Exploring the Regulation of Cryptocurrencies in China–Global Regulation Based on Cryptocurrency Decentralization

Abstract

The purpose of this study is to explore and study the establishment and improvement of China’s cryptocurrency anti-money laundering regulatory system by analyzing and summarizing the regulatory methods and policies of various countries for cryptocurrency and drawing on international advanced practices and mature experience, so as to reduce the implied financial risks and protect China’s financial security to the maximum extent. There are three main research objectives of this study: 1) To enhance the systemization of China’s regulatory approach to cryptocurrencies. 2) Enable China’s cryptocurrency regulatory system to effectively reduce the risks of money laundering and terrorist financing. 3) Improve the efficiency of China’s cryptocurrency regulatory system.

This study adopts qualitative research method, through comparative research and analysis and induction analysis. Social interest theory is adopted as the theoretical support to solve the problem from the aspects of natural monopoly, external effects and incomplete information. In this process, a large number of literatures and economic laws are summarized. It is found that the following improvements should be implemented to achieve the research objectives: 1) Establish industry standards to reduce potential risks from the source. 2) Clarify the application of laws and bring cryptocurrencies into the scope of anti-money laundering regulation. 3) Strengthen international cooperation to prevent and combat cryptocurrency money laundering and 4) improve technology and develop regulatory technical support that matches cryptocurrency trading.

Keywords: cryptographic, digital currency, blockchain

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Master of Business Administration (International Program), Siam University, Bangkok, Thailand