This work argues that current cryptocurrency regulation, particularly in the areas of enforcement and compliance, is inadequate. It proposes reflexive regulation as an alternative approach. This book provides strategies for a reflexive regulation approach to cryptocurrencies, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system.
Apportioning blame for current problems to the regulators’ failure to take into account the inherent technical features of cryptocurrencies, the work promotes reflexive regulation in which the law acts at a subsystem-specific level to install, correct, and redefine democratic self-regulatory mechanisms. It provides strategies for this approach, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. These are identified as imbedded in the technical functionality of computer code and consensus-based distributive governance mechanisms respectively. In addition to providing a technical, historical and legal overview of cryptocurrencies, the book concludes by providing recommendations aimed at redirecting code and consensus towards achieving regulatory goals. In this way, it draws from the theory of reflexive law, in order to provide both a substantive and jurisprudential perspective on the regulation of cryptocurrencies and to illustrate how Financial Technology (Fintech) regulation can only be effective once regulators consider both the ‘Fin’ and the ‘tech’ in their regulatory approaches.
Author(s): Immaculate Dadiso Motsi-Omoijiade
Series: Studies in Modern Law and Policy
Publisher: Routledge
Year: 2022
Language: English
Pages: 178
City: London
Cover
Half Title
Series Page
Title Page
Copyright Page
Table of Contents
List of illustrations
Abbreviations
Introduction
Chapter 1 Overview of cryptocurrencies
1.1 Introduction
1.2 History and development
1.3 The cryptocurrency ecosystem
1.4 Issues of regulatory concern
1.5 Conclusion
Bibliography
Chapter 2 Current cryptocurrency regulation
2.1 Introduction
2.2 International and regional regulatory responses
2.3 National regulatory responses
2.4 Conclusion
Bibliography
Chapter 3 Evaluation of current regulation
3.1 Introduction
3.2 Enforcement challenges
3.3 Compliance challenges
3.4 Discussion
3.5 Conclusion
Bibliography
Chapter 4 Reflexive regulation theory
4.1 Introduction
4.2 Overview of reflexive regulation
4.3 Reflexive regulation vis-à-vis established regulatory theories and strategies
4.4 Discussion
4.5 Conclusion
Bibliography
Chapter 5 Self-regulatory mechanisms of the cryptocurrency system
5.1 Introduction
5.2 Code
5.3 Consensus
5.4 Discussion
5.5 Conclusion
Bibliography
Chapter 6 Reflexive strategies for enhancing and supporting internal self-regulatory mechanisms
6.1 Introduction
6.2 Strategies for the reflexive regulation of cryptocurrency as code-based system
6.3 Strategies for the reflexive regulation of cryptocurrency as a consensus-based system
6.4 Conclusion
Bibliography
Conclusion
Index
