The cryptocurrency AML challenge - sanction 2022 new threats

• Autorzy: Przyłuski Kamil

Identyfikatory

DOI

10.29119/1641-3466.2022.162.34

• Języki publikacji: EN

Abstrakty

EN

Purpose: Paper reviews changes taking place in the cryptocurrency market after the introduction of further sanctions on the Russian financial market. The author notes that cryptocurrencies are used more and more often by companies operating in Russia. The cryptocurrency market remains largely beyond control despite the AML area. It is a source of many threats of money laundering. The paper recapitulates the status of the global trade market choosing settlement cryptocurrency in the context of anti-money laundering. Methodology: The analysis was based on reports on the market quotation of popular cryptocurrencies. Findings: The paper includes definitions of new challenges for AML areas. Practical implications: (if applicable) What outcomes and implications for practice, applications and consequences are identified? How will the research impact the business or enterprise? What changes to practice should be made as a result of this research? What is the commercial or economic impact? Not all papers will have practical implications. Social implications: The application of the proposed solutions will improve the security systems of financial sector institutions. Originality/value: The paper provides guidance on how to assess institutional capacity and support the anti-money laundering process.

Słowa kluczowe

EN

financial market; cryptocurrencies; AML

PL

rynek finansowy; kryptowaluty; AML

• Wydawca: Wydawnictwo Politechniki Śląskiej
• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2022
• Tom: z. 162
• Strony: 623--630
• Opis fizyczny: Bibliogr. 15 poz.

Twórcy

autor

Przyłuski Kamil

• Calisia University

• https://orcid.org/0000-0003-0548-9522

Bibliografia

• 1. Andersen, D. (2022). Russian Duma passes the bill, to remove VAT, and lower income tax rates on digital assets sales. Retrieved from https://cointelegraph.com/news/russian-duma- passes-bill-to-remove-vat-lower-income-tax-rates-on-digital-asset-sales, 29.06.2022.
• 2. Aysan, F., Demir, E., Gozor, G., Lau, Ch. (2019). Effects of the geopolitical risks on Bitcoin returns and volatility. Research and international business and finance, Vol. XLVII, pp. 511¬518.
• 3. Busch, K., Tierno, P. (2022). Russian Sanctions and Cryptocurrency. Congressional Research Service (CRS), pp. 1-64, Retrieved from: https://tile.loc.gov/storage- services/service/ll/llglrd/2021687419/2021687419.pdf, 28.05.2022.
• 4. E-commerce in Russia and Ukraine, Analyzing the impact of Russia’s invasion on online sales in both countries (2022). Retrieved from: https://www.consilium.europa.eu/en/ policies/eu-response-ukraine-invasion/impact-of-russia-s-invasion-of-ukraine-on-the- markets-eu-response/, 20.06.2022.
• 5. FATF REPORT: Virtual Currencies Key Definitions and Potential AML/CFT Risks June 2014 (2014). Paris.
• 6. Holman, D., Stettner, B. (2018). Anti-Money Laundering Regulation of Cryptocurrency: U.S. and Global Approaches. Allen&Olivery, LPP, pp. 26-39, Retrieved from: http://www.allenovery.com/publications/engb/Documents/AML18_AllenOvery.pdf, 22.05.2022.
• 7. Isaac, M., Saluja, S., Zhao, A. (2015). Automated Bitcoin Trading via Machine Learning Algorithms. Retrieved from: http://cs229.stanford.edu/proj2014/Isaac%20Madan, 20.05.2022.
• 8. Lyócsa, S., Plihal, T. (2022). Russia's Ruble during the onset of the Russian invasion of Ukraine in early 2022: The role of implied volatility and attention, pp. 1-17. Retrieved from: https://arxiv.org/pdf/2205.09179.pdf, 1.06.2022.
• 9. Panetta, F. (2022). Public money for the digital era: towards a digital euro. Retrieved from: https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220516~454821f0e3.en.html, 30.05.2022.
• 10. Regulation of Cryptocurrency Around the World: November 2021 Update (2021). Law Library. Library of Congress. Retrieved from: https://tile.loc.gov/storage- services/service/ll/llglrd/2021687419/2021687419.pdf, 22.06.2022.
• 11. Salcedo, J. (2012). Tether: Fiat currencies on the Bitcoin blockchain. Retrieved from: https://www.academia.edu/37319229/Tether_Fiat_currencies_on_the_Bitcoin_blockchai= n, pp. 1-20, 16.05.2022.
• 12. Sarkodie, S., Phebe, M., Owusu, A. (2022). COVID-19 pandemic improves market signals of cryptocurrencies-evidence from Bitcoin, Bitcoin Cash, Ethereum,and Litecoin. Finance Research Letters, Vol. XLIV, pp. 1-10.
• 13. Savla, S. (2001). Money Laundering and Financial Intermediaries. Boston: Kulwer Law International.
• 14. Shah, D., Kang, Z. (2014). Bayesian regression and Bitcoin. Retrieved from: https://arxiv.org/pdf/1410.1231.pdf, 15.05.2022.
• 15. Wikarczyk, A. Rynek kryptowalut - sytuacja bieżąca i kierunki rozwoju. Studia BAS, Vol. LVII, No. 1, pp. 143-160.

Uwagi

PL

Opracowanie rekordu ze środków MNiSW, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2024).