, News Bitcoin.Com, Jan. 6, 2018, Bitcoin.com, https://​news.​bitcoin.​com/​bank-of-mexico-rejects-virtual-currency-as-legal-classification-for-bitcoin/​
 
79
Wendy Zeldin, Netherlands: Central Bank Statement on Virtual Currencies, Library of Congress Global Legal Monitor, June 4, 2014, http://​www.​loc.​gov/​law/​foreign-news/​article/​netherlands-central-bank-statement-on-virtual-currencies/​
 
80
Samuel Haig, New Zealand Reserve Bank Lax on Cyber and Crypto Regulations, Bitcoin.Com, July 23, 2017, https://​news.​bitcoin.​com/​new-zealand-reserve-bank-rejects-need-for-expansive-cryptocurrency-cyber-crime-regulations/​
 
81
Norway’s Largest Online Bank Adopts Direct Bitcoin Integration, CCN, May 16, 2017, https://​www.​ccn.​com/​banking-bitcoins-age-norway-bank-adopts-direct-bitcoin-integration/​
 
82
Elin Hofberberg, Bitcoins Are Capital Property, Not Currency, Says Norwegian Tax Authority, Library of Congress Global Legal Monitor, Dec. 11, 2013, http://​www.​loc.​gov/​law/​foreign-news/​article/​norway-bitcoins-are-capital-property-not-currency-says-norwegian-tax-authority/​
 
83
Bangko Sentral NG Pilipinas, Guidelines for Virtual Currency Exchanges, Circular No. 944, Jan. 17, 2017, http://​www.​bsp.​gov.​ph/​downloads/​regulations/​attachments/​2017/​c944.​pdf
 
84
Alan, The Central Bank of Poland Starts Campaign Against Virtual Currencies, bitGuru, Jan. 2, 2018, http://​bitguru.​co.​uk/​polish-central-bank-starts-campaign-against-virtual-currencies/​
 
85
Maryam Manzoor, Polish Central Bank Creates Website Warning Investors Against Cryptocurrencies, Cryptovest, Jan. 2, 2018, https://​cryptovest.​com/​news/​polish-central-bank-creates-website-warning-investors-against-cryptocurrencies​/​
 
86
Francisco Memoria, Portugal’s Central Bank Director: Bitcoin Isn’t A Currency, CCN, Nov. 9, 2017, https://​www.​ccn.​com/​portugals-central-bank-director-bitcoin-isnt-currency/​
 
87
Gola Yashu, Saudi Arabia’s Regulators Not Looking to Regulate Bitcoin, News BTC, Oct. 23, 2017, http://​www.​newsbtc.​com/​2017/​10/​23/​saudi-arabia-not-looking-regulate-bitcoin/​
 
88
NBA Warns That Bitcoin is Not Legal Tender in Serbia, National Bank of Serbia, Oct. 10, 2015, http://​www.​nbs.​rs/​internet/​english/​scripts/​showContent.​html?​id=​7607&​konverzija=​no
 
89
Monitory Authority of Singapore, MAS clarifies regulatory position on the offer of digital tokens in Singapore, Media Release, Aug. 1, 2017, http://​www.​mas.​gov.​sg/​News-and-Publications/​Media-Releases/​2017/​MAS-clarifies-regulatory-position-on-the-offer-of-digital-tokens-in-Singapore.​aspx
 
90
Nermin Hajdarbegovic, Slovenia Clarifies Position on Cryptocurrency Tax, CoinDesk, Dec. 24, 2013, https://​www.​coindesk.​com/​slovenia-clarifies-position-cryptocurrency-tax/​
 
92
Korean Court Rules Bitcoin Seizure as Illegal Confiscation, Bitcoin Law, Sept. 11, 2017, https://​www.​ccn.​com/​korean-court-rules-bitcoin-seizure-illegal-confiscation/​
 
93
Why The Government Plans To Ban Cryptocurrency Trading, And What It Mean For Bitcoin, Reuters quoted in Newsweek, Jan, 11, 2018, http://​www.​newsweek.​com/​why-south-korea-plans-ban-cryptocurrency-trading-and-what-it-means-bitcoin-777782
 
94
Christine Kim, South Korea inspects six banks over virtual currency services to clients, Reuters, Jan. 8, 2018, https://​www.​reuters.​com/​article/​us-southkorea-bitcoin/​south-korea-inspects-six-banks-over-virtual-currency-services-to-clients-idUSKBN1EX0BG
 
95
Nam Hyun-woo, Constitutional Court to decide on digital token, The Korea Times, Jan. 1, 2018, http://​www.​koreatimes.​co.​kr/​www/​biz/​2018/​01/​488_​241850.​html
 
96
Alajandro Gomez de la Cruz, Bitcoin is exempt from VAT in Spain, Law & Bitcoin, April 16, 2015, http://​lawandbitcoin.​com/​en/​bitcoin-is-vat-exempt-in-spain/​
 
98
Sweden could be first with national digital currency, RT, Nov. 16, 2016, https://​www.​rt.​com/​business/​367141-sweden-digital-currency-launch/​
 
99
Swiss Confederation, Federal Council report on virtual currencies in response to the Schwaab (13.3687) and Weibel (13.4070) postulates, June 25, 2014, http://​www.​news.​admin.​ch/​NSBSubscriber/​message/​attachments/​35355.​pdf
 
100
Leyva Guillermo Beltran, Taiwan Declares Bitcoin an Illegal Asset, Nov. 2, 2015, http://​www.​newsbtc.​com/​2015/​11/​02/​taiwan-declares-bitcoin-illegal-asset/​
 
101
David Green, UPDATE: Taiwan Must Be Brave on Cryptocurrency Stance, The News Lens, Oct. 7, 2017, https://​international.​thenewslens.​com/​article/​80463
 
102
Kavitha A. Davidson, Bank of Thailand Bans Bitcoins, TheWorldPost, July 31, 2012, https://​www.​huffingtonpost.​com/​2013/​07/​31/​thailand-bans-bitcoins_​n_​3682553.​html
 
103
Cristoph Marckx, Bank of Thailand issues another statement on Bitcoin, CCN, March 18, 2014, https://​www.​ccn.​com/​bank-of-thailand-issues-another-statement-on-bitcoin/​
 
104
Gonenc Gurkaynak, Ceren Yildez, and Ecem Elver, Banking Regulation And Supervision Agency’s Guidance: How To Deal With Global Players And Bitcoin In Turkey?, Elig, Oct. 6, 2015, http://​www.​mondaq.​com/​turkey/​x/​432212/​Financial+Servic​es/​Banking+Regulati​on+And+Supervisi​on+Agencys+Guida​nce+How+To+Deal+​With+Global+Play​ers+And+Bitcoin+​In+Turkey
 
105
Ed Clowes, UAE Central Bank clarifies virtual currency ban, Gulf News, Feb. 1, 2017, http://​gulfnews.​com/​business/​sectors/​banking/​uae-central-bank-clarifies-virtual-currency-ban-1.​1971802
 
106
Bitcoin and other virtual currencies on Scotland Yard’s radar because of money laundering, MercoPress, Dec. 5, 2017, http://​en.​mercopress.​com/​2017/​12/​05/​bitcoin-and-other-virtual-currencies-on-scotland-yard-radar-because-of-money-laundering
 
107
Peter Howitt, David Borge, John Pauley, and Subherwal Patel, Virtual Currencies in the UK, Ramparts Lexology, Oct. 16, 2017, https://​www.​lexology.​com/​library/​detail.​aspx?​g=​20736649-246a-4526-8ad0-3b4f309fc88d
 
109
Id.
 
110
Virtual Currencies and Ponzi Schemes in Vietnam, News BTC, Oct. 7, 2016, https://​www.​newsbtc.​com/​2016/​10/​07/​virtual-currencies-ponzi-schemes-vietnam/​
 
111
Jamie Redman, Vietnam May See Virtual Regulation Soon, Bitcoin.Com, Dec. 6, 2016, https://​news.​bitcoin.​com/​vietnam-virtual-currency-regulation-soon/​
 
113
Dan Cummings, Bolivian Officials Detain Users of Virtual Currency, ETHNews, May 31, 2017, https://​www.​ethnews.​com/​bolivian-officials-detain-users-of-virtual-currency
 
114
Yulu Yilun Chen and Justina Lee, Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal, Bloomberg, Sept. 4, 2017, https://​www.​bloomberg.​com/​news/​articles/​2017-09-04/​china-central-bank-says-initial-coin-offerings-are-illegal
 
115
Notice of Seven Ministries Including the People’s Bank of China on Guard against Risks of Token Offering and Finance (Joint Notice) (Sept. 2, 2017). Notice on the Rectification of Token Offering and Financing Activities (Zheng Zhi Ban Han (Sept. 4, 2017), No. 99. The notices in Chinese may be found in Michael House, Geoffrey Vance, and Huijie Shao, China Halts ICOs and Token Sales and China-Based Trading Platforms Suspend Trading Amid Reports, Perkins Coie Virtual Currency Report, Sept. 18, 2017, https://​www.​virtualcurrencyr​eport.​com/​2017/​09/​china-halts-icos-and-token-sales-and-china-based-trading-platforms-suspend-trading-amid-reports-of-additional-government-restrictions/​ of Additional Government Restrictions.
 
116
Id.
 
117
Id.
 
118
Lulu Yilun Chen and Yuji Nakamura, China’s bitcoin barons seek new life in Japan and Hong Kong, Bloomberg, Oct. 29, 2017, https://​www.​japantimes.​co.​jp/​news/​2017/​10/​29/​business/​chinas-bitcoin-barons-seek-new-life-japan-hong-kong/​#.​Whq-Kk2WzIU
 
119
Stan Higgins, Ecuador Bans Bitcoin, Plans Own Digital Money, CoinDesk, July 25, 2014, https://​www.​coindesk.​com/​ecuador-bans-bitcoin-legislative-vote/​
 
120
Kyrgyz Bank, Warning of the National Bank of the Kyrgyz Republic on the spread and use of the ‘virtual currency’, in particular, bitcoins (bitcoin), July 18, 2014, http://​www.​nbkr.​kg/​searchout.​jsp?​item=​31&​material=​50718&​lang=​ENG
 
121
Jon Southurst, Using Bitcoin and Virtual Currencies Is Illegal, Says Morocco Central Bank, Bitsonline, Nov. 20, 2017, https://​t.​me/​bitsonline
 
122
Bitsewa Exchange Closes as Nepal Takes Hard Line on Bitcoin, DCEBrief, Oct. 9, 2017, https://​dcebrief.​com/​bitsewa-exchange-closes-as-nepal-takes-hard-line-on-bitcoin/​
 
123
Nathaniel Popper, Russia and Venezuela’s Plan to Sidestep Sanctions: Virtual Currencies New York Times, Jan. 3, 2018, https://​www.​nytimes.​com/​2018/​01/​03/​technology/​russia-venezuela-virtual-currencies.​html?​_​r=​0
 
124
Eurasian Economic Union (EEU) is composed of member countries comprising Belarus, Kazakhstan, and Russia pursuant to a treaty that was signed on May 29, 2014, which became effective as of January 1, 2015 and to which Armenia and Kyrgyzstan acceded in late 2014.
 
125
Russia suggest creating single virtual currency for BRICS and EEU, Reuters, Dec. 28, 2017, https://​www.​rt.​com/​business/​414444-brics-eeu-joint-cryptocurrency/​
 
Metadaten
Titel
International Regulation
verfasst von
Rosario Girasa
Copyright-Jahr
2018
DOI
https://doi.org/10.1007/978-3-319-78509-7_8