Wutah ing saindenging jagad lan popularitas cryptocurrency nyebabake pitakon babagan aspek peraturan fenomena finansial anyar iki. Mata uang virtual kalebu digital lan dikelola liwat jaringan sing dikenal minangka blockchain, yaiku sawijining ledger online sing nyimpen rekaman saben transaksi kabeh ing sak panggonan. Ora ana sing ngontrol blokchain, amarga ranté kasebut disesuaikan ing kabeh komputer sing duwe dompet Bitcoin. Iki tegese ora ana lembaga sing ngontrol jaringan, sing alami mbebayani kanthi akeh risiko finansial lan hukum.
Blockchain startups have embraced Initial Coin Offerings (ICOs) as a way to raise early capital. An ICO is an offering whereby a company can sell digital tokens to the public in order to fund operations and meet other business objectives. Also ICOs are not governed by specific regulations or government agencies. This lack of regulation has raised concern about the potential risks investors run. As a result, volatility has become a concern. Unfortunately, if an investor loses funds during this process, they have no standardized course of action to recover the lost money.
Mata uang Virtual ing Tingkat Eropa
Résiko sing ana hubungane karo nggunakake mata uang virtual nambah kabutuhan Uni Eropa lan lembaga kanggo ngatur. Nanging, angger-angger ing tingkat Uni Eropa cukup kompleks, amarga kerangka perubahan peraturan EU lan ora konsistensi peraturan ing kabeh negara anggota.
Saiki, mata uang virtual ora diatur ing tingkat EU lan ora diawasi utawa diawasi dening panguwasa umum Uni Eropa, sanajan partisipasi ing skema kasebut ngerteni pangguna kanggo kredit, likuiditas, operasional lan risiko sah. Iki tegese panguwasa nasional kudu nimbang apa padha nganggep utawa ngormati lan ngatur cryptocurrency.
Mata uang Virtual ing Walanda
According to the Dutch Financial Supervision Act (FSA) electronic money represents a monetary value that is stored electronically or magnetically. This monetary value is intended to be used to perform payment transactions and can be used to make payments to other parties than the one that issued the electronic money. Virtual currencies cannot be defined as electronic money, because not all legal criteria are met. If cryptocurrency cannot be legally defined as money or electronic money, as what can it be defined? In the context of the Dutch Financial Supervision Act cryptocurrency is just a medium of exchange. Everyone has the freedom to engage in barter trade, therefore permission in the form of a license is not required. The Minister of Finance indicated that the revision of the formal legal definition of electronic money is not yet desirable, given the bitcoin’s limited scope, relatively low level of acceptance, and limited relationship to the real economy. He emphasized that the consumer is solely responsible for their use.
According to the Dutch District Court (Overijssel) and the Dutch Minister of Finance a virtual currency, such as Bitcoin, has the status of a medium of exchange. In appeal the Dutch Court considered that bitcoins can be qualified as sold objects as referred to in article 7:36 DCC. The Dutch Court of Appeal also stated that bitcoins cannot be qualified as legal tender but only as a medium of exchange. In contrast, the European Court of Justice ruled that bitcoins should be treated as a means of payment, indirectly suggesting bitcoins are similar to legal tender.
Amarga kerumitan sing nglibatake aturan cryptocurrencies, bisa dianggep manawa Pengadilan Kehakiman UE kudu melu klarifikasi terminologi. Ing negara-negara Anggota sing wis milih adaptasi terminologi beda saka ukum EU, kasusahan bisa uga ana hubungane karo interpretasi selaras karo ukum EU. Saka sudut pandang kasebut, perlu menehi saran menyang Negara Anggota supaya padha ngetutake terminologi aturan EU nalika ngetrapake aturan ing hukum nasional.
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 C. Bovaird, ICO vs. IPO: What’s the Difference?, Bitcoin Market Journal september 2017.
 The Financial Supervision Act, section 1:1
 Ministerie van Financiën, Beantwoording van kamervragen liwat het gebruik van en toezicht op nieuwe digitalale betaalmiddelen zoals de bitcoin, desember 2013.