WORLD APPROACHES TO THE DEFINITION OF LEGAL NATURE OF CRYPTOCURRENCIES

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WORLD APPROACHES TO THE DEFINITION OF LEGAL NATURE OF CRYPTOCURRENCIES

Journal Title: Часопис цивілістики - Year 2018, Vol 29, Issue

Abstract

The article is dedicated to a research of the legal nature of cryptocurrencies. Approaches to definition of the legal nature of cryptocurrency in the different countries of the world are analysed. World approaches to definition of the legal nature of cryptocurrency, regulation of the activity connected with use of cryptocurrency, approaches to the taxation and licensing of activity in the sphere of a turn of cryptocurrencies are generalized. Legislative approaches to regulation of activity of ICO, definition of a concept of mining of the different countries of the world are analysed. The conclusion is drawn that the nature of cryptocurrency can be considered as a kind of property. The conclusion is also drawn that the cryptocurrency can be considered as goods and be a subject of the barter agreement. As for unification of positions concerning cryptocurrencies at the level of national regulation in the different countries of the world, they can be reduced in three groups. In some countries cryptocurrency and operation with them are directly forbidden (Bangladesh, Ecuador, China – for legal entities). For the majority of the countries regulation of cryptocurrencies is carried out at the level of the recommendations of regulators which have no binding character (at the federal level in the USA, in Germany, Norway). And at last, in some countries there is already a so-called fragmentary regulation of operations with cryptocurrencies (the State of New York in the USA, Great Britain, Sweden, Australia, Japan). Legislative requirements concerning the status of persons who carry out the activity connected with a turn of cryptocurrencies (Japan, the USA, Sweden) are established. Attempts at the legislative level to settle activity of ISO are made (Japan, Canada, the USA, Singapore, the bill in the Russian Federation). In some countries the concept of mining is also officially defined (Poland, Sweden).

Authors and Affiliations

Катерина Георгіївна Некіт

Keywords

cryptocurrency bitcoin token ICO money currency contract of exchange barter operations Bitcoin Ethereum taxes virtual currency mining cryptocurrency exchanges licensing turn

EP ID EP602235
DOI -
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