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With the rise of digitalization, myriad new technologies are currently revolutionizing most, if not all, markets. One such technology that is receiving particular attention from businesses, private market participants, the financial sector, and governments alike is the blockchain. Despite its increasing popularity, most jurisdictions currently fail to adequately regulate it, meaning that businesses cannot exploit the full potential of blockchain technology and its various applications. This article explains how blockchains function and delineates their associated compliance risks. Here, particular attention will be paid to both decentralized cryptocurrencies and stablecoins. How decentralized cryptocurrencies could potentially be abused for money laundering, terrorism financing, and corruption purposes will be illustrated, and different legislation and international approaches to dealing with blockchain technology and cryptocurrencies will be highlighted. Lastly, the impact of blockchain technology and its implications for actors in the digitalized economy will be discussed. |
