Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions
| dc.contributor.advisor | Ncube, Caroline | |
| dc.contributor.advisor | Leach, James | |
| dc.contributor.author | Ernstzen, Cedrine Veanca | |
| dc.date.accessioned | 2021-01-27T07:07:34Z | |
| dc.date.available | 2021-01-27T07:07:34Z | |
| dc.date.issued | 2020 | |
| dc.date.updated | 2021-01-26T09:47:31Z | |
| dc.description.abstract | In 2008 the world witnessed a transformational shift in its financial services with the introduction and subsequent adoption of cryptocurrencies. The self-regulatory nature of cryptocurrencies is an attractive feature for its users. Unfortunately, this feature is equally as attractive for criminal use. It is for this reason that in 2018 the Financial Action Task Force amended its regulatory Recommendations to extend the obligations of anti-money laundering and combating the financing of terrorism to cryptocurrency service providers and users. In turn, jurisdictions such as the European Union have amended their anti-money laundering laws to give the Recommendations effect. However, cryptocurrency transactions are presently unregulated in Namibia, despite the country also being a member state of the Financial Action Task Force. Namibia's concerns surrounding cryptocurrencies are in no way limited to their ability to corrupt the integrity of its financial industry, but also their ability to evade Namibia's capital and exchange controls. These controls preserve Namibia's foreign reserves which can theoretically be under threat by pseudonymous cross-border cryptocurrency transactions. Consequently, the imminent threat which these transactions pose, in their current form void of regulation, can arguably be quantified by their lack of transparency, accountability, and their jurisdictional concerns. Notably, cryptocurrencies have the ability to lower the entry level for financial inclusion and have the potential to propel Namibia's economic growth if cultivated correctly. Therefore, this dissertation examines whether the licensing of cryptocurrency service providers within Namibia can remedy the ills that plague cross-border cryptocurrency transactions, in order to safeguard the integrity of Namibia's financial industry and ensure the preservation of its foreign reserves without stifling innovation. | |
| dc.identifier.apacitation | Ernstzen, C. V. (2020). <i>Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions</i>. (). ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/32706 | en_ZA |
| dc.identifier.chicagocitation | Ernstzen, Cedrine Veanca. <i>"Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions."</i> ., ,Faculty of Law ,Department of Commercial Law, 2020. http://hdl.handle.net/11427/32706 | en_ZA |
| dc.identifier.citation | Ernstzen, C.V. 2020. Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions. . ,Faculty of Law ,Department of Commercial Law. http://hdl.handle.net/11427/32706 | en_ZA |
| dc.identifier.ris | TY - Master Thesis AU - Ernstzen, Cedrine Veanca AB - In 2008 the world witnessed a transformational shift in its financial services with the introduction and subsequent adoption of cryptocurrencies. The self-regulatory nature of cryptocurrencies is an attractive feature for its users. Unfortunately, this feature is equally as attractive for criminal use. It is for this reason that in 2018 the Financial Action Task Force amended its regulatory Recommendations to extend the obligations of anti-money laundering and combating the financing of terrorism to cryptocurrency service providers and users. In turn, jurisdictions such as the European Union have amended their anti-money laundering laws to give the Recommendations effect. However, cryptocurrency transactions are presently unregulated in Namibia, despite the country also being a member state of the Financial Action Task Force. Namibia's concerns surrounding cryptocurrencies are in no way limited to their ability to corrupt the integrity of its financial industry, but also their ability to evade Namibia's capital and exchange controls. These controls preserve Namibia's foreign reserves which can theoretically be under threat by pseudonymous cross-border cryptocurrency transactions. Consequently, the imminent threat which these transactions pose, in their current form void of regulation, can arguably be quantified by their lack of transparency, accountability, and their jurisdictional concerns. Notably, cryptocurrencies have the ability to lower the entry level for financial inclusion and have the potential to propel Namibia's economic growth if cultivated correctly. Therefore, this dissertation examines whether the licensing of cryptocurrency service providers within Namibia can remedy the ills that plague cross-border cryptocurrency transactions, in order to safeguard the integrity of Namibia's financial industry and ensure the preservation of its foreign reserves without stifling innovation. DA - 2020_ DB - OpenUCT DP - University of Cape Town KW - Commercial Law LK - https://open.uct.ac.za PY - 2020 T1 - Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions TI - Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions UR - http://hdl.handle.net/11427/32706 ER - | en_ZA |
| dc.identifier.uri | http://hdl.handle.net/11427/32706 | |
| dc.identifier.vancouvercitation | Ernstzen CV. Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions. []. ,Faculty of Law ,Department of Commercial Law, 2020 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/32706 | en_ZA |
| dc.language.rfc3066 | eng | |
| dc.publisher.department | Department of Commercial Law | |
| dc.publisher.faculty | Faculty of Law | |
| dc.subject | Commercial Law | |
| dc.title | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions | |
| dc.type | Master Thesis | |
| dc.type.qualificationlevel | Masters | |
| dc.type.qualificationlevel | LLM |