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No country has currently backed Bitcoin. Questions for analyses include: What securities regulation challenges does Bitcoin pose? What are the consumer and investor protection concerns associated with Bitcoin compared to traditional financial exchanges?
What are the cross-jurisdictional challenges of virtual currency transactions that operate over the Internet e. Research herein incorporates securities commission reports, social and political commentary from secondary sources, and relevant jurisprudence and legislation. The paper helps situate the current climate of Bitcoin globally, and assesses how its regulation differs relative to technological, economic, social, financial, and political forces. There are two types of e-money: The second, cryptocurrency e.
Transactions also occur without validation from a third party. No central authority controls Bitcoin, and there are currently no transaction fees during the payment process. Computer experts use the blockchain method of verifying transactions in the absence of a central authority. Gox a Japanese Bitcoin exchange system. Flexcoin subsequently announced it was shutting down. Department of Homeland Security including the Secret Service , the Department of Justice, and the Securities Exchange Commission SEC , have paid particular attention to these currencies because of potential money laundering activity, and cross-border criminal financing.
The increased anonymity of Bitcoin and other virtual currency transactions means no personally identifiable information is exchanged between two individuals or a third-party intermediary. Many users are unaware of the dangers, which include: Although Bitcoin transactions will align with current anti-money laundering laws, containing a duty to report suspicious activity, Canadian regulation will be limited to ensure innovative development.
The Canada Revenue Agency also considers cryptocurrencies a commodity that suggests buying and selling Bitcoin is taxable income. Globally, it is estimated over 2. This convenience and innovation improves global socioeconomic equality, and narrows the digital divide, but digital currencies also pose many legal challenges, including cybercrime. Before analyzing Bitcoin regulation or deregulation in three country examples, a chart below summarizes the highlights: China is currently the second-largest economy in the world.
China is lagging behind other jurisdictions that are taxing Bitcoin exchanges, without a wide scale ban. As a condition to validate a transaction, the script is computed, read, and verified — an emerging and developing area of information technology and contract law.
The blockchain history is also stored, which reduces litigation and facilitates any necessary dispute resolution. The strict outlawing of Bitcoin in China has also created large and volatile Bitcoin price fluctuations in other jurisdictions and markets. The banning of Bitcoin has created heightened skepticism that influences the value of Bitcoins globally. Bitcoin market valuation is directly correlated to the Chinese Bitcoin regulatory regime. It is suggested that new laws, regulations, and policies be devised to meet the demands of the innovative technology of Bitcoin.
This allows Chinese citizens challenging authorities to protect their identity via a secure payment method. However, the Chinese government has quickly adapted to these new regulatory and tracking challenges. The government is improving and prioritizing its oversight of websites utilizing Bitcoin as a payment method. The banks were instructed to setup special groups to monitor potential Bitcoin account transactions.
Commercial banks were also instructed to notify clients by May 10, of the new Bitcoin prohibitions. Although financial institutions are strictly forbidden from engaging with Bitcoin, as of June , no Chinese laws explicitly state that a citizen is unable to own Bitcoin.
Bitcoin exchanges were also required to register with the Ministry of Industry and Information Technology. The statement read in part:. Later, on March 21, , following rumors circulating in the media, all banks were instructed to close Bitcoin exchanges.
According to Jonathan Turpin, outlawing Bitcoin entirely, as China has rapidly done, is not a recommended approach for three reasons: Legislation can assist the Chinese government in regulating Bitcoin without the need to outlaw DVCs entirely. Existing legal frameworks could also be adapted to control new and rapidly expanding DVCs without the need to devise new laws. In the government may propose other measures if the current crackdown is not effective. As discussed in the introductory remarks, Canada considers Bitcoin more of a commodity than a currency, and has a similar tax approach mentality to China before the countrywide ban.
The need to replace physical coins and bills is reduced. Canada was also the first jurisdiction in the world to introduce concrete legislative measures to regulate Bitcoin. Bill C [58] legislation received royal assent on June 19, , which included sections establishing reporting requirements of DVCs and Bitcoin, similar to the regulation requirements of other financial transactions.
The Bitcoin regulations apply to domestic and international Bitcoin operators. Controversy exists as new reporting requirements may prove onerous and hinder innovation, especially at a time when the Royal Canadian Mint is attempting to sell off MintChip for further private-sector development.
The summary of Bill C stated in part:. Other legislative provisions [61] incorporated virtual currency language as well, including foreign businesses directing services at a Canadian person or entity. Overall, the enacted legislation is a significant development because it: Department of Treasury do. The Silk Road Website was an infamous case of an online black market which sold narcotics, forged documents, and other illegal services, using Bitcoin currency.
FBI arrested the mastermind and uncovered almost one million registered users who used approximately 9. If those exchanges were shut down, the volume of transactions would decline substantially, as experienced in China. Removing intermediaries who exchange Bitcoins for goods, and prosecuting individuals similar to what was done to combat illegal music sharing, is also proposed as a viable solution.
Disintermediation also poses significant consumer risks, such as fraud, in the absence of a functional regulatory legal regime. The challenges Bitcoin poses for the U. The court quickly shutdown the site. A clear definition should be constructed in order to enforce the ban through one of the federal agencies. Child exploitation may seem a surprising implication of the prevalence of DVCs, but U. The VCET coordinates and helps combat other crimes associated with DVCs across a number of state and federal government departments, and international law enforcement agencies.
The memo also provided in-depth legal analysis and strict reporting requirements for Bitcoin donations, including rules about receipts, Bitcoin deposits, investments, and refunds. Other in-kind donation limits, in the forms of cheques, bonds, office supplies, computers, and other types, are considerably higher. Information technologies such as the Bitcoin exchanges, which facilitate virtual currency transactions and exchange from Bitcoin to denominated currencies, have posed unprecedented challenges for law enforcement personnel.
Canada seems to be a leader in this area with the enactment of Bill C This means suspicious financial transactions — or attempted suspicious transactions — potentially involving money laundering or terrorist activities, must be reported, irrespective of the transaction amount.
PEPs comprise one of three categories: Money service businesses must complete regular risk assessments to identify anti-money laundering control weaknesses and help mitigate those risks and vulnerabilities. A compliance regime is mandated, including a designated compliance officer, adequate financial resources and staff, client identification procedures, terrorist financing and property identification protocols, a procedure for reviewing the compliance regime, and a comprehensive record-keeping system.
The exchange of money via the Bitcoin network is seen to attract cybercriminals which makes the detection of illicit funding difficult. Bitcoin and DVCs pose jurisdictional challenges in the context of transnational crime. The process is slow even with cooperative jurisdictions. The personal jurisdiction of defendants accused of illegal activity associated with DVCs will also continue to present difficulties in combating this new form of cybercrime.
The challenges of regulating Bitcoin are larger than the separate domestic regulations discussed previously in China, Canada, and the U. In fact, inconsistencies in regulation have posed many challenges for jurisdictions currently attempting to mitigate regulatory deficiencies. For example, Germany does not currently require registration for buying, selling, or exchanging Bitcoin. Revenue and tax implications have also exposed inconsistencies. For instance, the European Commission and European Union have not clearly established the legal status of Bitcoin, [92] although the European Central Bank released a preliminary report in October It is thought that prosecuting Bitcoin users for tax evasion may be the best and most effective international approach to combat and regulate DVCs.
As one scholar stated: Technological progression and Internet governance has left many countries conflicted in how best to manage Bitcoin and other DVCs. In China, Canada, and the U. China could once again become a large investment center for Bitcoin if the government reverses its decision to outlaw the currency and instead regulate DVCs more strategically. Turpin again recommends against taking a hostile approach toward regulation since the anonymity of the network poses challenges in identifying users.
However, tax liability and tax enforcement, as well as competition with national, centrally regulated currencies, are also major concerns, given the decentralized nature of digital currencies.
No standard or internationally coordinated framework regulating DVCs exists, and regulatory efforts are exacerbated by inter-jurisdictional challenges. Political, financial, social, and economic forces in China, Canada, and the U. The approach taken to regulate Bitcoin and other DVCs must be tailored to the circumstances and challenges of each jurisdiction. Unfortunately, today, political agendas can mask otherwise innovative technological development, under the guise of national security, [] and attempts to combat money laundering, [] terrorism, and cybercrime.
Reducing anti-money laundering and other criminal activities Bitcoin technology facilitates will remain a priority. Areas requiring further knowledge include: The challenge is striking a balance between developing comprehensive and effective criminal and financial regulatory regimes and policies, while limiting impediments to technological innovation and growth. Background to Bitcoin There are two types of e-money: In addition, computer network communication can be encrypted and anonymized by software to further hide the identity of the parties in transactions.
Canada has introduced legislation to require cryptocurrencies to register and to report suspicious transactions that may be linked to money laundering and terrorist financing. Some countries, like China, have ruled that financial institutions cannot handle any Bitcoin transactions. Country-Specific Practices Before analyzing Bitcoin regulation or deregulation in three country examples, a chart below summarizes the highlights: