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Cryptoassets in payments and payment services

In: Financial Services Law and Distributed Ledger Technology

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Abstract

This chapter considers the payment services legislation in relation to exchange tokens, e-money tokens and stablecoins. The extent of centralisation will be key to the regulatory treatment of a particular DLT-based service and the digital assets through which it operates. The chapter shows how Cryptoasset Service Providers (CASPs) perform much the same activities as traditional payment services providers and are most likely subject to the same regulations. The analysis requires more nuance though when applied to decentralised models where the activities of traditionally centralised financial intermediaries are replaced entirely by software providers and, in some cases, by individual developers, as in the case of Bitcoin.

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  • ., 2024. "Cryptoassets in payments and payment services," Chapters, in: Financial Services Law and Distributed Ledger Technology, chapter 10, pages 236-272, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21933_10
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035300884.00019
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    Law - Academic; Law - Professional;

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