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.
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:72845 |
| Date | 20 November 2020 |
| Creators | Teichmann, Fabian, Falker, Marie-Christin |
| Publisher | Universität Leipzig, University of Miami |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:article, info:eu-repo/semantics/article, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | urn:nbn:de:bsz:15-qucosa2-728409, qucosa:72840 |
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