ABSTRACT
This chapter considers four approaches to the legal regulation of crypto-assets. The first is a ban (which may be total or partial). The second are regulatory sandboxes, innovation hubs and public-private partnerships (important for financing capital-intensive investments). The third is the regulation of cryptocurrencies (virtual currencies) within the framework of existing legal regulations, mainly in the anti-money laundering and anti-terrorist financing regulations and tax regulations. The fourth approach, which is the most important, are new legal acts dedicated to blockchain technology, whereby these regulations may apply only to virtual currencies (cryptocurrencies) or to the issue more broadly, i.e., regarding cryptocurrencies (virtual currencies) and crypto-assets. The chapter looks at the existing legal regimes for cryptocurrencies and crypto-assets in the European Union, in US state and federal law, and in selected countries around the world (in the context of financing long-term and capital-intensive investments using DLT).
