| Abstract [eng] |
In the First chapter of the Master's Thesis there is an explanation of operation of Blockchain technology and its applicability in relationships where cryptographic transactions are performed. In order to better clarify the problematic aspects of cryptocurrency regulation, attention is drawn to the key players of the cryptocurrency market and their role in it. The second chapter of the study analyzes the concept of the cryptocurrency term, distinguishes the types of coins and tokens and explains their differences. Virtual currencies are compared with electronic and fiat money. Also there are overviewed problematic aspects of cryptocurrency qualification such as evaluating whether virtualcurrencies are considered as money or securities. The third chapter analyzes the main problems of the cryptocurrency regulation. This section highlights several key points. First of all, the regulation of existing European Union legislation and the possibility of applying it to cryptocurrency transactions. Attention is also paid to the analysis of the wording of the new Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Regulatory innovations relevant to the cryptographic market were evaluated by analyzing the remaining legal gaps and other problematic aspects. Attention is also drawn to the fact that more and more economic entities are accepting virtual currency as a medium of exchange, which stimulates discussion on the application of Lithuanian legal acts regulating contractual relations to such transactions. Evaluation of existing institutes and their application possibilities to similar contracts. The last chapter reviews taxation of virtual currencies in Lithuania and such countries as the United States of America and Great Britain. |
