In search of legal regulation of cryptocurrencies

To date, there are no international or national legal norms regulating cryptocurrencies. However, every day measures are taken regarding the legal regulation of cryptocurrencies and the need for such regulation. The lack of regulatory rules for cryptocurrencies allows them to continue to exist autonomously, and people to perceive them as autonomous structures not regulated by law. However, this situation is temporary, as international organizations and relevant bodies in many countries continue to push for legal regulation of these structures. This is due to the fact that countries will inevitably have to prosecute crimes committed using cryptocurrencies. The lack of legal regulation may lead to impunity for criminals who commit crimes using cryptocurrencies. This situation undermines both state sovereignty and the right of victims to seek justice. It also encourages potential future criminals.
The lack of legal regulation of cryptocurrencies also jeopardizes their continued existence. Widespread acceptance of these systems seems to depend on them achieving a more stable structure and freedom from the current legal uncertainties. For these reasons, a number of international organizations and countries have tried to legislate for cryptocurrencies.

OECD (Organization for Economic Cooperation and Development)

In 2014, the Organization for Economic Cooperation and Development prepared a study titled "The Bitcoin Problem. Insecure Data Technology vs. Currencies", the OECD investigated the problem of cryptocurrencies on the example of bitcoin.
The report explains how cryptocurrencies work using bitcoin as an example, arguing that cryptocurrencies can never become an alternative legitimate payment instrument. This is because people have to pay taxes, and this can only be achieved through a legal tender, which is a legal tender accepted by a central bank or similar institution controlled by the government.
The report also includes the threats that cryptocurrencies can pose in terms of consumer protection. These threats include market volatility, instability, fraud, the emergence of other alternative cryptocurrencies and legal regulation.
The report notes that tax evasion and money laundering issues are more important in cryptocurrency systems, and therefore recommends that legal provisions addressing these two issues include support for technologies that increase competition between payment systems; measures to prevent anonymity in cases of money transfers and compliance with minimum consumer protection requirements.

IMF (International Monetary Fund)

The International Monetary Fund in its report "Virtual Currencies and Beyond. A Preliminary Assessment," the IMF conducted a comprehensive assessment of virtual currencies, including cryptocurrencies.
The report outlined the following principles regarding legal arrangements.
- Regulations should minimize risk and not impede technological innovation.
- Regulation should be flexible and adaptable to changes in virtual currencies.
- The regulator must take into account new business models specific to virtual currencies.
- Regulation should cover not only criminal conduct (money laundering, fraud, etc.), but also ensure that intermediaries of virtual currencies are in good financial standing.
- Regulation should also include integration of virtual currencies with the traditional financial system.