Compliance risks of Blockchain technology, decentralized cryptocurrencies, and stablecoins

With the rise of digitalization, myriad new technologies are currently revolutionizing most, if not all, markets. One such technology that is receiving particular attention from businesses, private market participants, the financial sector, and governments alike is the blockchain. Despite its increasing popularity, most jurisdictions currently fail to adequately regulate it, meaning that businesses cannot exploit the full potential of blockchain technology and its various applications. This article explains how blockchains function and delineates their associated compliance risks. Here, particular attention will be paid to both decentralized cryptocurrencies and stablecoins. How decentralized cryptocurrencies could potentially be abused for money laundering, terrorism financing, and corruption purposes will be illustrated, and different legislation and international approaches to dealing with blockchain technology and cryptocurrencies will be highlighted. Lastly, the impact of blockchain technology and its implications for actors in the digitalized economy will be discussed

Sistema financeiro e criptomoedas : análise do potencial e das inovações jurídicas permitidas pelo bitcoin e sua blockchain

Orientador: André Peixoto de SouzaMonografia (Graduação) - Universidade Federal do Paraná, Setor de Ciências Jurídicas, Curso de Graduação em DireitoResumo: O impacto da Internet na sociedade é imensurável. Praticamente todas as áreas do conhecimento sofreram mudanças radicais devido à democratização da informação promovida pela rede mundial de computadores. No direito não foi diferente: a quantidade de processos eletrônicos aumentam a cada dia e contribuem para um ordenamento jurídico mais acessível, transparente e célere. A tecnologia não parou de se desenvolver e, desde 2009, o surgimento de uma moeda descentralizada e de um sistema financeiro alternativo apresentou novos conceitos capazes de revolucionar outra vez as inúmeras áreas do conhecimento estudadas pelo homem. Dentre os setores diretamente atingidos por essa nova tecnologia o direito se destaca. Registros e transações de imóveis, contratos inteligentes, eleições transparentes e confiáveis: essas são algumas das possibilidades oferecidas pela tecnologia Blockchain, responsável por fazer o Bitcoin funcionar de forma ininterrupta e infalível desde seu advento e captar mais de 130 bilhões de dólares no mercado. O trabalho aqui proposto apresentará uma breve história da moeda, o surgimento do Bitcoin e as possibilidades de aplicação de sua infraestrutura, a Blockchain, no direito

The importance of Portuguese Continental Shelf Waters to Balearic Shearwaters revealed by aerial census

The Balearic shearwater Puffinus mauretanicus is one of the most threatened seabirds in the world. To evaluate the abundance and distribution of Balearic Shearwaters in Portuguese Continental Shelf Waters, during the post-breeding period when migrating birds are outside the Mediterranean Sea, we conducted 5 aerial surveys between 2010 and 2014 (21 survey days covering 62,716 km2). Following a line transect method, observers recorded a total of 181 Balearic Shearwaters sightings. Using Distance sampling software, we estimated an overall species abundance (2010–2014) of 10,182, ranging between 2338 in 2010 and 23,221 individuals in 2012. During the 2012 post-breeding period, the Portuguese Continental Shelf Waters were used by up to 96.8% of the latest migratory population assessment. Considering Balearic Shearwater estimates per sampling block, there was a preference for the North and Center sectors of the Portuguese coast (respectively, 7058 and 1366 individuals) where several SPAs were already designated. We computed the annual and overall habitat predictive models for Balearic Shearwaters using a maximum entropy algorithm on MaxEnt software. In all models, the Balearic shearwater distribution was best predicted by mean chlorophyll concentration. Balearic Shearwaters are mostly present in shallow shelf and coastal waters particularly in the widest portions of the continental shelf. These areas are strongly influenced by upwelling, which concurs with the chlorophyll concentration being the most important predicting variable. Portuguese Continental Shelf Waters are one of the most important post-breeding grounds to the Balearic ShearwaterPortuguese Wildlife Society and projects SafeSea EEA-Grants, FAME (Proj. 2009-1/089) and European Commission’s Life Programme (MarPro NAT/PT/00038). This study was also partly supported by the Portuguese Foundation for Science and Technology (FCT) with Grants SFRH/ BD/30240/2006 to M. Ferreira and SFRH/BD/32841/2006 to P. C. Rodrigues. C. Eira is supported by FCT through CESAM UID/AMB/50017/2013 co-funded by FCT/MEC and FEDER, within PT2020 and Compete 2020 and S. Monteiro is financed by a Grant (BPD/0043/AMB/50017) from UID/AMB/50017/2013. This work was also partially supported by the strategic programme UID/BIA/04050/2013 (POCI-01-0145-FEDER-007569) funded by FCT and by ERDF (COMPETE2020). The authors thank observers and airplane pilots who contributed to this workinfo:eu-repo/semantics/publishedVersio

PAYMENT OF THE CAPITAL CONTRIBUTION OF A COMPANY LIMITED BY SHARES IN A CRYPTOCURRENCY

The paper examines whether cryptocurrencies, such as Bitcoin, may be contributed to the share capital of a company limited by shares. The issue is discussed from the point of view of Swiss and Croatian law. In Switzerland, it is an already established practice that cryptocurrencies are accepted as a contribution in kind. On the other hand, in Croatian practice, there have been no registered cases of such attempts. The paper therefore analyses whether such contributions would even be possible under the current regulatory framework and, irrespective of the answer, if some legislative changes would be necessary and/or beneficial

The legal Nature of the Virtual Currency: In-Depth Legal Insight

The importance of the study is that the virtual currency has recently seen a great development and unusual demand, especially since the emergence of the Bitcoin. This is due to the liberalization of the restrictions imposed by the traditional currencies, which has become a form of monetary competition, the main element that distinguishes it is its areas of use: it combats speculation in local currencies, activates commercial activities, facilitates transfers for commercial, educational and service purposes, and many more legitimate purposes. More importantly, these transactions and transfers are carried out without disclosing the identity of the persons who implement them, thus enhancing privacy. But it has several disadvantages, most notably: it can be used as an unknown means to carry out illegal transactions such as financing terrorism, drug trafficking, money laundering and other illegal operations. The problem of the study is characterized by the subjectivity of the virtual currency. Since its emergence, its adaptability, nature, source and ambiguity have been ambiguous. Many articles have been written to show how its work, its advantages, its strengths and its weaknesses, but the rare ones studied it in legal terms, the dilemma of the legal adjustment of the virtual currency is one of the most modern legal dilemmas. Is the virtual currency like the traditional currency? Or electronics money? Or means of payment? Or moneys? Therefore, this research aims to find a specialized legal study in the virtual currency that answers the previous questions and shows the subjective and nature of the virtual currency

Blockchain Havens and the Need for Their Internationally-Coordinated Regulation

This paper describes the rise of a new form of regulatory havens. Jurisdictions that have traditionally been characterized as “tax havens” are gradually becoming hubs for blockchain-based ventures. These jurisdictions attract blockchain entrepreneurs by offering refuge from regulatory and tax burdens imposed by developed economies. These new “Blockchain Havens” create a regulatory “race to the bottom” that is traditionally associated with the world of international tax evasion and avoidance. Over the past several years, developed economies have put to use—mostly through coordinated efforts—several regulatory frameworks aimed to address some of the negative effects of tax havens. These regulatory instruments are aimed against the haven jurisdictions themselves, or the private institutions operating in such jurisdictions. However, this paper argues that the unique nature of blockchain-based technology—most importantly, decentralization and temper resistance—makes such traditional anti-tax haven policies ineffective in the blockchain context. This paper argues that coordinated international regulatory policies must be quickly developed to address certain important aspects of blockchain technology. Such coordination is necessary to prevent an uncontrolled regulatory race to the bottom, while at the same time preserving the benefits of blockchain-based applications