Crypto Normalisation

Updated: Oct 9, 2021

Looking Back, Looking Forward, Episode 8, 2021 Series

By Professor Douglas Arner (October 2021)


In this episode, Douglas Arner, Kerry Holdings Professor in Law at the University of Hong Kong and coordinator of the world's largest FinTech online course on edX MOOC platform, discusses how regulatory and FinTech issues have diverged, particularly in the case of crypto normalisation: cryptocurrencies and digital assets' integration into the regulated financial system.


Rather, regulators in the US, UK and, most recently in China, have issued warnings about crypto and digital asset exchanges operating in their respective systems. Bitcoin’s headway, which prompted rising competitors such as Dogecoin and other crypto assets to emerge, had created concern for regulators to protect consumers and prevent potential market collapse.


Professor Arner also describes China’s push to drive cryptocurrencies out of the Chinese financial system, in preparation for the country’s Central Bank Digital Currency scheduled for next year, causing financial systems around the world to re-evaluate their regulatory policies.


 

Further readings:


The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain by Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law), and Douglas W. Arner (The University of Hong Kong - Faculty of Law) :: SSRN


The ICO Gold Rush: It's a Scam, It's a Bubble, It's a Super Challenge for Regulators by Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law), Douglas W. Arner (The University of Hong Kong - Faculty of Law), and Linus Föhr (Research Assistant @ ADA Chair in Financial Law (inclusive finance) :: SSRN


Decentralized Finance (DeFi) by Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law), and Douglas W. Arner (The University of Hong Kong - Faculty of Law) :: SSRN


Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses by Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law), and Douglas W. Arner (The University of Hong Kong - Faculty of Law) :: SSRN


After Libra, Digital Yuan and COVID-19: Central Bank Digital Currencies and the New World of Money and Payment Systems by Anton N. Didenko (University of New South Wales (UNSW) - Faculty of Law), Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Douglas W. Arner (The University of Hong Kong - Faculty of Law), and Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law) :: SSRN


The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy by Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Filippo Annunziata (Bocconi University - Department of Law; European Banking Institute; Bocconi University - Baffi Carefin Centre), Douglas W. Arner (The University of Hong Kong - Faculty of Law), and Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law) :: SSRN

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