The work provides a method for classifying blockchains and crypto-assets, facilitating their comparison for business and regulatory purposes. Blockchains - and more generally systems based on Distributed Ledger Technology (DLT) - adopt different technologic configurations, each distinguished by...

Aufgrund des rasanten Wachstums, das der Markt für Non-fungible Token im Jahr 2021 erfahren hat, ist das Thema deutlich präsenter geworden. Auch Personen, die sich zuvor nicht mit dem Thema Kryptoassets auseinandergesetzt haben, finden Interesse daran. Was genau sich hinter dem Begriff NFT...

Decentralised finance (DeFi) has attracted attention from investors and regulators, as the latest and arguably most innovative development in the crypto area. This article assesses the development of DeFi, its distinctive features, and the risks it raises to ESMA's objectives, with a view to...

This study examines crypto-asset trading, focusing on regulatory violations that lead to enforcement actions and the impact of estate planning after a digital asset holder's death. We review the literature on crypto-asset estate planning and explore lessons from Islamic finance regarding crypto...

This paper provides an overview of recent analytical work1 conducted, under their own aegis, by experts from various European authorities and institutions in the field of crypto-asset monitoring. Currently, risks stemming from crypto-assets and the potential implications for central banking...

Mit der Verordnung über Märkte für Kryptowerte (MiCAR) und der Verordnung über eine Pilotregelung für auf der Distributed-Ledger-Technologie basierende Marktinfrastrukturen (DLT-Pilotregelung) hat die Europäische Union ein unionsweit einheitliches Regime zur Regulierung der Ausgabe von und...

Mit der Markets in crypto assets regulation (MiCAR) reguliert der europäische Gesetzgeber als eine der ersten Legislaturen künftig umfassend Dienstleistungen mit Kryptowerten bzw. Kryptotoken. Eine system- und themenorientierte Gesamtsicht auf die wegweisende neue Verordnung bietet Ihnen jetzt...

Crypto assets' partial money-like use promotes toxic developments in the financial system. Even though crypto assets might be regarded as close substitutes to traditional money, we show that they lack important functions of money. Traditional fiat money requires several interacting institutions...

The European Union is aiming to foster digital transformation in all sectors by 2030. It has pioneered cross-sectoral legislation on artificial intelligence, cloud computing services and crypto-assets for this purpose. Yet compared with the work done on ESG, the prospective banking regulation...

This paper explores a monetary experiment, the adoption of Bitcoin as legal tender in El Salvador in 2021, to analyze the impact of digital currencies on international capital flows. Using a difference-in-differences approach, we find that, instead of making transfers easier, El Salvador's...

We investigate the motivations behind non-fungible token (NFT) ownership. Utilizing survey data from NFT owners, we identify four distinct groups based on their primary motivations: (1) Utilizers, who emphasize functional uses; (2) Socializers, motivated by community and networking; (3)...

The European Union is aiming to foster digital transformation in all sectors by 2030. It has pioneered cross-sectoral legislation on artificial intelligence, cloud computing services and crypto-assets for this purpose. Yet compared with the work done on ESG, the prospective banking regulation...

Crypto assets' partial money-like use promotes toxic developments in the financial system. Even though crypto assets might be regarded as close substitutes to traditional money, we show that they lack important functions of money. Traditional fiat money requires several interacting institutions...

This paper explores a monetary experiment, the adoption of Bitcoin as legal tender in El Salvador in 2021, to analyze the impact of digital currencies on international capital flows. Using a difference-in-differences approach, we find that, instead of making transfers easier, El Salvador's...

Purpose The new technology-enabled means to transfer funds or value via crypto assets have prompted regulators and supervisors to question the effectiveness of the anti-money laundering (AML) regulatory framework. This paper aims to examine the recent developments of the EU AML legislation –...

After the initial surge in decentralized finance, widespread public adoption did not materialize. A predominant portion of the populace harbors distrust towards the crypto asset market. Conversely, banks, serving as intermediaries in financial management, enjoy heightened trust. The contemporary...

We propose a high-frequency rebalancing algorithm (HFRA) and compare its performance with periodic rebalancing (PR) and threshold rebalancing (TR) strategies. PR refers to the process of adjusting the relative weight of assets within portfolios at regular time intervals, whereas TR is a process...

"In From Hoodies to Suits: Innovating Digital Assets from Traditional Finance, digital assets expert Annelise Osborne bridges the gap between the "hoodies" and the "suits" to shift the focus from money and payments to investments and regulations. A finance executive with more than two decades of...

Fortführung der Werke "Jahrbuch 2020/2021 der Kryptowerte" und "Jahrbuch 2022 der Kryptowerte". Die Digitalisierung des Finanzsektors wächst, genauso wie die Anzahl an regulatorischen Vorgaben, die es umzusetzen gilt. Dabei nimmt die sog. Distributed Ledger Technologie (DLT) weiterhin die...

This report provides an update on the work to implement the recently agreed OECD/G20 Crypto-Asset Reporting Framework (CARF), which extends the automatic exchange of information for tax purposes to the crypto-asset sector. The G20 asked the Global Forum on Transparency and the Exchange of...

We quantify the extent of crypto tax noncompliance and evasion, and assess the efficacy of alternative tax enforcement interventions. The context of the study is Norway. This context allows us to address key measurement challenges by combining de-anonymized crypto trading data with individual...

"This timely Companion offers keen insights into the challenges of valuing digital versus traditional assets, exploring how behavioral and social traits, states and actions can cause biased perspectives in over- or underestimating the value of digital assets. It provides an objective, scientific...

Web3 is a new frontier of internet architecture emphasizing decentralization and user control. This text for MBA students and industry professionals explores key Web3 concepts, starting from foundational principles and moving to advanced topics like blockchain, smart contracts, tokenomics, and...

Die Arbeit behandelt insolvenzrechtliche Fragestellungen im Zusammenhang mit der Verwertung von Non-Fungible Tokens (NFTs). NFTs sind einzigartige, nicht austauschbare Token, welche auf Blockchains wie Ethereum oder Solana aufgesetzt sind. Sie können entweder intrinsische Token ohne Inhalt sein...