Cryptocurrencies and blockchain.pdf

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STUDY
Requested by the TAX3 committee
Cryptocurrencies and
blockchain
Legal context and implications for
financial crime, money laundering
and tax evasion
Policy Department for Economic, Scientific and Quality of Life Policies
Authors: Prof. Dr. Robby HOUBEN, Alexander SNYERS
Directorate-General for Internal Policies
PE 619.024 - July 2018
EN
Cryptocurrencies and
blockchain
Legal context and implications for
financial crime, money laundering
and tax evasion
Abstract
More and more regulators are worrying about criminals who are
increasingly using cryptocurrencies for illegitimate activities like
money laundering, terrorist financing and tax evasion. The
problem is significant: even though the full scale of misuse of
virtual currencies is unknown, its market value has been
reported to exceed EUR 7 billion worldwide. This paper
prepared by Policy Department A elaborates on this
phenomenon from a legal perspective, focusing on the use of
cryptocurrencies for financial crime, money laundering and tax
evasion. It contains policy recommendations for future EU
standards.
This document was requested by the European Parliament's Special Committee on Financial Crimes,
Tax Evasion and Tax Avoidance.
AUTHORS
Prof. Dr. Robby HOUBEN, University of Antwerp, Research Group Business & Law, Belgium.
Alexander SNYERS, University of Antwerp, Research Group Business & Law, Belgium.
ADMINISTRATOR RESPONSIBLE
Dirk VERBEKEN
EDITORIAL ASSISTANT
Janetta CUJKOVA
LINGUISTIC VERSIONS
Original: EN
ABOUT THE EDITOR
Policy departments provide in-house and external expertise to support EP committees and other
parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal
policies.
To contact the Policy Department or to subscribe for updates, please write to:
Policy Department for Economic, Scientific and Quality of Life Policies
European Parliament
B-1047 Brussels
Email:
Poldep-Economy-Science@ep.europa.eu
Manuscript completed in June 2018
© European Union, 2018
This document is available on the internet at:
http://www.europarl.europa.eu/supporting-analyses
DISCLAIMER AND COPYRIGHT
The opinions expressed in this document are the sole responsibility of the authors and do not
necessarily represent the official position of the European Parliament.
Reproduction and translation for non-commercial purposes are authorised, provided the source is
acknowledged and the European Parliament is given prior notice and sent a copy.
© Cover image used under licence from Shutterstock.com
Cryptocurrencies and blockchain
CONTENTS
LIST OF ABBREVIATIONS
LIST OF BOXES
LIST OF FIGURES
LIST OF TABLES
EXECUTIVE SUMMARY
GENERAL INFORMATION
1.1. Background
1.2. Scope of the research
1.3. Overview of policy recommendations for future EU standards
CRYPTOCURRENCIES AND BLOCKCHAIN
2.1. What is blockchain?
2.1.1. Defining blockchain: a technology with many faces
2.1.2. How a blockchain works: the basics
2.1.3. The blockchain consensus mechanisms
2.1.4. Blockchain technology can have many applications
2.2. What are cryptocurrencies?
2.2.1. Introduction
2.2.2. The policy makers: ECB, IMF, BIS, EBA, ESMA, World Bank and FATF
2.2.3. Cryptocurrencies – Tokens – Cryptosecurities
2.2.4. Cryptocurrencies – Blockchain
2.3. Who are the players involved?
2.3.1. Cryptocurrency users
2.3.2. Miners
2.3.3. Cryptocurrency exchanges
2.3.4. Trading platforms
2.3.5. Wallet providers
2.3.6. Coin inventors
2.3.7. Coin offerors
CLASSIFYING CRYPTOCURRENCIES
3.1. Scoping the Crypto-Market
3.2. Bitcoin and beyond: the 10 cryptocurrencies with the highest market capitalisation
3.2.1. Bitcoin (BTC)
3.2.2. Ethereum (ETH)
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PE 619.024
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