Developments in UK law on the regulation of virtual currency
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Master's Thesis from the year 2020 in the subject Computer Sciences - Cryptocurrency, University of Greenwich, language: English, abstract: This work will study the legitimacy of virtual currencies through UK and Hong Kong regulations. UK and Hong Kong regulatory authorities have been claiming they have already covered virtual currencies and already regulating this part of the financial world. The study examines issues to assess if there is actual protection over the use of virtual currency and the possible reforms to existing virtual currency regulations.Virtual currency is digital currency, ...
Master's Thesis from the year 2020 in the subject Computer Sciences - Cryptocurrency, University of Greenwich, language: English, abstract: This work will study the legitimacy of virtual currencies through UK and Hong Kong regulations. UK and Hong Kong regulatory authorities have been claiming they have already covered virtual currencies and already regulating this part of the financial world. The study examines issues to assess if there is actual protection over the use of virtual currency and the possible reforms to existing virtual currency regulations.Virtual currency is digital currency, that exists in electronic form. Virtual currency can only be stored and processed through designated software, mobile devices, computer applications or a dedicated digital wallet, and transactions are made over a secure, private network via the Internet. Virtual currencies are not authorized by the central bank.Technology has been driving the financial world, and a successful example is the increasing acceptance of electronic payments, which is also form of digital currency. Virtual currencies, such as Bitcoin, are becoming increasingly popular. PricewaterhouseCoopers estimated that about 150 active crypto hedge funds that invest in virtual currencies and currently manage approximately $ 1 billion in assets and this number does not include crypto index funds and crypto venture capital funds (making equity type investments). According to the report, crypto hedge funds were able to double their AUM in 2018, and the AUM of crypto hedge funds increased from $ 2.1 million in January 2018 to $ 4.3 million at the end of the first quarter of 2019.Contrast to virtual currencies, electronic payment is widely accepted and now plays an important role in the daily transactions of individuals, companies and society. This is an example how the financial innovation has been developing and benefit the society. Financial innovation has the potential to create jobs and economic activities, improve efficiency and reduce settlement costs. With the healthy development of the industry, together with the development of virtual currencies, proper evaluation on the legitimacy of virtual currencies through careful research and supervision is a more constructive measure for virtual currencies.
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