Cryptocurrency Crimes – Need for a Comprehensive Global Crypto Regulation
The work suggests that there is need for private-public co-operation for bringing an effective regulation on Cryptocurrency transaction and opined that there needs for a comprehensive global Crypto regulations for controlling the Cryptocurrencies crimes.
Abstract
Cryptocurrencies offer new and unprecedented challenges to sovereign states’ ability to regulate and enforce laws governing its monetary policy, security, and trade. However, for the technology involved in Cryptocurrency's border-less transaction, there appears a need for the international community’s endeavor to develop policies to increase sovereign states’ control on the use of cryptocurrency. In the context as set above, the article gives a glance on the global law enforcement action on the Cryptocurrency crimes. The rationale for Cryptocurrency regulation from perspective of monetary policy of State, crimes such as Money Laundering, terrorist financing and tax evasion and Consumer Protection laws is also taken up for study in the present work. The work suggests that there is need for private-public co-operation for bringing an effective regulation on Cryptocurrency transaction. In conclusion, it is opined that there is need for a comprehensive global Crypto regulations for controlling the Cryptocurrency crimes.