Kripto valuta: pravni aspekti revolucionarne tehnologije u EU i Holandiji

Uvod

Rast širom svijeta i sve veća popularnost kripto valute doveli su do pitanja o regulatornim aspektima ove nove financijske pojave. Virtualne valute su isključivo digitalne i organizirane putem mreže poznate kao blockchain, koja je internetska knjiga koja čuva siguran zapis svake transakcije na jednom mjestu. Nitko ne kontrolira blockchain, jer su ti lanci decentralizirani na svakom računaru koji ima Bitcoin novčanik. To znači da nijedna pojedina institucija ne kontrolira mrežu, što naravno podrazumijeva postojanje mnogih finansijskih i pravnih rizika.

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 aspekti revolucionarne tehnologije u EU i Holandiji

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Virtualne valute na evropskom nivou

Rizici povezani s korištenjem virtualne valute povećavaju potrebu Europske unije i njenih institucija za regulacijom. Međutim, regulacija na razini Europske unije prilično je složena, zbog promjenjivih regulatornih okvira EU-a i regulatornih nedosljednosti u državama članicama.

Zasad virtualne valute nisu regulirane na razini EU-a i nije nadležno pod nadzorom niti nadziranje nijednog javnog tijela EU-a, iako sudjelovanje u tim shemama izlaže korisnike kreditnom, likvidnom, operativnom i pravnom riziku. To znači da nacionalne vlasti trebaju razmotriti žele li priznati ili formalizirati i regulirati kripto valutu.

Virtualne valute u Holandiji

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]

zaključak

Zbog složenosti koja uključuje regulaciju kripto valuta, može se pretpostaviti da će Sud pravde EU morati biti uključen u pojašnjenje terminologije. U slučaju država članica koje su odlučile terminologiju prilagoditi drugačije od zakonodavstva EU-a, mogu se pojaviti poteškoće u vezi s tumačenjem u skladu s zakonodavstvom EU-a. Iz ove perspektive, državama članicama je potrebno preporučiti da se pridržavaju terminologije zakonodavstva EU-a, dok primjenjuju zakonodavstvo u nacionalni zakon.

Kompletna verzija ovog bijelog papira dostupna je na ovom linku.

kontakt

Ako imate pitanja ili komentara nakon čitanja ovog članka, slobodno se obratite mr. Maxim Hodak, advokat pri Law & More via maxim.hodak@lawandmore.nl, or mr. Tom Meevis, attorney-at-law at Law & More putem tom.meevis@lawandmore.nl ili nazovite +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 Financiranje, pošalji kameru preko e-maila za naplatu bitcoin-a, bitnih za bitcoin, decembar 2013.

[4] ECLI:NL:RBOVE:2014:2667.

[5] ECLI:EU:C:2015:718.

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