The crypto world : global development and international legal implications

Abstract

The launch of Bitcoin, the first cryptocurrency, in 2009, altered the traditional perspective that people held with regard to of financial transactions. Over the years, hundreds of cryptocurrencies have emerged and the realm of crypto (digital) assets extended its impact toglobal affairs whereas it affects domestic and international economics, politics, and the environment. Given the nature and potential of this technology, it has left a positive mark as wellas negative stains due to lack of regulation, falling prey to perversion and abuse with malicious intent to commit illicit activity. Consequently, calls for containment and regulation have been raised. However, this has proven to be difficult whereas attempts at localized regulation have proven to be inefficient and regulation through international law remains difficult. This thesis showcases the way in which the limitations of international law have contributed to the reliance on cryptocurrencies and affiliated activities to perpetrate illicit activity.