Digital asset regulation approaches: comparing the world’s leading economies

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School of Business | Master's thesis
Degree programme
Information and Service Management (ISM)
67 + 6
This master’s thesis presents the differences in regulatory approaches of the leading economies in the world. It aims to offer a comprehensive perspective on how these economies address the regulatory challenges posed by the swiftly evolving environment of digital assets. A research method of document analysis is applied to examine various government documents aiming to achieve extensive understanding of the intricate details of the regulatory approaches. The regulation approaches are also compared to the regulation approaches of similar previous technology. The findings from the document analysis are then validated and cross referenced by an expert analysis providing insights into the industry. The findings from the research display the overall limitations of digital asset regulation frameworks inside the leading economies. Only 2 out of 10 nations have indicated their support towards the innovation and competence of their regulators, as they have established digital asset specific regulation frameworks. This observation showcases the difficulty in generating new regulation for innovations with a rapid and unpredictable pace of development. These pioneering nations will act as examples for other nations, therefore impacting the future global standards. Economic priorities and national strategies greatly influence a nation's regulatory orientation, as regulatory approaches towards both similar technologies have remained nearly identical over time. Institutional interest and the wider growth of the innovation is highly dependent on the global regulatory advancements. Nations with uncertain and complex regulatory environments obstruct the growth the innovation since the operators inside the industry are facing challenges in building trust and conducting their operations within legal boundaries. These nations risk losing technological advancement and market share of the industry as the operators relocate to regions with more favorable regulatory frameworks.
Thesis advisor
Penttinen, Esko
digital asset regulation, regulatory framework, document analysis, blockchain technology, comparative analysis
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