Law and Blockchain: A Legal Perspective on Current Regulatory Trends Worldwide

Revue Trimestrielle de Droit Financier (Corporate Finance and Capital Markets Law Review) RTDF N°4-2017 - December 2017

15 Pages Posted: 11 Dec 2017 Last revised: 25 Feb 2018

See all articles by Stéphane Blemus

Stéphane Blemus

Université Paris I Panthéon-Sorbonne - Sorbonne Law School; Kalexius Law Firm

Date Written: January 17, 2018

Abstract

This paper expounds the latest main regulatory projects and industry-wide consultations in the United States (US), in the European Union (EU) and in the main economic countries where distributed ledgers (thereafter, “Blockchain”) regulations have been discussed, proposed and/or adopted.

In just a few years, the Blockchain has become a major topic for public decision-makers worldwide. As this disruptive and decentralized technology has emerged as a key business issue for start-ups and market participants, the central banks and financial regulators have changed, most notably in the US and in the EU, from an initial strong hostility to a more cautious and market-friendly position.

The paper extensively covers and compares the current regulatory trends in selected relevant countries on the various applications enabled or issues raised by the Blockchain technology (Bitcoin/virtual currencies/crypto-tokens, smart contracts, decentralized autonomous organization (“DAO”), initial coin offerings/“ICO”…).

Three main regulatory items should be distinguished and will be analyzed separately thereafter:

(I) the virtual currencies regulation,

(II) the ICO (and crypto tokens) regulation, and

(III) the legal validity of Blockchain technology and smart contracts.

Keywords: Blockchain, ICO, Virtual Currency, DLT, Distributed Ledger Technology, Smart Contract, Token, ICO, Initial Coin Offering, ITO, Bitcoin, Ethereum, Cryptocurrency, Decentralized Autonomous Organization, DAO, FinTech, Internet, Trust, Securities Law

JEL Classification: D23, D78, E40, G28, K11, K12, K42, L86, O33

Suggested Citation

Blemus, Stéphane, Law and Blockchain: A Legal Perspective on Current Regulatory Trends Worldwide (January 17, 2018). Revue Trimestrielle de Droit Financier (Corporate Finance and Capital Markets Law Review) RTDF N°4-2017 - December 2017. Available at SSRN: https://ssrn.com/abstract=3080639 or http://dx.doi.org/10.2139/ssrn.3080639

Stéphane Blemus (Contact Author)

Université Paris I Panthéon-Sorbonne - Sorbonne Law School ( email )

Paris
France

Kalexius Law Firm ( email )

Paris
France

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