The Virtual Currency Gold Rush and the Regulatory Wild West

Since my departure from the world of full-time academia, I have dedicated noticeably less time to writing new content for this site – however, not for want of subject matter. In the course of my recent work on AML (Anti-Money Laundering) and CFT (Countering the Financing of Terrorism) I have been deeply engaged with an old favourite topic of mine – digital payment methods. Specifically, both e-money and virtual currencies have cropped up on numerous occasions as innovative, though oft ill-understood, developments, which are raising a number of issues for AML/CFT and regulation more broadly. In this post, I will attempt to give a quick overview of virtual currencies from a prospective regulatory angle, focusing on the importance of clear and logical definitions (where possible), but leaving any more technical analysis of individual virtual currencies or underlying blockchain or distributed ledger technologies to another day. Continue reading The Virtual Currency Gold Rush and the Regulatory Wild West