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Transcript

Regulating Blockchain & Cryptocurrencies

Dr. Alexandra Andhov, LL.M., S.J.D.

13th August 2019

Introduction

1

Have we been here before?

in next 50 minutes...

Today

  • Overview of Governance & Regulatory Models
  • Delaware and stock ledgers
  • Wyoming and
  • Switzerland and paying taxes
  • Crypto ...

Understanding Blockchain

2

correct me if I am wrong...

#1

A distributed digital ledger technology

#2

Data is stored in blocks

#3

The content of blockchain can be .... anything

From 1.0. to 3.0

3

Technology that can change existing relationships

  • Cryptocurrency
  • Smart Contracts
  • Disputes over real property transfers
  • Supply chain oversight and contracts
  • Taxation
  • Money laundering & Terrorist financing
  • IP Rights

?

How do we approach the regulation?

What are the regulatory strategies?

4

Wait & See

  • Wait how technology develops

  • Follow the market movement

  • The existing legal principles continue to apply
  • Silk Road
  • Bitcoin as a property

1.

Guidelines

  • soft law
  • indicates an "upcoming" regulatory policy towards future regulation
  • provide support / insight

2.

Sand boxes

3.

New Legislation

  • Arizona
  • Vermont
  • Delaware
  • ...

4.

Regulating Code

5

Switzerland

Delaware

Delaware

  • 2016 - Delaware Blockchain Initiative

  • Distributed ledger corporate record-keeping

  • Why Delaware?

  • State collaborates with Symbiont, the smart securities blockchain company to launch the initiative

  • Several steps already executed

1. Delaware Public Archives

2. smart UCC filings

  • https://icis.corp.delaware.gov/Ecorp/UCC.aspx

Wyoming

  • House Bill 70
  • House Bill 62
  • House Bill 57
  • SF 28
  • SF 125

Switzerland

General Law

Tax

March 2019, Federal Council initiated the consultation on the adaptation of the Federal law to the developments of the DLT and submitted a preliminary legislative proposal

  • Wealth Tax
  • Income Tax
  • Corporate Income Tax
  • VAT

US

Virtual Currency and Digital Assets

Commodity Futures Trading Commission

"commodity" to include"all services , rights and interests ...in which contracts for future delivery are presently of in future dealt with

Financial Crimes Enforcement Network

2013 v. 2019

Different position

Crypto

virtual currency is treated as property

Internal Revenue Service

SEC

VC can be considered securities based on the facts and circumstances of the sale

Howey Test

Currency Tokens

Utility Tokens

Investment Tokens

Token Classification

Digital securities

Resemble money

Enable future access to the product or services

Exchange-ability

Often they can have elements of currency or investment tokens

Right to participate in the issuer's future returns

No centralized issuer

Filecoin

Trust

Voting or other participatory rights

6

Question time

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