Harmonising Cryptocurrency Regulation in Europe: Opportunities for Preventing Illicit Transactions

Vladlena Benson, Bogdan Adamyk*, Anitha Chinnaswamy, Oksana Adamyk

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This study focuses on the analysis of cryptocurrency regulatory developments in Europe. The aim is to review national crypto-legislation in Europe and the EU's latest initiative to create designated regulatory instruments for the crypto-economy.
This study assessed whether the European Union's Regulation on Markets in Crypto-Assets (MiCA) would have the intended effect.
Drawing on the results of a survey of crypto experts from five European countries, this study evaluated the effectiveness of current regulation across Europe and how it can be improved to reduce financial crimes. The findings show that a unified national legal framework for regulating transactions with crypto assets does not exist in European countries. Current crypto regulations are dictated by anti-money laundering recommendations.
This study provides suggestions for improving MiCA regulation. The article offers recommendations for an international regulatory standard for crypto assets and insights for increasing efficiency in regulating DeFi, NFTs, and smart contracts.
Original languageEnglish
JournalEuropean Journal of Law and Economics
Early online date4 Mar 2024
Publication statusE-pub ahead of print - 4 Mar 2024

Bibliographical note

Copyright © The Author(s), 2024. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit https://creativecommons.org/licenses/by/4.0/.


  • Blockchain
  • Cryptocurrency
  • Decentralised finance
  • G18
  • K20
  • Non-fungible tokens
  • Regulation
  • Smart contract


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