REGULATING CRYPTOGRAPHIC FINANCIAL INSTRUMENTS FROM INTENT TO EXECUTION
Radu Bores, Ana-Maria BORES · European Journal of Accounting Finance & Business · 2023
Cryptocurrencies are a new class of financial assets that have the potential to disrupt the traditional financial system and provide the premises for a genuinely innovative framework for new economic and financial interactions.The characteristics and technical specifications of these technologies, while the source of innovation, are challenging elements for various regulators.The purpose of this paper is to identify the main regulatory concerns, i.e. what the regulatory intentions are, the philosophy behind them and, to the extent possible, to assess the effects, specifically, whether the intentions align with the manifestations in practice.We consider three of the most significant events with price impact in crypto in the past year and analyze what was the contribution of the crypto legal framework, as well as changes or proposals in the aftermath.