Cryptocurrency Regulation: A Reflexive Law Approach

The current cryptocurrency regulation is inadequate, and this book proposes a reflexive regulation approach. It identifies the internal self-regulatory mechanisms of the cryptocurrency system, such as imbedded in the technical functionality of computer code and consensus-based distributive governance mechanisms. The book provides strategies for this approach, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. It also provides a technical, historical, and legal overview of cryptocurrencies and concludes by providing recommendations aimed at redirecting code and consensus towards achieving regulatory goals.

Format: Hardback
Length: 166 pages
Publication date: 17 June 2022
Publisher: Taylor & Francis Ltd

The current cryptocurrency regulation, particularly in the areas of enforcement and compliance, is deemed inadequate. This work advocates for a reflexive regulation approach as an alternative solution. This book offers strategies for implementing a reflexive regulation approach to cryptocurrencies, which have been developed through the identification of the internal self-regulatory mechanisms within the cryptocurrency system.

It is argued that the regulators failure to account for the inherent technical characteristics of cryptocurrencies has contributed to the current problems. Therefore, the work promotes reflexive regulation, where the law operates at a subsystem-specific level to establish, correct, and redefine democratic self-regulatory mechanisms.

The internal self-regulatory mechanisms of the cryptocurrency system are identified as embedded in the technical functionality of computer code and consensus-based distributive governance mechanisms, respectively. In addition to providing a comprehensive technical, historical, and legal overview of cryptocurrencies, the book concludes with recommendations aimed at redirecting code and consensus toward achieving regulatory goals.

Drawing from the theory of reflexive law, the book aims to provide both a substantive and jurisprudential perspective on the regulation of cryptocurrencies. It illustrates how financial technology (Fintech) regulation can only be effective once regulators consider both the 'Fin' and the 'tech' in their regulatory approaches.

The book will be of interest to researchers, academics, and policy-makers working in the fields of financial regulation and jurisprudence, financial crime, banking regulation, information systems, and information technology.

Weight: 490g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032183619