Digital Currency: An International Legal and Regulatory Compliance Guide


by

Jeffrey H. Matsuura

DOI: 10.2174/97816810822331160101
eISBN: 978-1-68108-223-3, 2016
ISBN: 978-1-68108-224-0



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Indexed in: EBSCO.

Digital or ‘virtual’ currencies pose significant challenges for government, financial and legal institutions because of their non-phys...[view complete introduction]

Table of Contents

Foreword

- Pp. i

Craig Blakeley

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Preface

- Pp. iii-iv (2)

Jeffrey H. Matsuura

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Introduction: An Overview of Digital Currency Regulation and its Legal Implications

- Pp. 3-12 (10)

Jeffrey H. Matsuura

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Traditional Regulation of Currency

- Pp. 13-15 (3)

Jeffrey H. Matsuura

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Impact of Digital Currency on Traditional Currency Regulation

- Pp. 17-35 (19)

Jeffrey H. Matsuura

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Digital Currency, The Challenge of Money Laundering, and a New Framework for the Regulation of Currency

- Pp. 37-44 (8)

Jeffrey H. Matsuura

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Digital Currency as a Commodity

- Pp. 45-57 (13)

Jeffrey H. Matsuura

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Impact of Digital Currency on Commodity Trading and Markets

- Pp. 59-61 (3)

Jeffrey H. Matsuura

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Appropriate Regulatory Oversight for Digital Currency as a Commodity

- Pp. 63-64 (2)

Jeffrey H. Matsuura

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Overview of Securities Regulation

- Pp. 65-66 (2)

Jeffrey H. Matsuura

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Digital Currencies as Securities and Their Impact on Regulation

- Pp. 67-70 (4)

Jeffrey H. Matsuura

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Effective Integration of Digital Currencies and Traditional Securities Regulation

- Pp. 71-76 (6)

Jeffrey H. Matsuura

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Regulation of Digital Currency Businesses and Platforms

- Pp. 77-101 (25)

Jeffrey H. Matsuura

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References

- Pp. 103-111 (9)

Jeffrey H. Matsuura

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Subject Index

- Pp. 113-114 (2)

Jeffrey H. Matsuura

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Foreword

The key message presented by this book is that there is already a global, comprehensive, and complex framework of laws and regulations applicable to the creation, distribution, and use of digital currencies in effect at the present time. Many of the current headlines associated with virtual currencies around the world emphasize news as to new forms of regulatory oversight specifically directed toward those currencies which are emerging today. This book reminds us that although those newly emerging requirements will be important for the future of virtual currencies, an extremely wide range of laws and regulations are already applicable to those currencies. This book emphasizes the fact that participants in the digital currency economy are presently operating under substantial legal compliance obligations, despite the fact that many of those participants are not even aware of those obligations.

This book is accordingly both a primer on critical legal issues facing the virtual currency community around the world and a compliance guide, assisting that community to plan and launch their activities in a manner which reduces their risk of liability and loss. Readers of this book will learn that the need for legal compliance policies, practices, and procedures in the virtual currency community is not a challenge for the future, but is instead a fundamental requirement of today. Current initiatives to extend and diversify use of digital currencies and their associated computing platforms now operate under an expansive and complex framework of existing laws and regulations. The compliance challenges associated with that environment are numerous, complicated, and immediate. This book makes a significant and timely contribution to those compliance efforts. It provides a special resource for the virtual currency community around the world. Perhaps most important, this book underscores the critical message to the digital currency community that legal compliance is a current obligation, not an issue for the future.

Craig Blakeley
Alliance Law Group LLC
Global Information Technology Law
Brill Research Perspectives in International Information and Communications Technology Law


Preface

The dramatic growth in recognition and popularity of Bitcoin in recent years has spurred substantial attention to the range of potential uses for digital currencies of all forms. That attention has led to growing discussion of the legal, regulatory, and public policy issues associated with widespread use of virtual currencies. This book is intended to provide guidance for all parties involved with or interested in development and use of digital currencies. It is written to provide concise and readily accessible information regarding key legal and regulatory compliance issues and obligations associated with activities and operations involving digital currencies. The book is also intended to emphasize the key message that the challenge of effective legal compliance is a critical current issue for the digital currency community, it is not a topic that can be deferred for future consideration.

There is currently substantial discussion of the need for legal and regulatory oversight of virtual currencies. Much of that discussion seems to be presented in the context of creation of new laws. In fact however, virtual currencies are already within the scope of an extensive network of rules and regulations. Even without implementation of new requirements specifically directed toward digital currencies, a wide range of existing laws, regulations, and policies are already applicable to these currencies, and those legal provisions will have a profound impact on the growth of digital currency use. This book helps readers to identify and begin to address their existing legal compliance obligations.

The scope of this book is global. It discusses compliance issues and obligations as they currently exist and as they are emerging in countries around the world. Participants in the virtual currency ecosystem already face legal compliance obligations associated with a wide range of subjects including contract law, taxes, consumer rights, securities law, debtor/creditor relations, criminal law and a variety of other topics. This book is intended to help all parties interested in virtual currency around the world to recognize critical legal issues and to begin to develop and implement their legal compliance strategies. The material presented in this book does not constitute formal legal counsel. All readers must seek appropriate legal advice from their own attorneys who are familiar with their specific needs and situation. The information provided in this book is offered only for informational and educational purposes. Additionally, the author is not aware of any conflicts of interest associated with this book or its contents.

This book provides participants in the virtual currency community, government officials, scholars, and the general public with a resource to help them identify key legal compliance issues associated with digital currency use. With that knowledge, readers can effectively assess the opportunities and challenges offered by virtual currency. They can also begin to understand legal rights and compliance obligations relevant to their own current and future use of digital currency systems.

All participants in the virtual currency community are already operating within the reach of an extensive, diverse, and complex set of legal requirements enforced by multiple jurisdictions. Compliance with those obligations is mandatory, not optional. This book is intended to provide a starting point for individuals and organizations as they assess the extent of their legal compliance obligations and they begin to implement effective strategies to ensure that they successfully and promptly meet those obligations. This book will help readers to begin the process of legal compliance, but we must all recognize that the legal compliance effort is both complicated and perpetual.

Jeffrey H. Matsuura
Enterprise Business Law Group LLC
USA

List of Contributors

Editor(s):
Jeffrey H. Matsuura
Enterprise Business Law Group LLC
USA




Reviews

Review 1

Endorsement:

Digital Currency: An International Legal and Regulatory Compliance Guide is a timely, useful, and significant resource for the digital currency and blockchain technology community, academics, public policy-makers, and the public. This first of its kind handbook is essential reading for all seeking to understand digital currency platforms and technologies.”

Jean-Pierre Auffret
Director, Research Partnerships, School of Business and Associate Director,
Center for Assurance Research and Engineering, Volgenau School of Engineering,
George Mason University


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