Title

Cryptocurrency a bit unregulated?

Document Type

Conference Proceeding

Publisher

International Conference on Business and Banking

School

School of Business and Law

RAS ID

27681

Comments

Originally published as: Anthony Das, Cecilia and Prasad, Krishna and Sadique, M. Shibley, Cryptocurrency a Bit Unregulated? (July 19, 2018). International Conference on Business and Banking V (ICBB V), 2018. Original paper available here

Abstract

This paper seeks to review the current regulatory regime governing cryptocurrencies, namely Bitcoin, in United States, United Kingdom, Canada and Singapore, and traces the regulatory trend in those identified countries. These developments are compared to the Australian context. From the comparative analysis conducted be-tween regimes available in other jurisdictions and those in Australia, the authors conclude that the Australian regulatory regime in relation to cryptocurrency, in particular Bitcoin, are comparable in some respects and in others are much progressive. This is specifically in light of the 2017 amendments relating to anti-money laundering legislation which places Australia as a strong forerunner to legislate on Bitcoin and anti-money laundering legislation. However, to successfully achieve this, Australia must address its lag in relation to the classification of Bitcoin and cryptocurrency respectively. As such, it is concluded that the regulatory regime of cryptocurrency both internationally and at the Australian level is far from satisfactory.

DOI

10.2139/ssrn.3298609

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