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/ http://irep.iium.edu.my/65828/ http://irep.iium.edu.my/65828/1/Cryptocurrency.pdf http://irep.iium.edu.my/65828/12/65828_Cryptocurrency%20and%20Anti-Money%20Laundering-%20tentative.pdf

id	iium-65828
recordtype	eprints
spelling	iium-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/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
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/ http://irep.iium.edu.my/65828/ http://irep.iium.edu.my/65828/1/Cryptocurrency.pdf http://irep.iium.edu.my/65828/12/65828_Cryptocurrency%20and%20Anti-Money%20Laundering-%20tentative.pdf
first_indexed	2023-09-18T21:33:23Z
last_indexed	2023-09-18T21:33:23Z
_version_	1777412660250279936

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

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