Abstract

This article examines the legal challenges associated with cryptocurrency regulation. It first clarifies the concept and development of cryptocurrencies, arguing that they have not fully performed the traditional functions of money and are primarily used as speculative investment assets. The collapses of LUNA and FTX highlight the need for an appropriate regulatory framework that protects investors and consumers while promoting the sustainable development of the cryptocurrency market. The article then examines regulatory approaches to cryptocurrencies in selected jurisdictions and identifies the lack of consistency in international regulation. Based on these findings, it proposes a combination of domestic regulation and international legal cooperation, including requirements concerning registration, verification, transaction record-keeping, and enforcement, as well as the regulation of related digital assets and instruments such as central bank digital currencies (CBDCs), non-fungible tokens (NFTs), and stablecoins. Effective regulation should not only mitigate legal and market risks but also strengthen public confidence and support the sustainable development of the cryptocurrency market.

Keywords: Bitcoin, blockchain, cryptocurrency, law, regulatory framework.