Build a Comparative Guide

1.1

In broad terms, which legislative and regulatory provisions govern virtual currencies in your jurisdiction?

1.2

In broad terms, which legislative and regulatory provisions govern entities that provide services relating to virtual currencies? Must they be registered or licensed by a regulatory authority?

1.3

Which bodies are responsible for enforcing the applicable laws and regulations? What powers do they have?

1.4

What is the regulators’ general approach to virtual currencies?

1.5

Has there been any notable enforcement action relating to virtual currencies?

2.1

How are ‘virtual currencies’ defined in your jurisdiction? Have there been any judicial decisions which have helped to define virtual currencies or their interplay with the existing body of laws (eg, contracts law, property law)?

2.2

How are ‘initial coin offerings’ and ‘security token offerings’ defined in your jurisdiction?

2.3

Are stablecoins treated as virtual currencies in your jurisdiction or do they fall under an existing category (eg, electronic money)?

3.1

Which virtual currencies have become most embedded in your jurisdiction? Does this vary depending on the specific use?

3.2

What different products and services are offered?

3.3

How are virtual currency service providers generally structured? How are they generally financed?

3.4

Are virtual currency trading platforms subject to a specific regulatory regime in your jurisdiction? Must they be registered or licensed by a regulatory authority? Does this vary depending on whether the platform accepts legal currency or whether the platform is custodial? Are virtual currency trading platforms subject to any form of ‘market abuse’ regulation?

4.1

How are virtual currencies positioned within the broader banking landscape in your jurisdiction?

4.2

What impact could mainstream adoption of virtual currencies have on the ability to control inflation in your jurisdiction?

4.3

What other implications could the mainstream adoption of virtual currencies have for the banking system in your jurisdiction (eg, with respect to payment services)?

4.4

Regarding decentralised finance, do the banking regulations in your jurisdiction apply to loans of virtual currencies or interest-bearing deposits of virtual currencies? Does this vary depending on whether stablecoins are loaned or deposited?

5.1

Is blockchain technology in itself regulated in your jurisdiction and what specific legal issues are associated with its use?

5.2

What other implications could the mainstream adoption of virtual currencies have from a technological perspective?

6.1

What is the applicable data protection regime in your jurisdiction and what specific implications does this have for virtual currencies?

6.2

What is the applicable cybersecurity regime in your jurisdiction and what specific implications does this have for virtual currencies?

7.1

What provisions govern money laundering and other forms of financial crime in your jurisdiction and what specific implications do these have for virtual currencies?

8.1

What consumer protection provisions apply to virtual currencies in your jurisdiction?

8.2

What other implications could the mainstream adoption of virtual currencies have from a consumer perspective?

9.1

Do virtual currencies present any specific challenges or concerns from a competition perspective?

10.1

How are transactions in virtual currencies treated from a tax perspective in your jurisdiction?

11.1

How would you describe the current landscape and prevailing trends in your jurisdiction as regards virtual currencies? Are any new developments anticipated in the next 12 months, including any proposed legislative reforms?

12.1

What are your top tips for virtual currency providers seeking to enter your jurisdiction and what potential sticking points would you highlight?