Purpose

This paper aims to situate virtual currencies (VCs) in a landscape of regulatory questions that help orient the direction and purpose of a possible legal approach, vis-à-vis this relatively recent technological and financial phenomenon.

Design/methodology/approach

The triangulation of historical overview and comparative examination of regulatory interventions allows to situate VCs in relation to a range of regulatory topics: from monetary policy, to fundraising and money laundering. First, the paper charts the emergence of VCs in time, and situates this innovation on a continuum with historically observed forms of private money. Second, it provides an overview of different regulatory approaches that can be observed on a comparative landscape.

Findings

At present, several features of VC schemes (particularly their deflationary character and fixed supply) prevent them from working as private money, competitive with sovereign currency. Instead, three specific kinds of uses – as security tokens, utility tokens and currency tokens – offer a more realistic picture of the risks and potentials associated with different forms of use.

Originality/value

The paper puts forth an integrated framework for devising a more sensitive regulatory approach towards VCs.

中文翻译：

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比较视角下的虚拟货币监管：新的私人货币还是利基技术创新？

目的

本文旨在将虚拟货币 (VC) 置于监管问题的格局中，以帮助确定可能的法律方法的方向和目的，以应对这种相对较新的技术和金融现象。

设计/方法/方法

对监管干预的历史概述和比较检查的三角测量允许将风险投资与一系列监管主题相关联：从货币政策到筹款和洗钱。首先，本文及时描绘了风投的出现，并将这一创新与历史上观察到的私人货币形式置于一个连续统一体上。其次，它概述了可以在比较环境中观察到的不同监管方法。

发现

目前，风险投资计划的几个特点（特别是它们的通货紧缩特性和固定供应）阻止它们作为私人货币运作，与主权货币竞争。相反，三种特定的用途——作为证券代币、实用代币和货币代币——提供了与不同使用形式相关的风险和潜力的更真实的画面。

原创性/价值

该文件提出了一个综合框架，以针对风险投资制定更敏感的监管方法。