Motivations to regulate cryptocurrencies: a systematic literature review of stakeholders and drivers

Abstract

A cryptocurrency is a digital currency that can be used via peer-to-peer networks to execute secure electronic transactions without the need for a central control authority. The goals of this review are to identify how blockchain-based cryptocurrency is affecting the financial system, and to analyse the motivation for establishing cryptocurrency regulation, legislation, law and standards. The research methodology used to conduct this research was the systematic literature review. We conclude that the regulation of cryptocurrency requires the interaction of multiple stakeholders in order to incorporate financial, legal, technological and civil society dimensions. Coordination between several dimensions is necessary since each dimension has specific requirements associated with cryptocurrency usage, and each also has drivers that could involve different stakeholders with potentially competing interests. Most of these drivers are related to the financial, social, legal and technological aspects of regulation, and vice-versa.