Regulatory Strategies Xavier Lavayssire Business Public Law - - PowerPoint PPT Presentation

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Regulatory Strategies Xavier Lavayssire Business Public Law - - PowerPoint PPT Presentation

Sep 14, 2022 25 likes •500 views

Regulatory Strategies Xavier Lavayssire Business Public Law Computer Science & Maths @XavierLava Regulators Payment regulation objectives Guarantee payments

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Regulatory Strategies

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Xavier Lavayssière

@XavierLava

Business Public Law Computer Science & Maths

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是故勝兵先勝而後求戰，敗兵先戰而後求勝。

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Regulators

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Payment regulation objectives

  • Guarantee payments

○ Liability ○ Operational risks mitigation

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A simple credit card transaction

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Payment regulation objectives

  • Guarantee payments

○ Liability ○ Operational risks mitigation

  • Guarantee payments

○ Liability ○ Operational risks mitigation

  • Protect data

○ Personal data protection ○ Data security ○ Data sharing

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Payment regulation objectives

  • Guarantee payments

○ Liability ○ Operational risks mitigation

  • Protect User data

○ Personal data protection ○ Data security ○ Data sharing

  • Avoid illicit activities

○ Anti-money laundering ○ Terrorism financing ○ Other illicit activities ( including tax fraud)

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Payment regulation objectives

  • Guarantee payments

○ Liability ○ Operational risks mitigation

  • Protect User data

○ Personal data protection ○ Data security ○ Data sharing

  • Avoid illicit activities

○ Anti-money laundering ○ Terrorism financing ○ Other illicit activities ( including tax fraud)

  • Promote a fair and open market

○ Allow new entrants ○ Facilitate competition

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Challenges of regulators

  • Institutional competition
  • Public opinion
  • Information acquisition
  • Decision process
  • Regulatory capture
  • Limited resources
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Information acquisition

  • Rapport France Stratégie
  • Etude du Ministère de l’économie
  • Commission parlementaire blockchain
  • Commission parlementaire crypto
  • Consultation publique ordonnance minibons
  • Consultation publique ICO
  • Rapport Landeau
  • ...
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Information acquisition

  • Rapport France Stratégie
  • Etude du Ministère de l’économie
  • Commission parlementaire blockchain
  • Commission parlementaire crypto
  • Consultation publique ordonnance minibons
  • Consultation publique ICO
  • Rapport Landeau
  • ...
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Payments

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US

  • Money Services Business

○ Virtual Currency Guidance (2013) ○ Registration, Reporting obligations

  • Money transmitter

○ State registration ○ Additional local requirements ○ > apply to payment processors & exchanges

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Canada

  • Proceeds of Crime (Money Laundering) and Terrorist Financing Act

(PCMLTFA) (2014)

○ “dealing in virtual currencies” - > money services business ○ Record keeping ○ Verification procedures ○ Reporting obligations to FINTRAC

  • Explicit requirements on ID documents
  • Tax

○ Purchase = barter transaction - > Income Tax

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EU

  • VAT Directive & CJUE 22 October 2015 Hedqvist
  • Anti money laundering Directive ( 2015/849/EU ) & Regulation
  • n information accompanying transfers of funds

○ Risk assessment, Due diligences, Central beneficial

  • wnership registry, Politically exposed persons
  • Payment Services Directive ( 2015/2366/EU )

○ Third party payment providers : Account information services, Payment initiation services ○ Registration, Licensing, and Supervision ○ Authentication, non-discrimination

  • GDPR
  • GDPR
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Mixing

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1749 Crawfurd v The Royal Bank of Scotland

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Mixing

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Mixing Poison

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Mixing Poison Haircut

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Mixing Poison Pro rata

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Mixing Clayton’s case (Devaynes v Noble 1816)

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Mixing Clayton’s case (Devaynes v Noble 1816)

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Mixing Clayton’s case (Devaynes v Noble 1816)

2 2 1 1

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Mixing Elizalde v. Elizalde (1902)

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Strategies

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We?

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Courts & fundamental rights

  • Privacy
  • Due process
  • Freedom of expression
  • Proof value
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Public debates & media

  • Integrity
  • Liquidity
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Public debates & media

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Public debates & media

  • Integrity
  • Liquidity
  • Partial-transparency
  • interoperability
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Regulatory arbitrage

  • Push regulatory competition
  • Leverage
  • Regulatory Capture
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Full decentralisation

  • Embedded regulation
  • Self regulation
  • Defining political consensus
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The stronger the process, the stronger the fell through

  • Secret mining
  • Lawsuit against Bitcoin.com
  • Market Manipulation
  • Patents
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Thank You !

xavier@ecan.fr

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Sources

  • Banknotes and Their Vindication in Eighteenth-Century Scotland - David Fox

and Wolfgang Ernst

  • Making Bitcoin Legal - Ross Anderson, Ilia Shumailov and Mansoor Ahmed
  • Noun Project
  • Towards Risk Scoring of Bitcoin Transactions - Malte Möser Rainer Böhme

and Dominic Breuker

  • Empirical Properties of Tokens and Crypto-Currencies - Hermann Elendner