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Cryptocurrency and anti-money laundering law: the need for an integrated approach

This article attempts to clarify and describe the legal and regulatory framework for cryptocurrency and the threats that it posed from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more...

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Main Authors: Zul Kepli, Mohd Yazid, Zulhuda, Sonny
Format: Conference or Workshop Item
Language:English
English
Published: 2018
Subjects:
K Law (General)
Online Access:http://irep.iium.edu.my/65828/1/Cryptocurrency.pdf
http://irep.iium.edu.my/65828/12/65828_Cryptocurrency%20and%20Anti-Money%20Laundering-%20tentative.pdf
http://irep.iium.edu.my/65828/
https://iclas2018.org/parallel-sessions/
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spelling my.iium.irep.658282018-09-27T04:19:53Z http://irep.iium.edu.my/65828/ Cryptocurrency and anti-money laundering law: the need for an integrated approach Zul Kepli, Mohd Yazid Zulhuda, Sonny K Law (General) This article attempts to clarify and describe the legal and regulatory framework for cryptocurrency and the threats that it posed from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more than 20-fold) has sent both legitimate investors and criminals flocking to cryptocurrencies. The article analyzes and compares the official reports from various governments, writings by government officials, experts and scholars in journals and newspapers, interviews and draws conclusions on the legal framework of cryptocurrency, and money laundering challenges. This article founds that the decision of the United States regulators in allowing bitcoin futures to trade on major exchanges to be one of the reasons behind the sudden surge. This article also founds that the South Korean regulators approach in banning its financial institutions from dealing with virtual currency is a positive one. The article stresses that it is not adequate for regulators to warn the public to act with extreme caution and to increase their understanding on the risks they take on if they choose to invest in cryptocurrencies. Instead, it is indispensible to have comprehensive international and national laws and regulations for the control and management of cryptocurrencies. In addition, the anti-money laundering legal framework must be improved to cater to the new threats posed by cryptocurrency. 2018 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/65828/1/Cryptocurrency.pdf application/pdf en http://irep.iium.edu.my/65828/12/65828_Cryptocurrency%20and%20Anti-Money%20Laundering-%20tentative.pdf Zul Kepli, Mohd Yazid and Zulhuda, Sonny (2018) Cryptocurrency and anti-money laundering law: the need for an integrated approach. In: 7th International Conference on Law And Society (ICLAS 7), 11th-13th April 2018, Kota Kinabalu, Sabah. (Unpublished) https://iclas2018.org/parallel-sessions/
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic K Law (General)
spellingShingle K Law (General)
Zul Kepli, Mohd Yazid
Zulhuda, Sonny
Cryptocurrency and anti-money laundering law: the need for an integrated approach
description This article attempts to clarify and describe the legal and regulatory framework for cryptocurrency and the threats that it posed from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more than 20-fold) has sent both legitimate investors and criminals flocking to cryptocurrencies. The article analyzes and compares the official reports from various governments, writings by government officials, experts and scholars in journals and newspapers, interviews and draws conclusions on the legal framework of cryptocurrency, and money laundering challenges. This article founds that the decision of the United States regulators in allowing bitcoin futures to trade on major exchanges to be one of the reasons behind the sudden surge. This article also founds that the South Korean regulators approach in banning its financial institutions from dealing with virtual currency is a positive one. The article stresses that it is not adequate for regulators to warn the public to act with extreme caution and to increase their understanding on the risks they take on if they choose to invest in cryptocurrencies. Instead, it is indispensible to have comprehensive international and national laws and regulations for the control and management of cryptocurrencies. In addition, the anti-money laundering legal framework must be improved to cater to the new threats posed by cryptocurrency.
format Conference or Workshop Item
author Zul Kepli, Mohd Yazid
Zulhuda, Sonny
author_facet Zul Kepli, Mohd Yazid
Zulhuda, Sonny
author_sort Zul Kepli, Mohd Yazid
title Cryptocurrency and anti-money laundering law: the need for an integrated approach
title_short Cryptocurrency and anti-money laundering law: the need for an integrated approach
title_full Cryptocurrency and anti-money laundering law: the need for an integrated approach
title_fullStr Cryptocurrency and anti-money laundering law: the need for an integrated approach
title_full_unstemmed Cryptocurrency and anti-money laundering law: the need for an integrated approach
title_sort cryptocurrency and anti-money laundering law: the need for an integrated approach
publishDate 2018
url http://irep.iium.edu.my/65828/1/Cryptocurrency.pdf
http://irep.iium.edu.my/65828/12/65828_Cryptocurrency%20and%20Anti-Money%20Laundering-%20tentative.pdf
http://irep.iium.edu.my/65828/
https://iclas2018.org/parallel-sessions/
_version_ 1643617928540585984
score 13.211869

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