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Authors
Advisor(s)
Abstract(s)
O fenómeno das criptomoedas tem suscitado um crescente interesse tanto entre potenciais investidores, como no meio académico e no plano político, sendo o debate em torno das questões regulatórias um ponto incontornável, não obstante as diferentes abordagens e o interesse subjacente. O ano de 2019 marca 10 anos de existência da Bitcoin e, apesar de sobre esta recair o principal foco, este universo conta hoje com mais de 2000 outras criptomoedas, tendo a maior parte resultado de sucessivas tentativas de modificar e melhorar a Bitcoin. A inovação da tecnologia em que este novo tipo de ativo assenta, a natureza descentralizada, bem como as suas especificidades, motivam, assim, um estudo aprofundado para conhecer o mercado, de forma a poder compreender os principais desafios que se colocam à regulação. Parte dos constrangimentos associados às criptomoedas resulta precisamente do vazio legal em que estas permanecem, contudo, um excesso de regulação poderá condicionar o desenvolvimento das potencialidades da blockchain. A premência e a necessidade de regulação traduz-se assim, sobretudo, na potencial utilização das criptomoedas para fins ilícitos, na necessidade de proteção dos consumidores e investidores contra fraudes e outros riscos, bem como na garantia da integridade dos mercados, sistemas de pagamentos e, no cômputo geral, da estabilidade financeira.
The cryptocurrencies phenomenon has aroused a growing interest among potential investors, academics and at a policy level, where the regulatory debate on these issues has a central role, regardless the approach each of those might have and what their interests might be. 2019 marks 10 years of Bitcoin's existence and although this remains the most popular one, there are over 2000 cryptocurrencies, most of which have resulted from successive attempts to modify and improve Bitcoin. The technological innovation on which this new type of asset lies, its decentralized nature, as well as its features, motivate an in-depth study to know the market, in order to be able to understand the main challenges regarding regulation. Part of the constraints related with cryptocurrencies derives exactly from the legal void they remain in, however, an excessive regulation may also condition blockchain?s potential development and its applications. Therefore, a required regulation should be able to respond to its potential use for illicit purposes, the need to protect consumers and investors against fraud and other risks, as well as to ensure the integrity of markets, payment systems and, overall, financial stability.
The cryptocurrencies phenomenon has aroused a growing interest among potential investors, academics and at a policy level, where the regulatory debate on these issues has a central role, regardless the approach each of those might have and what their interests might be. 2019 marks 10 years of Bitcoin's existence and although this remains the most popular one, there are over 2000 cryptocurrencies, most of which have resulted from successive attempts to modify and improve Bitcoin. The technological innovation on which this new type of asset lies, its decentralized nature, as well as its features, motivate an in-depth study to know the market, in order to be able to understand the main challenges regarding regulation. Part of the constraints related with cryptocurrencies derives exactly from the legal void they remain in, however, an excessive regulation may also condition blockchain?s potential development and its applications. Therefore, a required regulation should be able to respond to its potential use for illicit purposes, the need to protect consumers and investors against fraud and other risks, as well as to ensure the integrity of markets, payment systems and, overall, financial stability.
Description
Mestrado em Economia Internacional e Estudos Europeus
Keywords
Criptomoedas Bitcoin Criptoativos Blockchain Regulação Cryptocurrencies Cryptoassets Regulation
Pedagogical Context
Citation
Paulino, Inês Valente (2019). "As “criptomoedas” : desafios à regulação". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão