Cryptocurrency and cybercrime – the need to strengthen the legal framework

Puniran, Mohd Noor Ikram and Zul Kepli, Mohd Yazid (2018) Cryptocurrency and cybercrime – the need to strengthen the legal framework. In: The 8th International Conference on Postgraduate Education 2018, 3 - 4 December 2018, Universiti Malaysia Terengganu, Kuala Terengganu Malaysia.. (Unpublished)

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Abstract

This paper explores the legal and regulatory challenges for digital and virtual currency in Malaysia, with special focus on cryptocurrency like Bitcoin. The emphasis is on cybercrime and consumer protection. Since very few countries have adequate legislation to regulate virtual currency, it has been widely exploited by scammers and syndicates for money laundering, hacking, terrorism financing, fraud, and other illegal purposes. This paper is mostly library based with newspaper reports, established books and articles being the main references. This paper also benefited from interviews with experts. This paper stresses that it is crucial to have a clear legal standard for the licensing, control and management of cryptocurrency exchanger in particular and cryptocurrency in general. The legal standard can be achieved by adopting the best practices from other countries including Japan, United States, and South Korea. The article also proposes ways to properly adapt cryptocurrency safely into our daily life and how we should take advantage of it.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	6861/70715
Uncontrolled Keywords:	Cryptocurrency, Law, Cybercrimes
Subjects:	K Law > K Law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User:	Dr Mohd Yazid Zul Kepli
Date Deposited:	05 Mar 2019 12:07
Last Modified:	05 Mar 2019 12:07
URI:	http://irep.iium.edu.my/id/eprint/70715

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