iflr has partnered with leaders in the criminal and cryptocurrency areas to discover the prison and regulatory implications of the developing reputation of virtual currencies from south korea to ghana
our authors from kim & chang talk the importance of multilateral cooperation to harmonise rules inside the digital asset marketplace. that is particularly critical due to the fact cryptocurrencies and virtual assets, as well as decentralised autonomous organisations (dao) and decentralised finance (defi) are getting increasingly mainstream.
on the time of writing, south korea’s most effective law on virtual or virtual belongings is the act on reporting and using exact financial transaction data (aml act), yet the scope of that is very slender. as our members write, “we must well known that there will no longer be a one-size-fits-all solution to regulating virtual property. but, we have to continually keep in mind that virtual belongings are pass-border in nature.” this could be a undertaking for regulators on the subject of governing using digital property.
in the meantime, our writers from cq legal analyse the country of cryptocurrency law in ghana, in which the crypto marketplace has visible speedy boom in latest years. there’s no cryptocurrency legislation in ghana right now and the bank of ghana (bathroom) has issued notices mentioning that cryptocurrencies are not recognized as prison gentle in the u . s . a ..
however, as interest in digital currencies grows, and possibly in reputation of the ghanaian economy’s heavy reliance on mobile money transactions the bathroom is piloting its personal important financial institution virtual forex (cbdc), the ecedi.