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Shaping Cryptocurrency Gatekeepers with a Regulatory “Trial and Error”

Ordekian, Marilyne; Becker, Ingolf; Vasek, Marie; (2023) Shaping Cryptocurrency Gatekeepers with a Regulatory “Trial and Error”. In: Essex, Aleksander and Matsuo, Shin'ichiro and Kulyk, Oksana and Gudgeo, Lewis and Klages-Mundt, Ariah and Perez, Daniel and Werner, Sam and Bracciali, Andrea and Goodell, Geoff, (eds.) FC 2023: Financial Cryptography and Data Security. FC 2023 International Workshops. (pp. pp. 113-132). Springer: Cham, Switzerland.

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Abstract

In the past fifteen years, cryptocurrencies have grown from a whitepaper released on a mailing list to an ecosystem supporting millions of transactions a day using a whole host of technology never imagined before. However, governments have been slow to keep up. We present an analysis of regulatory developments from within the EU and by the Financial Action Task Force (FATF). These regulatory responses focus on intermediaries such as cryptocurrency exchanges, and wallet providers. We trace the AML/CFT policy recommendations made by the FATF, and examine the EU’s Fifth Anti-Money Laundering Directive and upcoming Markets in Crypto-Assets (MiCA) regulation. Here we find a natural tension: the pace of regulation is slower than the pace of technology, so the scope is non-comprehensive, yet current trials to accelerate this pace are leading to subtle conflicting errors. These findings present a deeper understanding of the ongoing regulatory dilemma, its essence, and suggest directions for the future of cryptocurrency regulation.

Type: Proceedings paper
Title: Shaping Cryptocurrency Gatekeepers with a Regulatory “Trial and Error”
Event: The 4th Workshop on Coordination of Decentralized Finance (CoDecFin) 2023
Location: Bol, Croatia
Dates: 5 May 2023 - 5 May 2023
ISBN-13: 978-3-031-48805-4
DOI: 10.1007/978-3-031-48806-1_8
Publisher version: https://doi.org/10.1007/978-3-031-48806-1_8
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
URI: https://discovery.ucl.ac.uk/id/eprint/10169641
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