Legal regulation of the turnover of cryptocurrency: international practices

Abstract

The study deals with the legal nature of the institution of cryptocurrency in the worldwide practice. It examines the legal regulation of the turnover of cryptocurrency in foreign countries. Cryptocurrency is considered as a means of payment, property, and asset. The author identifies the following approach-es of the states to the legal regulation of this eco-nomic and legal phenomenon: 1) the legislation of countries is neutral toward this phenomenon and does not regulate it; 2) the new legislation that is adopted regulates the turnover of cryptocurrency and promotes its development; 3) the scope under review is regulated within the traditional legal institutions; 4) there is a ban on the use of cryptocurren-cy in the civil and financial field. The author investigates the possible effects of the formal approval to carry out digital currency transactions. The case studies for declaring cryptocurrency exchanges bankruptcy are discussed.