Cryptocurrency Legal Regulation: EU Experience

  • M. Hrebeniuk Ph.D. in Law, Associate Professor, Head of the Interagency Scientific and Research Center on Problems of Combating Organized Crime under the National Security and Defense Council of Ukraine, Kyiv, Ukraine;
  • R. Lukianchuk Ph.D. in Public Administration, Senior Researcher Fellow of the Interagency Scientific and Research Center on Problems of Combating Organized Crime under the National Security and Defense Council of Ukraine, Kyiv, Ukraine
Keywords: cryptocurrency, bitcoin, blockchain, mining, legal regulation, digital (virtual) currency, electronic payments

Abstract

The development and using of innovative technologies of payments in the European Union, namely cryptocurrency, have been explored. Innovative technologies and virtual communities contribute to the creation of new types of cryptocurrencies, transactions with them, etc., beyond the current state of economic knowledge and existing legal solutions. Cryptocurrency as a completely innovative payment tool in the modern conditions of computer technology development is rapidly integrated into an everyday life of people, therefore the issue of development and using of this payment instrument in the EU becomes of special importance. In this article   the focus is on the bitcoin – the most common modern digital currency. It is argued that cryptocurrency (information-money symbols) is an attribute of the global matrix of information age. The article analyzes the legal regulation of cryptocurrency circulation in EU countries and the problems of cryptocurrency using in international finance. The process of cryptocurrency implementation in the financial sphere of the member states of the European Union has been analyzed. Based on the results of the European practice research of the functioning of the cryptocurrency system, the advantages and disadvantages of using bitcoin as a financial instrument and innovative payment tool in the world economy are determined. The proposals on the regulation of the cryptocurrency market and its operations on the European level are provided.

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Author Biographies

M. Hrebeniuk
Ph.D. in Law, Associate Professor, Head of the Interagency Scientific and Research Center on Problems of Combating Organized Crime under the National Security and Defense Council of Ukraine, Kyiv, Ukraine;
R. Lukianchuk
Ph.D. in Public Administration, Senior Researcher Fellow of the Interagency Scientific and Research Center on Problems of Combating Organized Crime under the National Security and Defense Council of Ukraine, Kyiv, Ukraine

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How to Cite
[1]
Hrebeniuk, M. and Lukianchuk, R. 1. Cryptocurrency Legal Regulation: EU Experience. Scientific Herald of the National Academy of Internal Affairs. 105, 4 (1), 310-323.
Issue
Vol 105 No 4 (2017)
Section
Іnternational experience
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