Skip to main content Accessibility help
×
Hostname: page-component-586b7cd67f-2brh9 Total loading time: 0 Render date: 2024-11-25T09:29:50.186Z Has data issue: false hasContentIssue false

Part II - Opportunities and Challenges in Crypto-Asset Regulation

Published online by Cambridge University Press:  26 October 2023

Sabrina Leo
Affiliation:
Sapienza Università di Roma
Ida Claudia Panetta
Affiliation:
Sapienza Università di Roma
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
The Role of Distributed Ledger Technology in Banking
From Theory to Practice
, pp. 69 - 132
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Annunziata, F. 2020. ‘Speak, If you Can: What are You? An Alternative Approach to The Qualification of Tokens and Initial Coin Offerings’. ECFR, Vol. 17, Issue 2Google Scholar
Barsan, Iris M. 2017. ‘Legal Challenges of Initial Coin Offerings (ICO)’. Revue Trimestrielle de Droit Financier (RTDF), vol. 3, 5465.Google Scholar
Blandin, A., Cloots, A. S., Hussain, H., Rauchs, M., Saleuddin, R., Allen, J. G., Zhang, B. Z., and Cloud, K. 2019. ‘Global Cryptoasset Regulatory Landscape Study’. University of Cambridge Faculty of Law Research Paper, n. 23.Google Scholar
Boreiko, D., Ferrarini, G., and Giudici, P. 2019. ‘Blockchain Startups and Prospectus Regulation’. European Business Organisation Law Review, vol. 20, no. 4, 665694.Google Scholar
Bourveau, T., De George, E.T., Ellahie, A., and Macciocchi, D. 2022. ‘Initial Coin Offerings: Early Evidence on the Role of Disclosure in the Unregulated Crypto Market’. Journal of Accounting Research, vol. 60, no. 1, 129167.CrossRefGoogle Scholar
Carrière, P. 2020. ‘The Phenomenon of Crypto-Assets from a Corporate Perspective’. Banca Impresa Società, 2020, III.Google Scholar
Dell’Erba, M. 2019. ‘Stablecoins in Cryptoeconomics. From Initial Coin Offerings (ICOs) to Central Bank Digital Currencies (CBDCs)’. New York University Journal of Legislation and Public Policy (Forthcoming). Available online at www.ssrn.com/abstract=3385840.Google Scholar
ESMA 2019. ‘Advice on Initial Coin Offerings and Crypto-Assets’. Available online: www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf.Google Scholar
Geva, B. 2019. ‘Cryptocurrencies and the Evolution of Banking. Money, and Payments’, in Brummer, C. (eds.), Cryptoassets, 1138. Oxford University Press.Google Scholar
Hacker, P. and Thomale, C. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review, vol. 15, no. 4, 645696.CrossRefGoogle Scholar
Heise, C. 2021 – BaFin Division for Legislative Process and Policy Issues WA 11. Available online: www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Fachartikel/2021/fa_bj_2107_eWpGen.html.Google Scholar
Howell, S. T., Niessner, M., and Yermack, D. 2020. ‘Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales’. The Review of Financial Studies, vol. 33, no. 9, 39253974.Google Scholar
Klöhn, L., Parhofer, N., and Resas, D. 2018. ‘Initial Coin Offerings (ICOs)’. Zeitschrift für Bankrecht und Bankwirtschaft, vol. 30, no. 2, 89106.Google Scholar
Kramer, S., and Meier, U. 2020. ‘DLT Draft Law – Civil Law Aspects. CapLaw’. Available online: www.caplaw.ch/2020/dlt-draft-law-civil-law-aspects/.Google Scholar
Lehmann, M. 2021. ‘National Blockchain Laws as a Threat to Capital Markets Integration’. Uniform Law Review, vol. 26, no. 1, 148179.Google Scholar
Martino, E., and Spikkerman, S. 2021. ‘How Decentralises Are ‘Decentralised’ Autonomous Organisation’ (DAOs)’. Oxford Blog, 5 November 2021. Available online: www.blogs.law.ox.ac.uk/business-law-blog/blog/2021/11/how-decentralised-are-decentralised-autonomous-organisations-daos.Google Scholar
Maume, P. and Fromberger, M. 2018. ‘Regulation of Initial Coin Offerings: Reconciling US and EU Securities Laws’. Chicago Journal of International Law, vol. 19, 548558.Google Scholar
Rohr, J. and Wright, A. 2019. ‘Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets’. 70 Hastings L.J., 463. Available online: www.repository.uchastings.edu/hastings_law_journal/vol70/iss2/5.Google Scholar
Zetzsche, D. A. and Woxholth, J. 2022. ‘The DLT Sandbox under the Pilot-Regulation’. Capital Markets Law Journal, vol. 17, no. 2, 212236.CrossRefGoogle Scholar
Zetzsche, D. A., Annunziata, F., Arner, D. W., and Buckley, R. P. 2021. ‘The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy’. Capital Markets Law Journal, vol. 16, no. 2, 203225.Google Scholar
Zetzsche, D. A., Buckley, R. P., and Arner, D. W. 2019. ‘Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses’. European Banking Institute Working Paper Series, vol. 44. 328. Available online: www.ssrn.com/abstract=341440.Google Scholar

References

Bank of Italy 2022. ‘Bank of Italy communication on decentralised technologies in finance and crypto-assets’. Available online: www.bancaditalia.it/media/approfondimenti/2022/cripto/Comunicazioni-della-Banca-d-Italia-DLT-cripto.pdf.Google Scholar
Caponera, A., Gola, C. 2019. ‘Economic and regulatory aspects of crypto-assets’. Economic and Financial Issues (Occasional Papers) 484. Bank of Italy, Economic Research and International Relations Area.Google Scholar
Cipollone, P. – Deputy Director Bank of Italy 2022. ‘Crypto-assets e questioni legate alla digitalizzazione della finanza’. Available online: www.bancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2022/Cipollone_crypto_assets_21102022.pdf.Google Scholar
ESMA 2019a. ‘Legal qualification of crypto-assets: survey to NCAs’. Available online: www.esma.europa.eu/document/annex-legal-qualification-crypto-assets-%E2%80%93-survey-ncas.Google Scholar
ESMA 2019b. ‘Initial coin offerings and crypto-assets, advice’. Available online: www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf.Google Scholar
Sciarrone Alibrandi, A., Borello, G., Ferretti, R., Lenoci, F., Macchiavello, E., Mattassoglio, F., Panisi, F. 2019. ‘Fintech notebooks: Marketplace lending – towards new forms of financial intermediation?’. CONSOB. Available online: www.consob.it/web/area-pubblica/ft5Google Scholar

References

Adrian, T., Weeks-Brown, R. 2021. ‘Crypto assets as national currency? A step too far’. IMFBlog, International Monetary Fund. Available online: www.meetings.imf.org/en/IMF/Home/Blogs/Articles/2021/07/26/blog-cryptoassets-as-national-currency-a-step-too-far.Google Scholar
Aldasoro, I., Frost, J., Gambacorta, L., Whyte, D. 2021. ‘Covid-19 and cyber risk in the financial sector’. Bank for International Settlements – BIS Bulletin, Vol. 37. Available online: www.bis.org/publ/bisbull37.pdf.Google Scholar
Åslund, A. 2019. ‘Western economic sanctions on Russia over Ukraine 2014–2019’. Cesifo, Vol. 20, p. 14.Google Scholar
BCBS 2018. ‘Cyber resilience: Range of practices’. Bank for International Settlements. Available online: www.bis.org/bcbs/publ/d454.pdf.Google Scholar
Chainalysis 2021, ‘The 2021 Geography of Cryptocurrency Report’, October 2021.Google Scholar
Coelho, R., Fishman, J., Garcia Ocampo, D. 2021. ‘Supervising crypto assets for anti-money laundering’. FSI Insights on Policy ImplementationN.31, Bank for International Settlements – BIS. Available online: www.bis.org/fsi/publ/insights31.pdf.Google Scholar
Crisanto, J.C., Prenio, J. 2020. ‘Financial crime in times of Covid-19 – AML and cyber resilience measures’. Bank for International Settlements – BIS, FSI Bries n.7. Available online: www.bis.org/fsi/fsibriefs7.pdf.Google Scholar
ENISA 2021. ‘ENISA threat landscape 2021’. European Union Agency for Cybersecurity. Available online: www.enisa.europa.eu/publications/enisa-threat-landscape-2021.Google Scholar
FATF 2019. ‘FATF annual report 2018–2019’. Financial Action Task Force. Available online: www.fatf-gafi.org/media/fatf/documents/reports/FATF-annual-report-2018-2019.pdf.Google Scholar
FATF 2020a. ‘COVID-19-related money laundering and terrorist financing – Risks and policy responses’. Financial Action Task Force, Paris, France. Available online: www.fatf-gafi.org/publications/methodandtrends/documents/covid-19-ML-TF.html.Google Scholar
FATF 2020b. ‘FATF annual report 2019–2020’. Financial Action Task Force. Available online: www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/FATF-annual-report-2019-2020.pdf.Google Scholar
FATF 2020c. ‘12-month review virtual assets and VASPs’. Financial Action Task Force, Paris, France. Available online: www.fatf-gafi.org/publications/fatfrecommendations/documents/12-month-review-virtual-assets-vasps.html.Google Scholar
FATF 2021a. ‘FATF annual report 2020–2021’. Financial Action Task Force. Available online: www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/Annual-Report-2020-2021.pdf.Google Scholar
FATF 2021b. ‘Virtual assets and virtual asset service providers. Updated guidance for a risk-based approach’. Financial Action Task Force, Paris. Available online: www.fatf-gafi.org/publications/fatfrecommendations/documents/Updated-Guidance-RBA-VA-VASP.html.Google Scholar
Flitter, E. and Yaffe-Bellany, D. 2022. ‘Russia could use cryptocurrency to blunt the force of U.S. sanctions’. New York Times, available online: www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html.Google Scholar
Hunter Christie, E. 2015. ‘Sanctions after Crimea: Have they worked?’. NATO Review. Available online: www.nato.int/docu/review/articles/2015/07/13/sanctions-after-crimea-have-they-worked/index.html.Google Scholar
Lallie, H. S., Shepherd, L. A., Nurse, J. R. C., Erola, A., Epiphaniou, G., Maple, C., Bellekens, X. 2021. ‘Cyber security in the age of COVID-19: A timeline and analysis of cyber-crime and cyber-attacks during the pandemic’. Computers and Security, 105, 102248.Google Scholar
Paşca, V. R., Simion, E. 2018. ‘Challenges in cyber security: Ransomware phenomenon’. Cyber-physical systems security, Cham: Springer, 303330.CrossRefGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×