CRYPTOCURRENCIES: INTERNATIONAL REGULATION AND

UNIFORMIZATION OF PRACTICES

The internet has changed society as we know it affecting both human

relationships and commerce, giving rise to a number of technologies that
altered how society works. Between these technologies, we can find the
cryptocurrencies.
Cryptocurrencies, such as Bitcoin, rely on the work of the participants
of a network and not in the work of companies. Since everyone has access to a
log of all the transactions that took place in the system, the verification of
payments is made by the participants of the network that are rewarded with
cryptocurrencies. Since this system does not take into account where its
participants are, people became able to make payments all around the world
rapidly and, excepting the internet and electricity, without any costs.
But cryptocurrencies are subject to very specific economic
phenomenon and makes it possible for people to dodge compliance regulations
and makes it almost impossible to identify its users.
With that in mind, this paper aims to briefly present the regulations
regarding cryptocurrencies put forth by some countries, discussing the main
difficulties faced by the regulators when dealing with this disruptive technology
and presenting the main reasons why the uniformization of practices regarding
their use should be discussed internationally.
But cryptocurrencies are subject to very specific economic
phenomenon and makes it possible for people to dodge compliance regulations
and makes it almost impossible to identify its users.
With that in mind, this paper aims to briefly present the regulations
regarding cryptocurrencies put forth by some countries, discussing the main
difficulties faced by the regulators when dealing with this disruptive technology
and presenting the main reasons why the uniformization of practices regarding
their use should be discussed internationally.

INTRODUCTION

1
 We live in a world that has been permanently changed by the
internet. This new technology changed the way in which people interact and
perform commercial transactions.
Taking this scenario into consideration, we bring forth a new
technology that innovated how payments systems work: the Cryptocurrency.
This technology made it possible to perform international transactions with a
very low operational cost, but it also imposes a series of regulation related
challenges since this system is not governed by any kind of governmental
agency, whereas its users are the sole responsible for its operation.
Some countries have issued information and regulation on the use of
cryptocurrencies, but these initiatives, most of the time, do not provide definitive
answers regarding how this instrument should be treated and how companies
interested in their use should do so.
Thus, given the scenario that was described above, this paper aims
to indicate how the international trans-governmental institutions may help to
uniformize the commerce practices associated with the use of cryptocurrencies.
In order to complete such a task, chapter one shall briefly explain how
cryptocurrencies work, chapter two shall show how they can be considered from
a legal standpoint and chapter three will explain how the regulation of this tool
by such institutions international institution can take place.

CHAPTER ONE - HOW CRYPTOCURRENCIES WORK

Given the fact that the Bitcoin system is the most successful kind of
cryptocurrency currently in use and has heavily influenced other
cryptocurrencies, it shall be used a basis for this paper.
The Bitcoin System was created by Satoshi Nakamoto and
presented on the paper “Bitcoin: A Peer-to-Peer Electronic Cash System”,
where the creator sated the purpose and functioning of this new technology.
As explained by Alexandre Pacheco da Silva (SILVA, 2016), is a
system characterized by a computer program with three main axes:
"(...) (i) a public system of registration of transaction, called
Blockchain, serving as an accounting book of its entries and exits; (ii)
an encryption algorithm called asymmetric encryption - associated
with a proof-of-work - which is used to validate operations with the

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 currency; And (iii) a decentralized computer network, according to
the design of the users, also called miners, which verify and validate
transactions with the currency and update the public registry system -
Blockchain. "
On the other hand, Bitcoin or the cryptocurrencies are a monetary
unit constructed by a specific and unique numerical sequence used within the
Bitcoin system, which is freely traded among users (KAPLANOV, 2012).
The Bitcoin system, allows its users to create Bitcoin wallets in
addition to Bitcoins per se, freely transacting them. Hence, the user is, at the
same time, the owner, custodian and creator of the Financial instrument, a
situation that has not yet been observed in large scale cross-border
transactions.
The issuance and use of cryptocurrencies is not associated with any
type of state or intermediary institution, thus, the adherents of the system carry
out transactions and issuance of virtual currencies independently of any type of
legislation or state tutelage, making it almost impossible to dismantle the
system as a whole unless all its adherents are extinguished.
The first step to perform a Bitcoin transaction is the creation of a user
in the Bitcoin system, which demands a computer installed with the necessary
software (Bitcoin Client) and an internet connection. This is one of the most
important aspects of the cryptocurrency: it has a very low operational cost in
order to be used since only a computer and internet access are required.
Such software is classified as open source or open source software.
It is a computer program that "allows users themselves to make changes to the
code, and may vary from case to case." (SILVA, 2016)
Bitcoin Client enables users to create Bitcoin wallets, where Bitcoins
will be stored, and perform Bitcoin mining, the verification of transactions and
exchange of Bitcoins between wallets. Bitcoin Mining is the verification of
amounts to be transferred, such as a financial institution that checks how much
money a person has on his/hers account and sends the money to another
account. The mining process takes into consideration the Encryption system
operated by the Bitcoin Client, mathematical functions, and information
disclosure regarding past transactions available in the Blockchain.

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 Every time a transaction is carried out, it is validated by at least 3
(three) miners. To the extent that such miners accumulate information about
transactions validated by them, they create blocks of information containing all
data relating to those transactions. These blocks constitute the backbone of
Blockchain as they are responsible for creating the ledger of transactions, being
incorporated into Blockchain and made available to the public through the
presentation of a proof of work.
Such proof of work is generated when a miner solves a mathematical
problem presented by the system and manages to incorporate his block of
information into the Blockchain. As a reward for their efforts, miners receive new
Bitcoins generated by the system.
When a block is incorporated into the Blockchain, all members of the
system will have access to the information contained therein, that is, everyone
will know that a specific Bitcoin or fraction of Bitcoin, each one of them with their
own identification code, has been transacted, checking its path from the
moment of its creation to the moment in which it reaches the current
transaction, validating it if all members report the same data.
If a person tries to perform a transaction with information that has not
been incorporated in the Blockchain and that does not match the registries
performed in the Blockchain (such as stating that one wallet has more bitcoins
than it actually has), the miners will not be able to incorporate such a
transaction in their blocks, guaranteeing the integrity of the system.
If any member of the system tries to present information outside the
correct parameters, the other miners will not be able to validate the operation,
causing the next miner to present a correct answer to be able to insert his block
into Blockchain. Thus, the miners are in constant competition to be able to
incorporate their blocks of information in Blockchain, benefiting the system as a
whole.
Each wallet has its own numbering and password, whose
confidentiality is the responsibility of its owner, just like any login and password.
All system participants can check how many Bitcoins or fractions of Bitcoin are
present in each system wallet in the whole system, but there is no way to know
for sure who owns each wallet, since only their wallet number is accessible.

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 Transactions are carried through after the creation of the wallet. The
user can create "Bitcoin addresses" (connections between wallets) that are
nothing more than intra-system payment instructions that dictate the payment
flow that shall be carried through, analyzed by miners and incorporated in the
Blockchain.
Blockchain and Bitcoin solve one of the major problems that affect
the use of virtual goods: it avoids the double spending dilemma.
This dilemma is explained by Fernando Ulrich (2010, page 200) in
the following terms: before the creation and dissemination of virtual currencies,
online transactions required the direct intervention of a third party who acted as
an intermediary in transactions given that virtual goods could be reproduced
infinitely. In such a situation, the same virtual money could be presented to two
different persons and perform two valid payments.
Given that each Bitcoin and fraction of Bitcoin has their own
identification and that the systems checks its use since the moment in which the
Bitcoin was created, it is impossible to copy a Bitcoin and perform multiple
payments with the same instrument.
It is worth remembering that there are a finite number of Bitcoins that
can be created (approximately 21 million units) but there are an infinite number
of possibilities of creating blocks. This happens because members of the
system can still carry out validations of transfers even without the creation of
new Bitcoins.
No system is perfect, therefore, with the possibility of failures in this
or even the need for changes, any member of the system can request that
changes in it. Each of the other members may vote on such changes that will be
implemented if more than half of the votes of the entire system agree to such a
decision. This type of possibility gives extreme flexibility to the Bitcoin system
and opens space for its improvement and evolution in a democratic way.
This created a system that feeds itself based on the active work of its
members and a monetary unit that is not created and issued according to the
need and subjective view of each country, but rather with a mathematical logic.
One of the critical points of this type of system is the fact that it
makes it very difficult to identify their users, contrary to what banking regulation
determines.

5
 Knowing the identity of individuals or companies that transfer funds
between themselves is important since it enables the State and financial
institutions to monitor the trafficking of resources in the system and prevent illicit
activities (such as financing of organized crime, drug trafficking, terrorism,
among others) from using the financial system to carry it out.
This situation creates a very complex scenario in which everyone has
access to all the information in the system, but at the same time, nobody is
aware of what is really happening.
We can conclude that the great merit of this new technology comes
from the fact that it incorporates many of the characteristics necessary for its
operation as a medium of exchange, including its agility and security, but at the
same time greatly reduces transaction costs in commercial operations.

REGULATION AND UNIFORMIZATION OF PRACTICES

Since there are no norms regarding the use of Cryptocurrencies in
international trade, it is important that countries and international institutions
expose their opinions and thoughts on the matter so that the this new approach
to international payment can be used by people and companies.
The creator of the Bitcoin system (Nakamoto, 2009) argues that the
financial system based on trust in economic agents is too fragile, exposing
society as a whole to the risks inherent in such an environment, thus, the
cryptocurrency was created in order to achieve a very clear goal: to promote
disintermediation in the execution of commercial transactions on the Internet
(implementation of a monetary freedom), that is, to make it possible for sellers
and buyers to carry out their transactions independently, without needing
financial institutions, in a safe and fast way.
The intermediation of transactions has the following characteristics
(EIZIRIK et all, 2011, page 4):
“(A) the activity of giving and receiving financial resources whereas
the intermediary acts as creditor and debtor of both parties at the
ends of the operation that is taking place; and
(B) mandatory participation in the chain; and
(C) such operations must be carried out constantly; and

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 (D) Professionalism in carrying out such operations.”
Many types of entities may develop the role of financial intermediary,
such as credit institutions (commercial banks, leasing companies, among
others), brokerage firms and securities distributors and even qualified investors
(Yazbeck, 2007, p. ).
Financial disintermediation breaks with all of the assumptions
described above, but it generates the same effects since it enables financial
assets to be exchanged for goods and services without the interference of the
aforementioned institutions.
Thus, based on the scenario described above, the Cryptocurrency,
performs the same function as the instruments normally used to facilitate
trading in the modern world. The impact generated by this new technology
comes from the fact that virtual currency meets the needs of modern commerce
without having to be part of the banking network.
Although the primary objectives of the cryptocurrency involved the
disintermediation of transactions, many companies currently make use of the
new technology as intermediaries or fiduciary agents. However, these
companies offer their services at a very competitive rate, which tends to be
much lower than those practices by the banking system.
One must also observe the high price variation of cryptocurrencies
before making use of this instrument. Fernando Ulrich writes about the value of
Bitcoin in the following terms (2014: 70): "What seems to escape, however, is
that there is no intrinsic value, there are intrinsic properties (chemical and
physical). Value is subjective and is in every individual's mind.". Thus, it is
important to know that value of the cryptocurrency variates in accordance with
its acceptance in the market, which means that it can skyrocket of spiral down
rapidly.
In a context where there is clear legal uncertainty and a lack of close
supervision, we are faced with a high risk situation. We can justifiably claim that
Bitcoin is a high risk system for its users from a financial perspective, and that it
could collapse if people try to leave the system and are not able to do so
because of their lack (European Banking Authority, 2012).
Cryptocurrencies pose a number of challenges to national and
international regulatory bodies for a variety of reasons, many of which are

7
inherent to its issuance and means of operation. After all, how can one cope
efficiently with a self-managed system that emits units of value independently
while acting as both a means of payment and a means of custody?
Each of these functions is currently performed independently by
private or public entities in today's society and this new technology has broken
with all the previously presented paradigms, forcing us to view our institutions
from a completely different perspective.
As it is almost impossible to combat this new system given the large
investments in infrastructure, time and personnel needed to do so (besides the
need for intense international joint action in this regard) and the fact that the use
and acceptance of cryptocurrency in the market grows every year , regulation
and uniformization o practices are the best way to protect the economic and
financial order, in addition to opening new choices to the market.
However, before determining which regulatory strategy is
appropriate, we should check what kind of market will be regulated as such
matter has been addressed in other jurisdictions.
The study of cryptocurrency payment arrangements developed by
the European Financial and Administrative Authority (European Banking
Authority, 2015) may help us this time as it offers a way to classify the payment
arrangements involving cryptocurrencies, taking into account the interaction
between them and the global economy.
The study divides the possible types of operations taking into
account the payment flows to be effected by those involved, that is, the
classification takes into account the use or not of traditional currency and
cryptocurrency, in isolation or jointly. Based on this type of thinking, we arrive at
three types of payment arrangements: Closed Arrangements, Unidirectional
Flow Arrangements and Arrangements with Bidirectional Flow.
The closed arrangements do not have any kind of connection
between the global economy and the economies that revolve around
Cryptocurrency. Thus, in this case, the cryptocurrencies are exchanged with
cryptocurrencies, there being no use of traditional currency involved in the
transaction. Such a situation can be found in online computer games in which
ingame currency is not accepted by market participants but can be used by
players to purchase goods and services in the game.

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 This type of arrangement, which focuses on a specific virtual
community, is not relevant from the point of view of regulation or legislative
activity rather than a simple online world interaction that does not affect the
global economy (it affects, at most, the economic interactions within the closed
system itself), therefore, can be excluded from the scope of the present work.
In arrangements with Unidirectional Flow the Cryptocurrency can be
transformed into money, however, the opposite cannot occur. We may find this
situation when one buys some form of credit that can only be accepted in one
place and cannot be turned into money again, just like Facebook Credits sold
by Facebook in 2009 that could be used to purchase products and services
within the social network but could not be reversed in the amount originally paid
in cash.
Again, such a payment arrangement does not have a great need for
regulation insofar as it is not endowed with liquidity, a characteristic necessary
in order to affect global economy.
In the Bidirectional Flow Arrangements, the cryptocurrency could be
converted freely into cash and vice versa, without any kind of hindrance in the
performance of such activity. In this case, virtual currencies can be effectively
used to buy and sell goods and services.
This is the case that deserves the attention of regulators, self
regulators insofar it can generate effective impact in the global economy.
Thus, regimes that are open and / or linked to the global economy
(Unidirectional and Bidirectional Payment Arrangements), which effectively
generate economic impacts, make the regulation of such situations within the
competence States and, in a subsidiary way, by international and local entities,
particularly if bilateral exchange rates create the opportunity for speculative
behavior, and / or if any cryptocurrency is used to buy real goods and services,
competing against traditional currencies.
In order to avoid any kind of abuse by participants in the
cryptocurency market and to take full advantage of the positive effects
generated by this new technology, the State must issue regulations on the
subject, even so that the negative effects of the use of this type can cause in
the economy and international institutions, as representatives of the interests of
the sates, particularly those interested in the modernization and harmonization

9
of rules on international business, must act in order to protect both the integrity
of the economy and the market participants.
It should be noted that banking and financial activity, which in many
ways resemble activities carried out by participants in the crypto-currency
market, have always been subject to specific regulation (Yazbeck, 2007, page
179).
Thus, once a technology capable of fulfilling many of the functions
performed by the traditional financial system is created, which has always been
subject to extensive regulation, there is no reason for the State and international
institutions to refrain from trying to understand and regulate these new
situations.
In order to avoid that the operators of the cryptocurrency markets
perform transactions to Blue Chip SWAP, operations that do not bring any
benefit to the national economy, regulation and uniformization of practices must
take place.
There are some important points that deserve to be highlighted when
dealing with the risks generated by the use of virtual currencies: (i) preservation
of the unit of account, (ii) risks to the effectiveness of monetary policy and its
implementation, and (iii) Distortions to the informative content of monetary
aggregates.
Conceptually, the aforementioned virtual currency schemes could
have an impact on price stability and national monetary policy insofar as they
could affect the demand for central bank money and interfere with the control of
the money supply through open market operations . That is, from the moment a
parallel coin starts to compete with the national currency, the use of the
obligatorily national currency is diminished and all the planning carried out by
the government organs to control the money supply is affected once the
demand is diminished (HAYEK, 2003).
In general, these regimes may affect price stability if: (a) they
substantially alter the quantity of currency in circulation; (B) have an impact on
the speed of money circulation, the use of money, and / or influence the
measurement of monetary aggregates; C) there is an interaction between virtual
currencies and the real economy (European Banking Authority 2015).

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 Given the lack of specific empirical data on the circulation of
cryptocurrency in international trade given the fact that it as created in 2009 and
is only now becoming popular, the phatic analysis of the first point is impaired,
making us rely on economic theory regarding this subject.
This is what happened in China with the Q-coin, a virtual currency
introduced by Tencent, one of the country's top telecommunications operators.
People started using credits issued by the company, that could be traded for
communication services, a currency, what generated the need of State
intervention in order to prohibit the practice and enforce the use of the state
issued currency.
Other great difficulty in regulating this type of scenario lies in the fact
that the State will have to institute procedures to be followed within a system
that is outside its sphere of action, maintained and managed by the users
themselves and by an independent system over which he has no influence at all
while observing the principles inherent in all activities that can use
cryptocurrency.
Therefore, given that self-regulation plays a very important role in
scenarios in which the State has not yet manifested itself or has difficulty
manifesting itself, this is the main way in which cryptocurrency has been
approached internationally.
According to the lesson of Otavio Yazbek (2014):
"By the term self-regulation, basically means the regulation and
supervision, by the members of the industry organized in institutions or private
associations, of their activities, in order to maintain high ethical standards.
We can also verify the definition of Santana and Guimarães (2008):
"Self-regulation is the regulation promoted by the economic agents
themselves to which the rule is intended. The agents themselves are most
interested in having clear and quality rules, as this depends on the existence of
a business-friendly environment. It is also assumed that they possess the
technical know-how characteristic of their branches of action and, therefore,
may be even better than the state regulator in the elaboration of rules and in the
identification of problems. "
Thus, we can verify that self-regulation, as well as classical
regulation, has several characteristics of its own, operating on different aspects

11
of traditional regulation activity, but has an intrinsic characteristic that
differentiates it from traditional regulation: the market components themselves
Emit the norms that will regulate their activity, which generates great changes in
the way it is elaborated, perceived and fulfilled.
In addition, adherence to self-regulation, unlike the traditional
regulation imposed by the State, which must be followed regardless of its
nature, is in some cases entirely voluntary and is established by means of the
signature of a contract of association or similar private instrument.
It is evident that self-regulation, in the condition of voluntary
normalization adopted by contract, can never go against the law or the
regulation imposed by the State, which holds the legislating power. Thus, it will
always have the ability to stiffen the minimum conditions already imposed by
the State or indicate behaviors in case of absence of law, always watching over
the welfare of society and the continuation and expansion of the market.
The adoption of such standards makes the company commit to
maintaining a standard of excellence and differentiated quality, increasing the
trust placed in the institution by the market and by society. However, since in
some cases a large number of market participants adhere to self-regulation,
companies that do not institute such norms are not well regarded.
Self-regulation has a major impact on the cryptocurrency market as
national regulatory bodies have not yet issued relevant decisions on the subject.
Thus, in order to generate greater credibility to the market, the participants
themselves issued rules to regulate the activity, uniformizing the applicable
standarts.
Virtual Currency users are spread around the world and therefore
their impact should also be analyzed globally, what increases the role of
international institutions when it comes to verifying which procedures must be
incorporated in these kinds of transactions and which standarts must be taken
into account.
Such standards are necessary so that the use of crypto-currency
becomes accepted and widespread. As the cryptocurrencies, despite their great
advantages, do not have good reputation before national and international
bodies, companies and people.

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 As soon as the use of cryptocurrencies has minimum and uniform
conditions of use, it becomes more credible and, consequently, is used by a
greater number of people and companies.
As soon as the market for cryptocurrencies generates a series of
difficulties for the State they shall start to regulate their use. In the meantime,
private institutions have much more freedom and much more responsibility in
their performance. They must idealize and implement measures that make the
use of crypto-coins accepted by the market as a whole and popular opinion,
presenting its advantages and minimizing its risks.
Such measures, above all, have to aim to promote cooperation
between the market agents, have to help build a scenario in which the use of
cryptocurrencies is endowed with its own procedures and easy assimilation by
all users of the system (consumers and companies) , showing important
aspects of its operation.
Like any kind of technology, regulation of virtual currencies can be
performed in many ways, giving more or less emphasis to certain aspects of
market in accordance with the interests and ideology of the regulator.
Given the situation in which this new instrument finds itself, we
believe that the following measures should be taken I order to improve its
general acceptance and decrease the risks associated with its misuse.
This paper dos not intend to exhaust all possible measures that can
be included in regulation or uniformizations of practices, but to present some
possibilities regarding the use of this new technology.
First of all, every company that may act as an intermediary or is
involved in a transaction that makes use of cryptocurrencies must have a
compliance program and a money laundry prevention program, whether not
these are required by law.
Although the confidentiality aspects related to the use of
cryptocurrencies are extensive, it is important to notice that they are not
absolute, which means that it is possible to track cryptocurrency transactions
using the information available in the Blockchain.
However, this measure is important given that markets in which
financial assets are sold, bought and transferred are prone to misuse, especially

13
in a situation in which the confidentiality regarding the identity of the ones
involved is as high as this one.
The adoption of an effective compliance and money laundering
prevention policy greatly decreases the possibility of use of cryptocurrencies for
illegal activities, such as it is the case with banking activities.
Therefore, a solid compliance program, which means the adoption of
a compliance policy, due diligence of major customers, elaboration of forms
such as know your costumer, and reporting of information should be adopted by
all involved companies, especially companies that act as intermediaries in these
transactions.
Also, it is important that these companies divulge the way in which
their products are structured. This measure aims to protect the market since this
new technology makes it possible to structure transactions like never before,
what creates the need of extensive verification in order to protect the global
economy.
Also, if possible, companies and people interested in making use of
this technology in transactions should always have a solid legal view of the
transaction and how cryptocurrencies are treated in each applicable jurisdiction.
The lack of consensus regarding how this instrument should be treated may
make it difficult to perform some acts in different jurisdictions.
Therefore, it is advisable that this aspect in special is treated in a
legal opinion elaborated by and accredited lawyer, versed in the laws of the
jurisdiction involved in the transaction that shall make use of cryptocurrencies.
This measure decreases the legal risks involved in the use of this
kind of instrument and shall make it easier to use of it as time goes by and a
solid understanding regarding it is achieved.
Cryptocurrency has a big advantage over some other payment
methods: is it fully trackable and each one of them has their own serial number.
This makes it possible to verify if the paying party has the assets necessary in
order to complete the transaction and, in case of default, it is possible to know
where the cryptocurrencies were transferred given the information presented in
the Blockchain.

14
 Hence, international trade could make use of these facilities by
determining exactly which cryptocurrencies should be used to pay for the
obligations between the parties and easily demand their assets.
The regulation presented by the State of New York, in the United
States of America, contains some norms that can be reproduced in international
trade, especially the need of presenting “the methodology used to calculate the
value of Virtual Currency in Fiat Currency”.
This measure is important given that the value of cryptocurrencies ,
as explained above, varies in accordance with their acceptance in the market
and there is no universally accepted methodology used in order to calculate the
value of cryptocurrencies .
The presence of this kind of information makes it possible to
determine indemnifications, makes it possible to hedge the transaction given
the fact that the financial institution will have more information in order to
structure the hedge and decreases the possibility of conflict between the
involved parties.

CONCLUSION
The regulation and uniformization of practices regarding the use of
cryptocurrencies pose a great challenge to both States and international
institutions given the new paradigms generated by this technology.
The unique characteristics of cryptocurrencies , such as the
independence of any State, agility in performing operations, issuance of units of
value in mathematical form, among others, were never observed on such a
scale in the capitalist system. The very union of a means of payment, custody
and creation of value, roles that were previously fulfilled individually by different
legal entities, in a sole instrument generated and still generates discussion.
With this, in the absence of state regulation, the market has to
organize and implement a self-regulation of the use of cryptocurrencies so that
this promising market is not negatively affected by the state omission.
This kind of market organization can be achieved locally, through the
issuance of State regulation, or internationally, through the issuance of
recommendations by international entities.

15
 These recommendations must consider the specific aspects of this
new technology, but also must be careful so that the possibilities presented by
cryptocurrencies are not smothered by excessive regulation.
Given that the use of cryptocurrencies shares a lot of similarities with
banking activities, since it achieves the same effects, banking regulation could
be used as a basis for the verification of how companies and people should use
cryptocurrencies in international trade, such as the implementation of
compliance policies, client background checking and other measures.
However, since the understandings regarding cryptocurrencies are
not uniform throughout the world, the treatment of this instrument in all
applicable jurisdictions should be verified.

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