Implementeringen af EU's 5. hvidvaskdirektiv: Med fokus på virtuelle valutaer

Jónas Rudolfsson Castro

Student thesis: Master thesis

Abstract

In the start of 2018 almost about everybody had heard about explosive rise of cryptocurrency. These new digital coins that had made a lot of people millionaires almost over night, would be the start of a new era where international payment would become cheaper and more simple: be your own bank! was the new saying. Although the rise of value only lasted a couple of months until the price of these cryptocurrencies was back to where it was a year earlier, cryptocurrency had received such media attention, that the discussions of its utility and future have been ongoing ever since. Opinions were divided, some argued that it would solve a lot of problems with the current rigid solutions, while other pointed to its criminal history. There is no doubt that cryptocurrency has been and still is being used for criminal purposes, e.g. money launder and other criminal services. This is why recent development of regulation in most countries has been restrictive with the purpose to reduce the risk of money launder with virtual assets. EU’s fifth money laundering directive, AMLD 5, is an example hereof. The purpose of this thesis is to examine whether Denmark’s implementation of AMLD 5 has any effect on the risk of money launder with virtual currencies. Firstly the specifics of the contents in the new regulation regarding virtual currency exchanges and storing is inspected with the
view to complete a legal analysis on the matter. Afterwards the incentives and economical implications of virtual currency and the new regulation is reviewed and compared with externality theory. Lastly, the thesis discusses whether the restrictive regulation on virtual currency exchanges and custodian wallet providers is as effective as intended.

EducationsMSc in Commercial Law, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2020
Number of pages85