Cryptocurrency: To regulate or not to regulate?

Cryptocurrency, like Bitcoin, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is an emerging financial technology enabled by innovation, increasingly popular...

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Main Authors:	Zulhuda, Sonny, Sayuti, Afifah
Format:	Conference or Workshop Item
Language:	English
Published:	2016
Subjects:	HF Commerce HG Finance K Law (General)
Online Access:	http://irep.iium.edu.my/50387/ http://irep.iium.edu.my/50387/ http://irep.iium.edu.my/50387/18/50387.pdf

id	iium-50387
recordtype	eprints
spelling	iium-503872016-12-01T02:02:08Z http://irep.iium.edu.my/50387/ Cryptocurrency: To regulate or not to regulate? Zulhuda, Sonny Sayuti, Afifah HF Commerce HG Finance K Law (General) Cryptocurrency, like Bitcoin, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is an emerging financial technology enabled by innovation, increasingly popular among global Internet users, and more interestingly, it challenges the existing financial and regulatory rules on the currency and payment systems of the world today. On the other side, certain cryptocurrency like Bitcoin has been actively used as payment tools for illicit transactions. Both the "promising" and "challenging" faces of cryptocurrency triggers causes for concerns for policy makers, not only from financial sector, but also legal and technological sectors. The decentralized nature of cryptocurrency creates unique problems for the government to regulate or impose any regulatory requirements. This paper argues that, in order for Malaysia to remain at the forefront of financial and digital innovation it is timely to look at the question on whether to formulate certain policy and regulatory framework on the use of cryptocurrency in the Malaysian market. The answer can pave the way for Malaysian digital citizens to potentially grab the opportunities made possible by the cryptocurrency technology. For this purpose, the researchers seek to study the features of cryptocurrency and the experiences from policymakers in other jurisdictions in dealing with the matter. Both doctrinal legal research and comparative study will be employed and it is expected that the researcher will recommend certain policy issues for Malaysia to consider. 2016 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/50387/18/50387.pdf Zulhuda, Sonny and Sayuti, Afifah (2016) Cryptocurrency: To regulate or not to regulate? In: 5th International Conference on Law and Society (ICLAS V), 18th-19th April 2016, Fatoni Universiti, Pattani, Thailand. (Unpublished) https://www.unisza.edu.my/iclas2016/index.php?option=com_content&view=featured
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HF Commerce HG Finance K Law (General)
spellingShingle	HF Commerce HG Finance K Law (General) Zulhuda, Sonny Sayuti, Afifah Cryptocurrency: To regulate or not to regulate?
description	Cryptocurrency, like Bitcoin, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is an emerging financial technology enabled by innovation, increasingly popular among global Internet users, and more interestingly, it challenges the existing financial and regulatory rules on the currency and payment systems of the world today. On the other side, certain cryptocurrency like Bitcoin has been actively used as payment tools for illicit transactions. Both the "promising" and "challenging" faces of cryptocurrency triggers causes for concerns for policy makers, not only from financial sector, but also legal and technological sectors. The decentralized nature of cryptocurrency creates unique problems for the government to regulate or impose any regulatory requirements. This paper argues that, in order for Malaysia to remain at the forefront of financial and digital innovation it is timely to look at the question on whether to formulate certain policy and regulatory framework on the use of cryptocurrency in the Malaysian market. The answer can pave the way for Malaysian digital citizens to potentially grab the opportunities made possible by the cryptocurrency technology. For this purpose, the researchers seek to study the features of cryptocurrency and the experiences from policymakers in other jurisdictions in dealing with the matter. Both doctrinal legal research and comparative study will be employed and it is expected that the researcher will recommend certain policy issues for Malaysia to consider.
format	Conference or Workshop Item
author	Zulhuda, Sonny Sayuti, Afifah
author_facet	Zulhuda, Sonny Sayuti, Afifah
author_sort	Zulhuda, Sonny
title	Cryptocurrency: To regulate or not to regulate?
title_short	Cryptocurrency: To regulate or not to regulate?
title_full	Cryptocurrency: To regulate or not to regulate?
title_fullStr	Cryptocurrency: To regulate or not to regulate?
title_full_unstemmed	Cryptocurrency: To regulate or not to regulate?
title_sort	cryptocurrency: to regulate or not to regulate?
publishDate	2016
url	http://irep.iium.edu.my/50387/ http://irep.iium.edu.my/50387/ http://irep.iium.edu.my/50387/18/50387.pdf
first_indexed	2023-09-18T21:11:13Z
last_indexed	2023-09-18T21:11:13Z
_version_	1777411265614839808

Cryptocurrency: To regulate or not to regulate?

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