The Regulation of Virtual and Crypto Currencies: A Global Overview

Virtual commerce is one of the top emerging industries. Within this rising commercial environment, virtual and cryptocurrencies create new opportunities when it comes to payment transactions. These currencies facilitate user anonymity, wide transferability and high independence. By simplifying transactions and by preventing users to enter personal payment details, end users can be motivated to use virtual money. Hence, the introduction of a virtual currency for virtual goods could generate additional revenue. The possibility to earn extra virtual currency could also lock in users. Moreover, virtual currencies could be an important tool within the app market and advertising industry when designing strategies to reap benefits of the virtual goods market.2 There is quite a lot of confusion however, as to what the exact regulatory framework of crypto currencies is. This legal brief aims to guide start-ups through the complex regulatory environment governing payment transactions. It will take a look at the current and future European legal environment and member state and foreign initiatives. This brief will focus on cryptocurrencies in particular.

The Regulation of Virtual and Crypto Currencies – A Global Overview (updated)

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