Cryptocurrency a Bit Unregulated?

International Conference on Business and Banking V (ICBB V), 2018

10 Pages Posted: 31 Dec 2018

See all articles by Cecilia Anthony Das

Cecilia Anthony Das

Edith Cowan University - School of Business & Law

Krishna Prasad

Edith Cowan University

M. Shibley Sadique

Rajshahi University

Date Written: July 19, 2018

Abstract

This paper seeks to review the current regulatory regime governing cryptocurrencies, namely Bitcoin, in United States, United Kingdom, Canada and Singapore, and traces the regulatory trend in those identified countries. These developments are compared to the Australian context. From the comparative analysis conducted be-tween regimes available in other jurisdictions and those in Australia, the authors conclude that the Australian regulatory regime in relation to cryptocurrency, in particular Bitcoin, are comparable in some respects and in others are much progressive. This is specifically in light of the 2017 amendments relating to anti-money laundering legislation which places Australia as a strong forerunner to legislate on Bitcoin and anti-money laundering legislation. However, to successfully achieve this, Australia must address its lag in relation to the classification of Bitcoin and cryptocurrency respectively. As such, it is concluded that the regulatory regime of cryptocurrency both internationally and at the Australian level is far from satisfactory.

Keywords: cryptocurrency, anti-money laundering, bitcoin

Suggested Citation

Anthony Das, Cecilia and Prasad, Krishna and Sadique, M. Shibley, Cryptocurrency a Bit Unregulated? (July 19, 2018). International Conference on Business and Banking V (ICBB V), 2018, Available at SSRN: https://ssrn.com/abstract=3298609 or http://dx.doi.org/10.2139/ssrn.3298609

Cecilia Anthony Das (Contact Author)

Edith Cowan University - School of Business & Law ( email )

270 Joondalup Dr
Joondalup, WA 6027
Australia

Krishna Prasad

Edith Cowan University ( email )

Mount Lawley Campus
Perth
Churchlands 6018 WA, Victoria
Australia

M. Shibley Sadique

Rajshahi University ( email )

Motihar Chattar, Boalia
Rajshahi, Rajshahi 6205
Bangladesh

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
124
Abstract Views
669
rank
281,004
PlumX Metrics