प्रिय जी! हमे आपका आवेदन सफलतापूर्वक प्राप्त हो गया है

वेरिफिकेशन के लिए आपको 10 ग्रुप में अथवा दोस्तों को WhatsApp पर शेयर करना पड़ेगा

इसके पश्चात नीले बटन पर क्लिक करके अपना रजिस्ट्रेशन नंबर प्राप्त करें

Invite Process




रजिस्ट्रेशन नंबर प्राप्त करें


-----your adsense code here------


Cryptocurrencies and blockchain have become hot topics in the last couple of years. Whilst the twoare often referred to in the same sentence and are clearly linked to each other, one should nevermistake one for the other. Blockchain is a type of distributed ledger technology that forms thebackbone of the crypto-market. It is the technology behind the large variety of cryptocurrenciescurrently in circulation. Its scope and field of application are, however, not limited thereto. As set outabove, blockchain can be applied in various sectors and can have a wide array of applications. It isimportant to draw a clear line between these applications and cryptocurrencies, which are but onespecific application of blockchain technology. Against this background, regulators need not fear ofstifling innovation when tackling the subject of cryptocurrencies.


Cryptocurrencies and blockchain have become hot topics in the last couple of years. Whilst the twoare often referred to in the same sentence and are clearly linked to each other, one should nevermistake one for the other. Blockchain is a type of distributed ledger technology that forms thebackbone of the crypto-market. It is the technology behind the large variety of cryptocurrenciescurrently in circulation. Its scope and field of application are, however, not limited thereto. As set outabove, blockchain can be applied in various sectors and can have a wide array of applications. It isimportant to draw a clear line between these applications and cryptocurrencies, which are but onespecific application of blockchain technology. Against this background, regulators need not fear ofstifling innovation when tackling the subject of cryptocurrencies. Secondly, cryptocurrencies should also be distinguished from a concept that has recently beenreferred to as “cryptosecurities”.76 In short, it has been argued that blockchain technology could alsobe used to register, issue and transfer regular shares and other corporate securities, so that thecapitalisation table of a company is always accurate and up-to-date.77 Because this technologicalprocess would be secured with cryptography, it has been suggested that these securities be definedas cryptosecurities.The only connection between this newly developed concept “cryptosecurities” and cryptocurrencies,is that they both utilize blockchain technology. A third group of key players are the so-called “cryptocurrency exchanges”. Cryptocurrencyexchanges are persons or entities who offer exchange services to cryptocurrency users, usuallyagainst payment of a certain fee (i.e. a commission). They allow cryptocurrency users to sell their coinsfor fiat currency or buy new coins with fiat currency.89 They usually function both as a bourse and as aform of exchange office.90 Examples of well-known cryptocurrency exchanges are: Bitfinex91, HitBTC92,Kraken93 and Coinbase GDAX94.95It is important to note that some exchanges are pure cryptocurrency exchanges, which means thatthey only accept payments in other cryptocurrencies, usually Bitcoin (for example Binance96), whilstothers also accept payments in fiat currencies such as US dollar or Euro (for example Coinbase).Furthermore, many cryptocurrency exchanges only allow their users to buy a particular selection ofcoins.It should also be noted that many cryptocurrency exchanges (i.e. both regular and purecryptocurrency exchanges) operate as custodian wallet providers97 (for example Bitfinex).In general cryptocurrency exchanges offer their users a wide array of payment options, such as wiretransfers, PayPal transfers, credit cards and other coins.98 Some cryptocurrency exchanges alsoprovide statistics on the cryptocurrency market (like trading volumes and volatility of the coinstraded99) and offer conversion services to merchants who accept payments in cryptocurrencies. 90 Ibid.; It should be noted that there is currently also a very limited number of so-called Cryptocurrency ATMs (e.g. Bitcoin ATMs) on themarket, which also qualify as cryptocurrency exchanges. See: COMMISSION STAFF WORKING DOCUMENT Accompanying the document“Report from the Commission to the European Parliament and to the Council on the assessment of the risks of money laundeirng andterrorist financing affecting the internal market and relating to cross-border situations”, COM(2017) 340 final, Annex, Part 2, Cryptocurrencies and blockchain In addition to cryptocurrency exchanges, so-called “trading platforms” also play an important role inthe exchange of cryptocurrencies (and, most notably, allow cryptocurrency users to buy coins withcash). Trading platforms are market places that bring together different cryptocurrency users that areeither looking to buy or sell coins, providing them with a platform on which they can directly tradewith each other (i.e. an “eBay” for cryptocurrencies).100Trading platforms are sometimes referred to as “P2P exchanges” or “decentralized exchanges”.101They differ from cryptocurrency exchanges in a number of ways. First and foremost, they do not buyor sell coins themselves.102 Secondly, they are not run by an entity or company that oversees andprocesses all trades, but they are operated exclusively by software (i.e. there is no central point ofauthority).103 Trading platforms simply connect a buyer with a seller, allowing them to conduct a deal,online, or even locally in-person (i.e. a face-to-face trade, often executed in cash). A well-knownexample of a trading platform for Bitcoins is LocalBitcoins A difficult question is whether a more intrusive approach towards regulating the crypto market iswarranted. As we have seen throughout this research, the EBA is a strong advocate of developing atailored and more comprehensive framework for cryptocurrencies in time, including licenserequirements for cryptocurrency service providers. Part of such framework would be to create avirtual currency scheme governance authority that is accountable to the regulator.416 An interestingline of thought for future regulation could indeed be to create or impose a “middleman”, where theuse of blockchain or other distributed ledger technology has cut out such middleman, as this willallow the regulator to attach regulation to an identifiable person, thus contributing to enhancedcompliance and effective enforcement.

All Rights Reserved


Privacy PolicyAbout Us