Document Type : Original Article
Authors
1 L.L.M., Faculty of Judicial Law, University of Judicial Sciences & Administrative Services, Tehran, Iran Corresponding Author Email: seyed.a.r.h.3774@gmail.com
2 Assistant Professor, Faculty of Judicial Law, University of Judicial Sciences & Administrative Services, Tehran, Iran.
Abstract
The emergence and rapid 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 increasing advancement of the FinTech requires continuous amendments in regulations and procedures; however 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 in some legal systems, cryptocurrency exchanges, so-called "Decentralized Regulatory" have been established, while simultaneously maintaining their authority over cryptocurrency exchanges and along with it, providing authority to govern them. The present article, using a descriptive-analytical method and a comparative approach using library sources and the internet, examines the legal aspects of decentralized regulatory methods in the mentioned legal systems and has generally concluded that the European and American legal systems, respectively, by implementing the "DLT Pilot Regime" and "SROs" have taken great steps. The Iranian legislator has also more or less realized the necessity of using these quasi-legal institutions in recent years and is seeking to implement both the Pilot Regime and Self-Regulatory, 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 the Iranian legal system.
Keywords
Books
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Articles
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http://doi.org/10.22133/MTLJ.2022.366647.1131 (in Persian)
Online Sources
- Digital Currency Website, "Electronic Commerce Development Organization Confirmed; Granting E-Namad to Exchanges is the First Self-Regulatory Experience in the Country", Available at: arzdigital.com/teta-enamad-crypto-exchanges/ (Last visited 2024/12/31) (in Persian)
Legislative Instruments
- Central Bank Policy and Regulatory Framework in the Field of Cryptocurrencies (Approved 2024, by the Central Bank of the Islamic Republic of Iran). (in Persian)
- Cryptocurrency System, Including the Creation of a National Cryptocurrency and the Organization of the Use of Universal Cryptocurrencies (Approved 2024, by the Supreme Council of Cyberspace). (in Persian)
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