BLOCKCHAIN FINTECH AND THE LAW
1 Libro Autor José Manuel Martínez Sierra;
Rodrigo cetina Presuel y Eloi Colldeforns Papiol
Editorial Tirant Lo Blanch
PRIMERA EDICIÓN 2022
LIBRO POR ENCARGO
Blockchain, Fintech and
the Law explores the exciting possibilities of new financial technologies,
including, but not limited to the use of blockchain, and the regulatory and
legal implications of Fintech from
different perspectives.
This volume will be of interest to legal experts, law students and the general
public looking to learn about various topics related to Fintech and its current
regulatory realities, covering areas such as smart contracts and blockchain,
Tryptocurrencies and AI-fueled markets, financial inclusion of refugees, as
well as marketplace lending, money laundering or regulatory sandboxes. The book
also alerts of the challenges to human rights that Fintech can pose, including
breaches of privacy and personal data protection, as well as financial and
banking excusion of vulnerable populations, discrimination and bias in
marketplace lending and
other problems related to
the use of technology for financial services. Each chapter contains works by
current and former Harvard University Faculty and
Harvard Law School
researchers as well as recent graduates from Harvard Law School?s LLM and JD
programs. These legal scholars have converged through the Harvard European Law
Association
and the Harvard Law School
Blockchain and Fintech Initiative to deliver a work of reference for emerging
topics in Fintech and blockchain regulation
ÍNDICE:
Introduction
How Blockchains and Smart
Contracts have Changed
How we Do Business: Legal
Perspectives
I.
Introduction
II.
Distributed Systems and
Blockchain Definition
A.
Precursors and Properties
of Distributed Systems
1.
Consensus Algorithms
2.
Classical Consensus
Algorithms
3.
Bitcoin and Nakamoto
Consensus
III.
Properties of blockchain
systems
A.
From Classic Contracts to
Smart Contracts
1.
Approaching Smart
Contracts: Classic Contracts
2.
Embedded contracts
3.
Smart Contracts
4.
Pseudocode to Capture
Contracts
B.
How Smart Contracts and
Blockchain are
impacting the Way We Do
Business
1.
Evolution of governance
through blockchain
2.
Blockchain-Drive
Collaboration
3.
Evolution of the middleman
4.
Changes and Evolution of
Embedded Contracts
5.
Blockchain and data and
privacy rights
6.
Experiences in the
Application of
Blockchain and Smart
Contracting
C.
The Boundaries of Smart
Contracts and Blockchain
1.
Paradoxes around
Blockchain Technology
2.
The Cost of Rewriting
History
3.
Turing-Complete Coding
Boundaries
4.
The Limits of Tokenization
of Assets in Certain
Jurisdictions or Across
Different Countries
Legislations
5.
The Potential of
Blockchain for Privacy
and Personal Data
Protection
IV.
Conclusion: The Future of
blockchain and smart contracts
References
Crypto-assets, Privacy
Coins, and Money
Laundering Regulations
Elizabeth Ferrie
I.
Introduction
II.
AML Legal Landscape
A.
International AML/KYC
Compliance Regime
B.
United States AML/KYC
Compliance Regime:
Federal Regulatory
Agencies
C.
Federal Law/Regulations to
Combat Money Laundering
D.
United States AML/KYC
Compliance Regime: State Level
E.
European Union AML/KYC
Compliance Regime
F.
AML/KYC Compliance Regimes
of “Lenient
Jurisdictions—Singapore, Hong Kong, etc.
1.
Singapore
2.
Japan
3.
Malta
4.
Hong Kong
III.
How Non-Crypto AML
Compliance Works
IV.
How Crypto AML Enforcement
Works,
As Highlighted by Recent
Crackdowns
V.
Privacy Coins: New
Challenges for AML Compliance
A.
The power of the
blockchain to facilitate money laundering
B.
Cryptocurrencies with
Enhanced Anonymity
1.
Monero
2.
Zcash
3.
Dash
4.
Grin/Beam on Mimblewimble
Protocol
C.
Cryptocurrency Exchanges
with Enhanced Anonymity
D.
Response by Regulators
VI.
RegTech Solutions to
Promote AML Compliance
A.
Legal/Regulatory
Recommendations
for a Cryptocurrency
Future
B.
Regulatory Sandboxes
C.
Enhanced Liability on
Crypto Exchanges
D.
Self-Regulatory
Organizations
E.
Regulated ATS
F.
Clearly Defined Frameworks
for Specific
Crypto Activities
G.
Coordination with
international consortiums
to adopt consistent
regulations across borders
VII.
Conclusion
References
Market Manipulation in the
Age of Machines:
an Analysis of two Trading
Strategies
Ignacio Orellana García
I.
Introduction
II.
Making sense of market
manipulation
A.
The goals of trade
practices regulation
1.
Market efficiency
2.
Market integrity and
fairness
3.
Evaluating trading
practice regulations
B.
The rationale behind
market manipulation prohibitions
C.
Differentiating legitimate
from manipulative practices
1.
The subjective approach:
requiring proof of
manipulative intent
2.
The teleological approach:
Kyle and Viswanathan’s definition
as conduct that undermines
both price
accuracy and market
liquidity
3.
The descriptive approach:
Ledgerwood and
Carpenter’s trigger-nexus-target
framework
4.
The holistic approach:
Fox, Glosten,
and Rauterberg’s four question test
5.
A three criteria
manipulation assessment framework
D.
Is market manipulation law
outdated?
III.
Revaluating high frequency
trading strategies
under the lens of market
manipulation
A.
Manipulation through
high-speed spoofing?
1.
Effects on price accuracy
and market liquidity
2.
Profitability through a
trigger-nexus-target pattern
3.
Distinguishing traits
B.
Is pinging manipulative?
1.
Effects on price accuracy
and market liquidity
2.
Profitability through a
trigger-nexus-target pattern
3.
Distinguishing traits
4.
The pinging plus factor
IV.
Conclusion
Bibliography
Drawing a Line in the
Sand(Box): Challenges of
Regulatory Sandboxes for
Fintech Companies
Eloi Colldeforns Papiol
I.
Introduction
II.
What is a regulatory
sandbox?
A.
Concept
B.
Guiding principles of
regulatory sandboxes
1.
Technology neutrality
2.
Proportionality/risk-based
approach
3.
Market integrity and
customer protection
4.
Transparency
III.
Five key design challenges
of regulatory sandboxes
A.
Statutory mandate
B.
Openness of sandbox and
eligibility requirements
1.
Innovation requirement
2.
Quantitative limits
3.
Subjective qualitative
requirements
4.
Objective qualitative
requirements
C.
Regulatory relief
1.
Need for relief within the
sandbox
2.
Scope of relief
3.
Non-waivable rules or
standards
D.
Additional safeguards and
consumer protection
E.
Cross-sectoral and
international exportation
1.
Sectoral distribution of
financial supervision
2.
Domestic scalability
issues and territorial
fragmentation of financial
regulatory functions
3.
International scalability
issues
IV.
Conclusion
Bibliography
Financial Inclusion of
Refugees in Switzerland:
An analysis of financial
exclusion of refugees
in Switzerland and how
this issue can be tackled
Lea Hungerbühler
I.
Introduction
II.
Background
A.
Definition of financial
inclusion
B.
International endeavors
C.
Lack of attention in
industrial countries,
especially in Switzerland
D.
Refugees in Switzerland
III.
Offer of financial
services by Swiss banks
A.
Methodology and
restrictions
B.
Results
C.
Interpretation
IV.
Demand for financial
services by refugees
A.
Methodology and
restrictions
B.
Results
C.
Interpretation
V.
Intermediate conclusion:
Gap between offer and
demand
VI.
Reasons for the gap
between offer and demand
A.
Regulatory restrictions
B.
Economic reasons
C.
Reputational concerns and historical
reasons
D.
Isolation of Switzerland
within Europe
E.
Reluctance on the demand
side
VII.
Implications of financial
exclusion for persons concerned
VIII. Suggested solutions
A.
Regulatory amendments
B.
Federal strategy for
financial inclusion
C.
Increasing awareness with
banks, society and refugees
D.
Motivate innovative
players
E.
Further proposals
F.
Intermediate conclusion
IX.
Conclusion
References
Privacy and Data
Governance
Approaches in the US and
the EU.
A Marketplace Lending
Perspective on Technology,
Financial
Innovation and Civil Rights
José
Manuel Martínez Sierra
Rodrigo
Cetina Presuel
Manuel
Jesús Martínez López
I.
Introduction
II.
Origins and Evolution of
P2P Lending in Europe and the US
A.
From P2P Lending to
Marketplace Lending:
a Dynamic Concept
B.
Roles of Marketplaces
(3Ps): Profiling,
Pricing and Proposing
Matches. Personal Data,
Technology and Conflicting
Interests
III.
Privacy and Data
Protection Considerations regarding
Marketplace Lending
Practices in the EU and the US
A.
Specific Issues around
Privacy and Data
Protection in Marketplace
Lending
B.
Privacy and Data
Protection Requirements for
Marketplace Lending
Platforms in the United States
C.
Privacy and Data
Protection Requirements for Marketplace
Lending Platforms in the
European Union
The Case of GDPR
considerations in Marketplace Lending in the EU and the US: Technology as a
Driver for Financial Innovation and Discrimination?
A.
Discriminatory Lending
related to the Use of Big Data and Algorithms in Marketplace Lending in the
United States
B.
GDPR and Discriminatory
Lending related to the Use of Big Data and Algorithms in Marketplace Lending in
the EU
V.
Conclusions
Bibliography
FICHA TÉCNICA:
1 Libro
460
Páginas
Pasta
delgada en color plastificado
Primera
edición 2022
Autor
José Manuel Martínez Sierra;
Rodrigo
Cetina Presuel y Eloi Colldeforns Papiol
Editorial
Tirant Lo Blanch
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