Blockchain Papers

Mustafa Berk Sacar, Sinem ATICI USTALAR, Selim ŞANLISOY

No abstract is available for this record.

Manel Mahjoubi, Jamel Eddine Henchiri

This paper investigates the impact of uncertainty on investor overconfidence in the Bitcoin market. While prior studies mainly focus on returns and volatility, limited attention has been paid to behavioral responses. Using a nonlinear autoregressive distributed lag (NARDL) model and monthly data from June 2011 to August 2022, we examine the asymmetric effects of major U.S. uncertainty indices (EPU, GPR, CPU, TEU and EURQ). The results reveal significant asymmetries. In the short run, increases in EPU and GPR reduce investor overconfidence, while decreases have the opposite effect. TEU and EURQ negatively affect investor confidence in both the short and long run. These findings highlight the key role of information-based uncertainty in shaping investor behavior and contribute to the behavioral finance literature by providing new evidence from cryptocurrency markets.

Nazokat Umarova

The rapid expansion of cryptocurrency markets has fundamentally transformed the global financial system and challenged traditional approaches to financial regulation. Cryptocurrency exchanges have emerged as key intermediaries facilitating the purchase, sale, transfer, and storage of digital assets across jurisdictions. However, the borderless and decentralized nature of cryptocurrencies has generated significant legal concerns relating to anti-money laundering compliance, counter-terrorist financing measures, consumer protection, taxation, cybersecurity, market manipulation, and regulatory enforcement. This article examines international legal frameworks governing cryptocurrency exchanges, analyzes regulatory approaches adopted by leading jurisdictions, including the European Union and the United States, and evaluates major enforcement actions involving Binance and FTX. The study further explores emerging challenges associated with decentralized finance (DeFi) and proposes recommendations aimed at strengthening international cooperation and harmonizing legal standards for digital asset regulation.

Sandhya Jatav, Smita Anthanere parte

This research paper analyzes the dynamic and transformative realm of crypto currencies, with a primary focus on their technological foundations, economic implications, and regulatory challenges. Beginning with an examination of the genesis and evolution of prominent crypto currencies, particularly Bit coin, the study delves into the decentralized nature and cryptographic principles that underpin these digital assets. Beyond their role as alternative forms of currency, the research investigates the broader impact of Block chain technology, unraveling its applications across diverse industries. Economic considerations form a pivotal part of the analysis, focusing on financial inclusion, the emergence of decentralized finance platforms, and the innovative concept of non-fungible tokens. The paper scrutinizes the regulatory landscape surrounding crypto currencies, exploring the varied approaches adopted globally and the resulting implications for market participants. In addressing the challenges associated with crypto currencies, including scalability concerns, environmental sustainability, and market volatility, the research offers a nuanced perspective on the intricacies of this evolving ecosystem. Through this comprehensive exploration, the paper contributes valuable insights for academics, policymakers, and industry stakeholders, fostering a deeper understanding of the multifaceted dynamics inherent in the world of crypto currencies. The regulatory landscape for crypto currencies is dynamic and varies globally. Some jurisdictions embrace these digital assets, formulating comprehensive frameworks to balance innovation with investor protection, while others adopt a cautious or restrictive approach due to concerns about volatility and illicit activities. The regulatory challenges include the need for international collaboration and harmonization to address the cross-border nature of crypto currencies.

Azkia (IAI Darussalam Martapura), Annisa Nur Aulia Purnama (IAI Darussalam Martapura), Muhammad Sauqi (IAI Darussalam Martapura)

Penelitian ini bertujuan untuk mengkaji konsep kepemilikan aset digital melalui perspektif m?l (harta) dalam fikih kontemporer. Perkembangan teknologi digital telah melahirkan berbagai bentuk aset baru, seperti cryptocurrency, token digital, non-fungible token (NFT), serta aset berbasis blockchain lainnya yang memiliki nilai ekonomi dan diperdagangkan dalam sistem ekonomi modern. Fenomena ini menimbulkan pertanyaan mengenai status hukum dan kedudukan aset digital dalam perspektif hukum Islam. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kepustakaan (library research), melalui penelaahan terhadap literatur fikih klasik dan kontemporer, buku ekonomi Islam, serta artikel ilmiah yang relevan dengan perkembangan aset digital. Analisis dilakukan secara deskriptif-analitis untuk mengkaji kesesuaian karakteristik aset digital dengan konsep m?l dalam fikih Islam. Hasil penelitian menunjukkan bahwa aset digital pada dasarnya dapat dikategorikan sebagai m?l, karena memenuhi kriteria utama harta dalam hukum Islam, yaitu memiliki nilai ekonomi, dapat dimiliki secara sah, serta memberikan manfaat bagi pemiliknya. Namun demikian, status hukum beberapa jenis aset digital masih menjadi perdebatan di kalangan ulama, terutama yang memiliki tingkat volatilitas tinggi dan mengandung unsur spekulatif. Dengan demikian, fikih kontemporer memiliki peran penting dalam memberikan landasan ijtihad terhadap fenomena ekonomi digital agar tetap selaras dengan prinsip-prinsip syariah. Penelitian ini diharapkan dapat memberikan kontribusi akademik dalam pengembangan kajian fikih muamalah, khususnya terkait kepemilikan aset digital dalam konteks ekonomi modern.

Assal Aminian, Zining Wang

Cryptocurrency fraud on blockchain platforms continues to cause substantial financial losses, creating an urgent need for detection systems that are not only accurate but also interpretable for operational and regulatory use. In this paper, we propose an explainable framework for Ethereum fraud detection integrating an XGBoost ensemble with TreeSHAP. This system achieves high predictive performance (96.3% F1-score, 96.6% recall) while providing model-level transparency via an interactive chatbot interface. Evaluation using fidelity and stability metrics confirms the reliability of the SHAP-based insights, while user-role simulations demonstrate that our structured delivery enhances clarity and actionability over standard visualizations. This work offers a practical, transparent foundation for deploying robust AI in high-risk financial environments without sacrificing accuracy.

Joel Poncha Lemayian, Ghyslain Gagnon, Kaiwen Zhang, Pascal Giard

Cryptographic wallets play a vital role in securing digital assets within blockchain networks by managing private keys that authorize secure transactions. However, side channel analysis (SCA) attacks have become a serious threat, enabling attackers to extract sensitive information by exploiting algorithmic weaknesses in microcontroller-based wallets, resulting in the loss of millions of dollars in digital assets. In hierarchically deterministic (HD) systems, the compromise of a single primary key can endanger all subsequent child keys, while the use of independent keys for each account introduces complexity and challenges in key management. This work presents HardVault, a field programmable gate array (FPGA)-based cryptocurrency wallet that supports both Bitcoin and Ethereum. HardVault introduces the first hardware wallet architecture that implements both non-deterministic (ND) and HD key generation modes directly in hardware, giving users the flexibility to choose either approach based on their security and usability needs. By leveraging constant-time operations and hardware-enforced private-key isolation, the design significantly improves resilience to SCA attacks. In addition, the architecture prioritizes resource efficiency to minimize area usage without compromising security, making it well-suited for compact, portable hardware wallet applications. Implementation on a ZCU104 FPGA shows that HardVault uses only 27% of available look-up tables (LUTs). Compared to the Trezor One cryptocurrency (crypto) wallet, the proposed implementation achieves$9\times $higher energy efficiency,$8\times $lower latency, and$7\times $higher throughput.

Assignee Research

This report synthesises findings from 3 peer-reviewed papers addressing the following research question: How does the integration of persistent homology-based topological features in MTGCL compare to other graph contrastive learning methods (e.g., GTCL, GCMC) in terms of anomaly detection accuracy and. Recently, artificial intelligence (AI) and blockchain have become two of the most trending and disruptive technologies. Blockchain technology has the ability to automate payment in cryptocurrency and to provide access to a shared ledger of data, transactions, and logs in a. 6 claims were extracted from source literature; 6 were independently verified against retrieved documents. An automated multi-reviewer quality assessment produced a score of 8.7/10. This report is a machine-generated literature synthesis and does not constitute original research. Research goal: How does the integration of persistent homology-based topological features in MTGCL compare to other graph contrastive learning methods (e.g., GTCL, GCMC) in terms of anomaly detection accuracy and inference latency on large-scale Ethereum transaction datasets? Autonomous literature synthesis. Automated review score: 8.7/10. Full text and citation available at Assignee Research.

Nirdosh Bhatnagar

Bitcoin, Ethereum, and Algorand blockchains are described in this chapter. The Bitcoin blockchain was initially designed by Satoshi Nakamoto in 2008-2009. This created a revolution which is still ongoing. Its premier application was the Bitcoin cryptocurrency.

Olha Kovalchuk, Ruslan Shevchuk, Serhiy Banakh, N. P. Holota · 6 authors

Abstract This study examines the relationships between national cryptocurrency regulation, anti-money laundering (AML) risks, and decentralized finance (DeFi) adoption across global jurisdictions. Using correspondence analysis, correlation techniques, and regression modeling with control variables, we analyze data from the Basel AML Index and Retail DeFi Rankings to identify structural patterns in the interaction between regulatory frameworks, institutional quality, and digital asset ecosystems. The results reveal a counterintuitive global distribution in which advanced economies with strong regulatory regimes and low AML risks tend to exhibit limited retail DeFi activity, whereas jurisdictions characterized by weaker institutions and higher money laundering risks show significantly higher levels of DeFi usage. Further, the correspondence analysis identifies three distinct clusters of countries defined by specific configurations of regulatory approaches, AML effectiveness, and DeFi adoption, indicating that these relationships are configurational rather than purely linear. Robustness checks demonstrate that qualitative features of regulatory regimes are more strongly associated with DeFi adoption than conventional quantitative indicators of economic development or governance quality, thereby distinguishing DeFi diffusion from broader cryptocurrency usage dynamics. Mediation analysis provides partial support for a compensatory pattern: financial inclusion is a significant negative predictor of DeFi adoption, though a statistically confirmed mediation pathway between AML risk and DeFi activity through financial exclusion was not established. The study also highlights substantial global regulatory fragmentation, with 57% of jurisdictions classified as “Undecided” or “Improving,” underscoring the ongoing difficulty of reconciling financial innovation with stability and risk mitigation. These findings provide evidence-based guidance for policymakers designing adaptive regulatory frameworks and establish a foundation for further research on the evolution of digital finance regulation.

Stefan Kitzler

Decentralized Finance (DeFi) represents an emerging financial ecosystem that offers services such as lending, investing, and trading without traditional intermediaries like banks or financial institutions. Unlike conventional financial systems, users interact directly with software programs called smart contracts that encode financial logic and automate service delivery. This novel ecosystem promises transparency through public blockchain ledgers that make all transactions visible and inclusion through open access that eliminates traditional barriers to financial participation. Additionally, DeFi enables decentralized governance where users participate in protocol decision-making, and smart contracts facilitate advanced financial engineering through compositional service integration. However, despite these technical innovations, DeFi introduces significant challenges related to transaction complexity, governance concentration, and cybersecurity vulnerabilities that undermine its foundational promises. This thesis develops computational methods to systematically investigate these challenges in Decentralized Finance through empirical analysis of blockchain data. First, to address the complexity of DeFi compositions, we developed an algorithm that extracts fundamental building blocks from individual transactions, revealing recurring patterns and hidden interdependencies between financial services and assets that manual analysis cannot capture at scale. Second, we applied network analysis techniques and introduced novel measurements to examine the governance structures of decentralized applications, focusing on contributors with development and administrative roles. Our analysis revealed common voting patterns and centralized decision-making that contradict claims of decentralized governance. Third, we adapted a difference-in-differences statistical framework to quantify the economic impact of cybercrime on governance tokens, demonstrating that indirect effects on prices and trading volumes significantly exceed the direct losses suffered by immediate victims. These computational methods collectively provide the first systematic, large-scale analytical framework for empirically investigating DeFi ecosystems, revealing fundamental gaps between theoretical promises of transparency and inclusion and practical realities. The findings have significant implications for researchers, policymakers, and practitioners by establishing evidence-based approaches to measuring decentralization claims and systemic risks in blockchain-based financial systems.

Yevhen Pervushyn

This public technical research article reconstructs a Lazarus-attributed fake-interview ecosystem targeting software developers, Web3 engineers, and cryptocurrency-adjacent organizations between 2024 and 2026. The investigation began after a fake technical interview reached Red Asgard in December 2025. The article documents the resulting investigation into malicious repositories, command-and-control panels, FTP and HTTP exfiltration, fake cryptocurrency exchanges, cryptomining infrastructure, operator-side development systems, blockchain-intelligence exposure, and related monetization tracks. The public version includes aggregate victimology, infrastructure reconstruction, malware and protocol analysis, counting methodology, attribution framework, public-safe indicators, detection logic, and defensive guidance. The public version deliberately excludes plaintext credentials, victim identifiers, private keys, session tokens, replayable C2 access mechanics, operator personal identifying information not cleared for release, and specific named unnotified victims. Restricted evidence packages are retained for vetted law-enforcement, CERT, provider, counsel-controlled, and affected-party disclosure channels. Original public article: https://redasgard.com/research/inside-the-machine

Tahmina Akther Mim, Rajesh Mamilla

An analysis of the ethical and intergenerational dimensions of contemporary energy-finance transitions by systematically mapping the scholarly intersection between crude oil price volatility and cryptocurrency markets is conducted in this study. Drawing on a comprehensive bibliometric and topic-modelling analysis of 4,147 Scopus-indexed publications published between 2014 and 2024, the research investigates how emerging digital financial systems interact with oil market instability and broader sustainability concerns. By integrating Latent Dirichlet Allocation topic modelling with co-citation and keyword network analysis, the study reveals evolving research themes related to energy financialization, decentralized finance, environmental externalities, and regulatory uncertainty. Beyond its technical contributions, the findings highlight critical ethical questions surrounding climate responsibility, distributive justice, and intergenerational equity, particularly in relation to energy-intensive cryptocurrency mining and speculative responses to oil price shocks. The paper advances the concept of moral imagination by demonstrating how financial and technological innovation can either reinforce unsustainable trajectories or support ethically grounded sustainability transitions. The results offer policy-relevant insights for regulators, investors, and institutions seeking to balance economic resilience with long-term environmental responsibility and justice for future generations.

Ruixue Jing, Luis Enrique Correa Rocha

Cryptocurrencies are increasingly adopted as investment assets, making their interactions with traditional financial markets central to cross-asset diversification and systemic risk. This paper studies the integration of cryptocurrencies, fiat currencies, and S&P500 equities using a balanced panel of 381 assets from October 2017 to February 2024. We combine rolling correlation networks, community structure, market-specific and system-wide Turbulence Indices, and VAR-based connectedness analysis to examine how market stress, network structure, and shock transmission vary across financial regimes. The results show that cross-asset integration is episodic. In calm periods, the three asset classes remain relatively segmented, whereas under stress, local clustering increases, modular separation weakens, and communities become more compositionally mixed across asset classes. Connectedness analysis further shows that regime shifts alter the structure of transmission rather than simply increasing spillover magnitudes. In high-turbulence states, fiat-market turbulence becomes the dominant propagation channel, while network clustering and modularity play a greater role in transmitting forecast uncertainty. These findings support the interpretation of network structure as an emergent, state-dependent transmission layer rather than a persistent exogenous driver of turbulence. The results highlight the need for regime-aware risk monitoring, since full-sample connectedness estimates can understate the cross-asset coupling that emerges precisely when diversification benefits are most fragile.

Runang He, Tongya Zheng, Huiling Peng, Yuanyu Wan · 9 authors

Ever-evolving transaction patterns have significantly hindered anomaly detection on emerging cryptocurrency blockchains due to the vast number of addresses and diverse anomalous behaviors. Recently, advanced Graph Anomaly Detection (GAD) approaches applied to blockchains have faced two critical challenges: \textit{adversarial pattern evolution by malicious actors} and \textit{the out-of-distribution (OOD) problem caused by varied transaction semantics on blockchains}. To address these challenges, we propose a novel framework termed \textbf{TE}mporal \textbf{M}otif-aware \textbf{G}raph \textbf{T}est-\textbf{T}ime \textbf{A}daptation (\textbf{TEMG-TTA}). First, we comprehensively capture the 3-node temporal motif distribution of each active address using an efficient computational mechanism, enabling downstream temporal motif-aware graph learning. Second, we design a simple yet effective test-time adaptation strategy to facilitate the sharing of common patterns between training and testing graphs. Extensive experiments on 5 real-world datasets demonstrate that our proposed \textbf{TEMG-TTA} outperforms \textit{state-of-the-art} GAD approaches by an average of 54.88\%. A further case study on interpretable motif patterns reveals that \textbf{TEMG-TTA} explicitly characterizes the complex transaction patterns of anomalous addresses, thereby verifying the effectiveness of our technical designs. Our code is publicly available at https://github.com/LuoXishuang0712/TEMG-TTA/.

I Made Ardita, Ni Made Suci, Fridayana Yudiatmaja

This study aims to examine the effect of Bitcoin risk perception on stock investment decisions by considering the mediating roles of financial literacy and investor trust. The rapid development of digital financial technology, particularly cryptocurrencies, has introduced new dimensions of risk that influence investor behavior across financial instruments. This research adopts a quantitative approach with an explanatory design, involving 120 respondents selected through purposive sampling. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Bitcoin risk perception has a positive and significant effect on financial literacy, investor trust, and stock investment decisions. Furthermore, financial literacy and investor trust significantly influence stock investment decisions and serve as partial mediators in the relationship between Bitcoin risk perception and investment decisions. These findings suggest that higher awareness of cryptocurrency risk encourages individuals to enhance their financial understanding and develop rational trust, ultimately leading to more informed investment decisions in the stock market. This study contributes to the integration of behavioral finance and financial technology by highlighting the indirect mechanisms through which risk perception shapes investment behavior. Practically, the results emphasize the importance of financial education and transparent information in improving investor decision-making in the digital era.

Insu Choi

No abstract is available for this record.

Sheetal Sharma, Rushina Singhi, Kiran Jindal, Vijit Chaturvedi

The realms of metaverse and finance have been completely revolutionized through the application of blockchain technology. This technology offers convenience, transparency, security, and decentralization to the virtual world while overcoming the inefficiencies of the traditional financial landscape. The present chapter highlights the various services offered by blockchain technology in the metaverse, such as security, interoperability, and ownership status, especially in the area of finance. A digital landscape with a large number of users sharing information from various geographical locations using an internet connection is called the metaverse. Blockchain technology ensures transparency and security in the metaverse by building trust among users. The users get complete authority over their digital assets, thereby enhancing their participation in the digital realm. In the financial sector, the traditional financial system is transformed through the introduction of blockchain technology, such as cryptocurrencies like Bitcoin and Ethereum, decentralized finance (DeFi), smart contracts, and asset tokenization. Cryptocurrencies, like Bitcoin 506 and Ethereum, provided by blockchain technology, are digital currencies that ensure secure transactions and do not need any authority to act as a middleman. Decentralized finance (DeFi), based on decentralization, facilitates peer-to-peer financial transactions. Smart contracts are automatically executed agreements or contracts made using blockchain technology, which makes the process of transactions easier. Asset tokenization is a representation of the value of assets as digital tokens. However, blockchain technology also presents challenges in various services, necessitating the need to address them to improve opportunities.

Ugochukwu Godspower Ehirim

The growing popularity of cryptocurrencies across the globe has generated concerns. The phenomenon has challenged existing financial regulatory frameworks prompting countries to consider partial or absolute recognition of the medium as tradable securities, for exchange or settlement of accounts, after the manner of fiat currency, but parallel to it. Fundamentally, the aim of this paper is to ascertain whether cryptocurrencies may lawfully be used, and to what extent in Nigeria. The study engages the doctrinal (conceptual) methodology for legal research which is basically library based, leveraging primary and secondary source materials for the rigorous analysis. With particular focus on the Investment and Securities Act 2025 the paper makes a structured analysis and review of relevant regulations on securities and currencies in Nigeria to determine: i). whether all manifestations of cryptocurrencies were within the contemplation of statute, and ii). the effect of the new law on the legality or otherwise of virtual assets in Nigeria. The result reveals at first, that the debate on legal assessment of cryptocurrencies persists and issues are still not fully resolved; second, the status and nature of digital currency presents it as a specie of electronic promissory note capable of creating legal obligations and values enforceable by judicial process if properly harnessed. In concluding, the paper asserts that cryptocurrency could be traded on the stock market and licensed bureau de change platforms like other foreign currencies with the right statutory atmosphere and such trades would enrich Nigeria’s tax economy as it is the case with Canada.

Nirdosh Bhatnagar

Tangle is a relatively recent distributed ledger technology (DLT), which is specially designed for IoT (Internet of Things) applications. The blockchain technology which is used for the Bitcoin cryptocurrency, relies upon the concept of rewarding the mining node whose newly created block is appended to the chain of blocks. This concept is not feasible in the realm of IoT technology. This is true because: If the Bitcoin blockchain technology is used, then the required transaction fees may turn out to be higher than the value of the IoT transaction itself. IoT networks require higher transaction processing rate than cryptocurrencies. Recall from the chapter on blockchain-throughput of this Volume (Volume 2: Engineering Principles), that the blockchains which support Bitcoin-like applications have a very low transaction processing rate. Further, nodes in the IoT network may or may not have high computational power.

Ahmad Yani, Septiana Sihombing, Yogi Cahyo Ginanjar

Bitcoin has emerged as a prominent digital asset that blends financial innovation, technological advancement, and speculative behavior. However, its growing adoption raises sustainability concerns due to energy-intensive mining and environmental impacts. This study investigates the determinants of Bitcoin prices within the framework of sustainable digital finance by integrating blockchain fundamentals, technical indicators, and macroeconomic variables. Using daily data from 24 November 2021 to 21 November 2024 (753 observations), the analysis conducted with Stata 16—examines miners’ revenue, hashrate, transactions per block, unique addresses, mining difficulty, and trade volume as internal factors, along with gold prices, WTI crude oil, and the S&P 500 index as external factors. Results show that miners’ revenue, hashrate, and transactions per block have positive and significant effects on Bitcoin prices, emphasizing the importance of mining performance and network activity. Trade volume and unique addresses also display positive but less consistent influences, while mining difficulty remains statistically insignificant. Among external factors, WTI crude oil significantly affects Bitcoin prices. Overall, findings suggest that Bitcoin operates as both a financial asset and a technology-driven ecosystem shaped by blockchain dynamics and macroeconomic conditions. The study highlights the need for sustainable mining practices and transparent regulatory frameworks to enhance environmental efficiency.

Mohd Imtiyaz Gaus Shaikh

This research paper provides a comprehensive examination of cryptocurrency and blockchain technology two of the most transformative innovations of the 21st century. We explore the foundational principles of distributed ledger technology, the diverse taxonomy of cryptocurrencies, consensus mechanisms, smart contracts, and decentralised finance (DeFi). Additionally, this paper investigates the security landscape of the crypto ecosystem, cataloguing major hacking incidents, attack vectors, and mitigation strategies. The paper concludes with an outlook on future developments and regulatory trends.

Vera Larionova, Kirill Shilov, Andrey Zubarev

This study examines the drivers of decentralized finance (DeFi) token returns, focusing on protocol metrics and broader market trends. While previous research has primarily analyzed a limited set of factors, this study incorporates additional indicators, including such groups of metrics as protocol activity indicators, income statement metrics, treasury balances, market efficiency metrics, and valuation multiples. Using weekly data from January 2021 to March 2025 for three major DeFi tokens (COMP, AAVE, CRV), we apply linear regression to test the relationship between token returns and internal protocol metrics. Our findings show that COMP and AAVE exhibit strong associations, mainly with Ether price movements, whereas CRV is also linked to financial metrics such as net treasury and Total Value Locked (TVL). These results suggest that DeFi token returns are shaped both by market-wide conditions and by protocol-specific characteristics, with the relative importance of these factors varying across different token types. This study contributes to the decentralized finance literature in three key ways: (1) we conduct the first comprehensive analysis linking governance token performance to five distinct categories of protocol-specific metrics, (2) we demonstrate significant variation in valuation drivers between different protocol types (lending versus DEX), and (3) we challenge the assumption that DeFi tokens simply track Ether’s price movements. Our results establish that protocol-specific factors must be accounted for in any comprehensive valuation model of DeFi assets.

Putri Anggia, Aisyah Ajeng Putri Riyanto, Muhammad Fathi

The rapid growth of cryptocurrencies is reshaping the global financial landscape, challenging traditional systems of taxation and regulation. This article examines the complex interplay between cryptocurrency anonymity, legal frameworks, and the pursuit of international tax justice. Using normative legal research with a descriptive approach, this article examined the challenges posed by cryptocurrency adoption in taxation policies. The findings revealed that while blockchain technology enhances transparency and decentralisation, the anonymity features of digital assets create risks of tax evasion and illicit financial flows. Addressing these issues requires integrated efforts among international regulatory frameworks, such as the OECD's CARF and FATF's Travel Rule alongside domestic reforms like Indonesia's HPP Law and the EU's DAC8. Inclusive governance that empowers developing countries and the constitutional grounding of tax justice principles are essential to strike a balance between individual privacy and collective fiscal responsibility. This multi-layered approach is critical to ensuring cryptocurrencies serve as instruments of innovation rather than tools for inequality. Future research should focus on empirical assessments of compliance costs, enforcement effectiveness across borders, and the development of privacy-preserving technologies, such as zero-knowledge proofs, to enable proportional and fair regulation globally.