Abstract
The crypto market has been left largely unregulated on a global scale for over a decade. 1 Recently, multiple jurisdictions are aligning efforts to tame the increasingly volatile crypto “Wild West” as evidenced by the influx of forthcoming legislations, consultations between operators and regulators, and regulatory crackdowns. 2 A cross-comparative analysis of the regulatory framework in the United States, the European Union, and Korea indicates that the proposed scopes of legislations cover an expansive breadth of assets. However, there are further needs for supplementary regulations following the enactment of the newly proposed regulations to close certain critical gaps that remain unaddressed as well as elucidating the scope of application with respect to ancillary and incidental actors in the industry. Moreover, this piece notes that while cross-border and cross-sector crypto transactions require a globally coordinated enforcement scheme, regulatory initiatives should concurrently reflect the unique business and regulatory climates and practices of each jurisdiction.
First Page
263
Repository Citation
Bo
H.
Kim,
Regulating the Unregulated: The Beginning of the End of a Laissez-Faire Era of the Crypto "WIld West",
19
U. Pa. Asian L. Rev.
263
(2024).
Available at:
https://scholarship.law.upenn.edu/alr/vol19/iss2/3