Legislation for cryptocurrencies with a review of US laws

Technological phenomena, despite creating ease in human life, contain challenges from economic and social dimensions. Therefore, exploring the challenges and finding ways to reduce their potential and real risks has always been one of the fundamental questions of mankind. A clear example of Technological phenomena is virtual currency, which, along with all the advantages and positive functions, is a platform for transformation and innovation in committing some crimes, including money laundering. As a result, the adoption of effective laws to prevent money laundering and other crimes through digital currencies is of particular importance because the criminal environment is rapidly growing beyond geographical borders. One of the important problems for the regulation of digital currencies is that their nature is non-physical. The intangible aspect of virtual currencies creates a huge challenge for the judiciary. In this article, we will first give a brief description of the nature of cryptocurrencies and how they operate in cyberspace, then we will mention the reasons for the difficulty of legislation in this area, and finally, we study the laws related to digital currencies in the United States as a leading country in the field of digital currencies.

Keywords:

Cryptocurrency , Blockchain , Virtual currency , Cryptocurrency law , US cryptocurrency regulations