TY - JOUR

T1 - Regulation of Cryptoassets in Mainland China, Hong Kong, Macau and Taiwan

AU - Alekseenko, Aleksandr P.

N1 - Funding Information: * Associate Professor of Saint-Petersburg University (Chair of Commercial Law). Ph.D. in Law (Ural State U.). ORCID: http://orcid.org/0000-0003-0707-8372. The reported study was funded by RFBR, project number 20-011-00454 «Ensuring the rights of investors in the banking and financial sectors in the context of the digitalization of the economy in the Russian Federation and the leading financial centers of East Asia: a comparative legal aspect». The author may be contacted at: alekseenko.a.p@gmail.com/Address: 41 Gogolya st., Vladivistok, 690014, Russia. Publisher Copyright: © 2021, Yijun Institute of International Law. All rights reserved.

PY - 2021/9

Y1 - 2021/9

N2 - The regulation of digital financial assets has been a topic of discussion for many countries over the last decade. China is among the world leaders in the digitalization and blockchain technologies. Under the "one country, two systems," two different approaches to the digital financial assets have been implemented in the PRC. Although the COVID-19 pandemic has stimulated many investors to diversify their investment portfolios to include digital financial assets, the People's Bank of China has not changed its prohibitive position on tokens and cryptocurrencies and even launched a campaign against miners and crypto exchanges. Macau and Taiwan have also prohibited initial coin offerings and the transfer of cryptocurrencies due to the risks of money laundering connected with the citizens of mainland China. Macau, Taiwan, and the Monetary Authority of Hong Kong have implemented less stringent regulations of digital financial assets. Comparative analysis demonstrates that Hong Kong acts as an intermediary for China to the digital financial assets.

AB - The regulation of digital financial assets has been a topic of discussion for many countries over the last decade. China is among the world leaders in the digitalization and blockchain technologies. Under the "one country, two systems," two different approaches to the digital financial assets have been implemented in the PRC. Although the COVID-19 pandemic has stimulated many investors to diversify their investment portfolios to include digital financial assets, the People's Bank of China has not changed its prohibitive position on tokens and cryptocurrencies and even launched a campaign against miners and crypto exchanges. Macau and Taiwan have also prohibited initial coin offerings and the transfer of cryptocurrencies due to the risks of money laundering connected with the citizens of mainland China. Macau, Taiwan, and the Monetary Authority of Hong Kong have implemented less stringent regulations of digital financial assets. Comparative analysis demonstrates that Hong Kong acts as an intermediary for China to the digital financial assets.

KW - Digital Currencies, Bitcoin, Cryptocurrency, Money Laundering, ICO

KW - Bitcoin

KW - Cryptocurrency

KW - Digital currencies

KW - ICO

KW - Money laundering

UR - http://www.scopus.com/inward/record.url?scp=85117061339&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/db277c51-d262-360e-8e09-54472e54f2fe/

UR - http://cwr.yiil.org/home/pdf/archives/2021v7n2/cwr_v7n2_05.pdf

U2 - 10.14330/cwr.2021.7.2.05

DO - 10.14330/cwr.2021.7.2.05

M3 - статья

VL - 7

SP - 353

EP - 372

JO - China and WTO Review

JF - China and WTO Review

SN - 2383-8221

IS - 2

ER -