Kripto valuta: pravni vidiki revolucionarne tehnologije EU in Nizozemske

Predstavitev

Svetovna rast in vse večja priljubljenost kripto valute sta povzročila vprašanja o regulativnih vidikih tega novega finančnega pojava. Navidezne valute so izključno digitalne in organizirane prek omrežja, imenovanega blockchain, ki je spletna knjiga, ki vodi varen zapis vsake transakcije na enem mestu. Nihče ne nadzoruje blockchain, ker so te verige decentralizirane v vsakem računalniku, ki ima Bitcoin denarnico. To pomeni, da nobena institucija ne nadzoruje omrežja, kar seveda pomeni obstoj številnih finančnih in pravnih tveganj.

Blockchain startups have embraced Initial Coin Offerings (ICOs) as a way to raise early capital. An ICO is an offering whereby a company can sell digital tokens to the public in order to fund operations and meet other business objectives.[1] Also ICOs are not governed by specific regulations or government agencies. This lack of regulation has raised concern about the potential risks investors run. As a result, volatility has become a concern. Unfortunately, if an investor loses funds during this process, they have no standardized course of action to recover the lost money.

Kripto valuta - pravni vidiki revolucionarne tehnologije v EU in Nizozemski

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Navidezne valute na evropski ravni

Tveganja, povezana z uporabo navidezne valute, povečujejo potrebo Evropske unije in njenih institucij za uravnavanje. Vendar je ureditev na ravni Evropske unije precej kompleksna zaradi spreminjajočih se regulativnih okvirov EU in regulativnih neskladnosti v državah članicah.

Za zdaj virtualne valute niso urejene na ravni EU in jih noben javni organ EU ne nadzoruje ali nadzira, čeprav sodelovanje v teh shemah uporabnike izpostavlja kreditnim, likvidnostnim, operativnim in pravnim tveganjem. To pomeni, da morajo nacionalni organi razmisliti, ali nameravajo priznati ali formalizirati in urediti kripto valute.

Navidezne valute na Nizozemskem

According to the Dutch Financial Supervision Act (FSA) electronic money represents a monetary value that is stored electronically or magnetically. This monetary value is intended to be used to perform payment transactions and can be used to make payments to other parties than the one that issued the electronic money.[2] Virtual currencies cannot be defined as electronic money, because not all legal criteria are met. If cryptocurrency cannot be legally defined as money or electronic money, as what can it be defined? In the context of the Dutch Financial Supervision Act cryptocurrency is just a medium of exchange. Everyone has the freedom to engage in barter trade, therefore permission in the form of a license is not required. The Minister of Finance indicated that the revision of the formal legal definition of electronic money is not yet desirable, given the bitcoin’s limited scope, relatively low level of acceptance, and limited relationship to the real economy. He emphasized that the consumer is solely responsible for their use.[3]

According to the Dutch District Court (Overijssel) and the Dutch Minister of Finance a virtual currency, such as Bitcoin, has the status of a medium of exchange.[4] In appeal the Dutch Court considered that bitcoins can be qualified as sold objects as referred to in article 7:36 DCC. The Dutch Court of Appeal also stated that bitcoins cannot be qualified as legal tender but only as a medium of exchange. In contrast, the European Court of Justice ruled that bitcoins should be treated as a means of payment, indirectly suggesting bitcoins are similar to legal tender.[5]

zaključek

Zaradi zapletenosti, ki vključuje ureditev kripto valut, lahko sklepamo, da bo moralo Sodišče EU sodelovati pri razjasnitvi terminologije. V primeru držav članic, ki so se odločile, da bodo terminologijo prilagodile drugače od zakonodaje EU, se lahko pojavijo težave v zvezi z razlago v skladu z zakonodajo EU. S tega vidika je treba državam članicam priporočiti, naj upoštevajo terminologijo zakonodaje EU, medtem ko izvajajo zakonodajo v nacionalno zakonodajo.

Celotna različica tega belega papirja je na voljo na tej povezavi.

Kontakt

Če imate vprašanja in komentarje po branju tega članka, vas prosimo, da se obrnete na mr. Maxim Hodak, odvetnik pri Law & More via maxim.hodak@lawandmore.nl, or mr. Tom Meevis, attorney-at-law at Law & More prek tom.meevis@lawandmore.nl ali pokličite na +31 (0) 40-3690680.

[1] C. Bovaird, ICO vs. IPO: What’s the Difference?, Bitcoin Market Journal september 2017.

[2] The Financial Supervision Act, section 1:1

[3] Ministerie van Financiën, Beantwoording van camervragen over het gebruik van en toezicht op nieuwe digitale betaalmiddelen zoals de bitcoin, december 2013.

[4] ECLI:NL:RBOVE:2014:2667.

[5] ECLI:EU:C:2015:718.

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