Document Type : Original Article
Authors
1 L.L.M, Faculty of Law, University of Judicial Sciences & Administrative Services, Tehran, Iran
2 University of Judicial Sciences and Administrative Services, Tehran, Iran
Abstract
The rapid emergence and development of cryptocurrencies have prompted legal systems around the world to regulate these financial institutions through Laws and within the framework of existing regulations or judicial procedures. The speedy advancement of the FinTech requires continuous amendments in regulations and procedures; while no legal system can withstand such a rapid transformation. On the other hand, traditional legislation in the field of cryptocurrency exchanges is a cumbersome challenge for these institutions, which leads them to circumvent regulations. Therefore, gradually some legal systems have aimed to create a modern and flexible supervisory environment for cryptocurrency exchanges, so-called "Decentralized Regulatory", while simultaneously maintaining their authority over cryptocurrency exchanges. The present research, using a descriptive-analytical method and a comparative approach using library and internet, examines the legal aspects of decentralized regulatory methods in the mentioned legal systems and has generally concluded the European and American legal systems, respectively, by implementing the "DLT Pilot Regime" and "SROs" have taken great steps. Our legislator has also moreless realized the necessity of using these quasi-legal institutions in recent years and is seeking to implement both the testing environment and self-regulation, especially in the law governing cryptocurrency exchanges; a matter that is challenging at first, but ultimately possible, and can undoubtedly have a significant impact on the evolution of flexible governance of cryptocurrency exchanges in our country; Iran's legal system.
Keywords
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