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Innovations in the field of computer technology and financial assets affect all spheres of life of society and the state, including its law enforcement and judicial bodies. New types of encroachments, which include crimes committed using virtual currency or in relation to it, which certainly have an increased public danger, often go unpunished due to the lack of regulatory regulation and uniform judicial practice. The greatest risks from the lack of effective criminal legal counteraction to these crimes are borne by society, since the absence of punishment, as the final stage of the mechanism for bringing to criminal responsibility for illegal violations, negates the efforts of law enforcement agencies faced with the impossibility of bringing to such responsibility the perpetrators. To overcome these contradictions and before the adoption of legislative measures, appropriate explanations of the Plenum Supreme Court of the Russian Federation are necessary, since the judiciary should not assume the powers of the legislature and form the directions of the criminal policy of the state.

This paper indicates the main risks connected with virtual currencies and shows what was the New York regulatory response to them. Because some time has passed since the adoption of the appropriate laws, the effect of the regulation could be also assessed. Based on described research, a thesis is put forward that even an onerous regulation of virtual currency in certain jurisdiction shall not kill this financial innovation there. Therefore, states should regulate crypto-assets to attract the industry which currently have a huge potential to growth.

Google search volume for bitcoin and bitcoin-related keywords increased by as much as 1000 percent in 2017 from previous years. This increased interest comes hand-in-hand with increased regulatory and legislative scrutiny. Currently, there is disparate regulation for virtual currencies across national and state borders alike. States' promulgation of various and incongruous virtual currency regulations have forced service providers to withdraw from different states within the country. However, transactions are not contained within state lines, and disparate state-by-state regulation is impracticable. The Uniform Law Commission recognized the need for uniform guidance for those entering the North American market and drafted the Uniform Regulation of Virtual Currency Businesses Act for each state to adopt in 2017. This Comment argues that every state should implement language identical or similar to the Uniform Law Commission's proposed regulation. Implementing a uniform regulation applicable to clearly defined entities in this explosively growing field would provide harmony amongst the states and create an environment where both service providers and end-users have clear guidance on how to conform to the law. Further, regulatory clarity would provide consumers with much needed protection. This Comment begins by examining the history and development of bitcoin and blockchain assets. Next, this Comment dis- cusses the need for regulations in the United States. Then, this Comment provides an overview of the existing laws and regulations at both state and federal levels, and examines the simultaneous yet inconsistent legal characterizations imposed on virtual currencies. Virtual currencies can be: a piece of property, a se- curity, a commodity, and of course, a currency. This Comment further analyzes the language and criticisms of the Uniform Law Commission's proposed Uniform Regulation of Virtual Currency Businesses Act. Finally, this Comment argues that the adoption of a uniform regulation is vital for the ...

Purpose
– The purpose of the paper is to determine the future role of virtual currencies. This paper indicates their pros and cons as alternatives to "real" money and explains their appearance as the reflection of the present trends. It also presents the possible scenarios of their development.


Design/methodology/approach
– The paper is based on the former foresight research results and literature review. It highlights the main trends in contemporary economy and their impact on financial services. The Bitcoin case is the starting point for the virtual currencies' market analysis and construction of possible market changes scenarios.


Findings
– Virtual currency schemes are the reflection of present trends. They are just ahead of our times but may become a common means of payment, changing the way of providing financial services, eliminating intermediaries and marginalizing the role of financial institutions.


Research limitations/implications
– The multiplicity of virtual currencies and ceaseless introduction of innovations impede the presentation of the complete market picture. The lack of reliable statistical data makes the estimation of the market growth difficult.


Practical implications
– This paper indicates influence of technology development, virtualization and networking on payment systems' functioning.


Social implications
– This paper shows the impact of environmental changes on consumers' acceptance of virtual currencies.


Originality/value
– The virtual currency as a payment system is quite new and still a marginalized phenomenon. Nevertheless, the pace of virtual currency market growth after its recent introduction and appearance of Bitcoin successors seems to be the signs of future changes in financial service sector.

Dissertação de mestrado em European and Transglobal Business Law ; Global consideration on money laundering has its origins in narco-trafficking of 1980s which raised public awareness and took international regulatory body's attention. Throughout time, due to the socio-economic and political context, legislations on money laundering were transformed in order to introduce an efficient response to new issues. As a need in the aftermath of 9/11, counter-financing of terrorism (CFT) was included in the scope of anti-money laundering (AML) legislations, due to the intertwined nature of these two criminal matters. A new challenge to the AML/CFT legislations was introduced by the technological developments and the emergence of virtual currency. Appearing as an alternative, fast, easy and cheap non-cash payment method, its relation with criminal activities, widespread usage and unregulated operations raised concerns. When traditional approaches to the fight against money laundering and financing of terrorism were circumvented by pseudo-anonymous and decentralized nature of new transaction methods, existing legislations were forced to be transformed once more. European Union, taking its powers for regulating criminal matters from the Treaty of the Functioning of European Union (TFEU), proposed an amendment to the 4th AML, with the purpose of reducing anonymity of virtual currency. Not being accepted yet, its ability to produce an adequate respond to challenges, due to the special nature of virtual currency, is questionable. This thesis analyse European Union's current Anti-Money Laundering legislation and its responsiveness to the characteristics of virtual currency that are attributable to the risks, with particular attention to crypto-currency, through a critical perspective. It aimed to raise awareness of the subject matter and contribute to the future of AML/CFT reuglations of the EU. ; A preocupação internacional com o branqueamento de capitais está ligada ao narcotráfico da década de oitenta. Ao longo do tempo e ...