This master’s thesis primarily analyzes the legal regulation of crypto-assets in the European Union, with particular focus on the aspect of classification, that is, the categorization of different types and forms of crypto-assets. Such classification is crucial, since different categories are subject to different legal and tax regimes. Therefore, an accurate and detailed system of categorization is essential for legal certainty and predictability—not only for issuers of crypto-assets but also for their users. In addition, the thesis offers insight into how this matter is regulated worldwide in certain other legal systems, in order to better illustrate the various approaches and lines of reasoning adopted by different legislatures, with particular emphasis on the United States legal framework, which diverges the most from the European approach.
Since crypto-assets represent a relatively new branch of investment instruments and are still unfamiliar to many, a legal analysis cannot begin without first presenting the technology on which they are based and through which they are built, including their historical development and origins.
The thesis highlights the challenges and uncertainties faced by legislators when drafting legal rules, especially the problem of a rapidly changing field contrasted with the relatively slow and rigid adaptation of legal frameworks. The central question is whether the European regulatory approach is appropriate and sufficient, particularly when compared to the functional approach of the U.S. legal system. Finally, the thesis provides a direct comparison of the differences and similarities between the two systems, in order to clarify the answer to this question.
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