Project Summary
This project is hosted by: Institute of Advanced Legal Studies
- Research interests:
- Law
- Project period:
- 13-Oct-2022 - 14-Oct-2022
- Project categories:
- Events grant
- Project summary:
2021 was a busy year for cryptocurrency. China banned Bitcoin, whereas El Salvador declared Bitcoin to be legal tender. The UK started exploring the possibility of a Central Bank Digital Currency (CBDC), while Nigeria went a step further and introduced its own CBDC, the eNaira. Cryptocurrency was described as key to greater financial inclusion across Africa, though some Central Banks (eg Kenya) issued warnings about the dangers. 2022 promises to be a similarly busy year in the crypto-sphere. In January 2022, UK politicians established a cross-party ‘Crypto and Digital Assets Group’ with the aim of creating law and rules that will support innovation, while also ensuring that consumers are protected. The European Commission continues to develop its Regulation on Markets in Crypto-Assets (MiCA) as part of the Digital Assets Strategy; similarly the US is currently considering legislation that would regulate cryptocurrency. Regulation is also being explored by UK regulator, the Financial Conduct Authority (FCA).
This conference will explore the threats posed by cryptocurrency – including money laundering, sanctions evasion, fraud, rug pull scams, wash trading, copyright infringements, and environmental impacts. There are many examples to illustrate this: a 2022 report by blockchain data company Chainanalysis estimated that criminals received $14bn in cryptocurrencies in 2021;[1] a 2022 report from Europol detailed how criminal use of cryptocurrency is no longer confined to cybercrime, and that many criminal networks relied on cryptocurrencies as a payment medium during the Covid-19 pandemic;[2] six years on from the hacking, theft, and subsequent laundering, of over 2,000 bitcoin from Bitfinex, the US Department of Justice arrested the (alleged) perpetrators and they are currently on bail – the value of the bitcoin concerned was $3.6bn;[3] and there is ongoing concern that cryptocurrency is being used to circumvent sanctions applied following the Russian invasion of Ukraine.[4]
The sector has been described as a “Wild West” by the head of the US Securities and Exchange Commission, while the chair of the UK Financial Conduct Authority has suggested that legislators need to consider 3 issues when considering the role of crypto-regulation: 1. How to make it harder for digital tokens to be used for financial crime, 2. How to support useful innovation, and 3. The extent to which consumers should be free to buy unregulated (speculative) tokens and to assume personal responsibility. These three questions will form the central focus of this conference, to explore the threats and challenges posed by this innovative technology, while also acknowledging the potential benefits of cryptocurrencies.
These issues will be explored at a conference to be held in London on October 13-14, 2022. Apart from the invited keynote speakers, the rest of the programme will be filled following an open call for papers. PGR students will be encouraged to participate (including as presenters and/or chairing panels). The aim is to ensure a diversity of ideas, as well as speakers in terms of demographics and career stage. The conference will be ‘in-person’, though the possibility of live streaming is also being explored to ensure a wide reach. Back-up plans for an online event will be put in place, given the global pandemic.
Advancing the purposes of the criminal justice stream
This conference fits in with the stream convenors’ aim of organising events outside the annual conference, bringing together discussants on specific topics. A further aim in this regard is to involve non-academic participants, many of whom would not attend the annual conference. Further, we aim to cross disciplinary divides at these events, whereby crime-focused researchers can discuss research with colleagues in other areas of law and explore potential collaborations. Finally, we want to ensure that such events enable PGRs/ECRs to actively participate and to engage with senior colleagues and non-academic stakeholders. In line with the above:
- The call for papers, and the conference itself, will be advertised to members of the criminal justice stream. The conference will offer a dedicated forum to bring together criminal justice scholars (and others) working in this ever-growing field.
- The conference also offers the possibility of engaging with scholars in other fields (eg finance law; law and technology; environmental regulation). I will approach the convenors of the Banking and Finance Law stream about this conference, should funding be approved.
3. I have a track record of organising events that bring together academics, practitioners, and policymakers, many of which have led to successful collaborations between academics and stakeholders. Such collaborations will again be encouraged at this conference. Where possible, materials from the conference will be packaged together and distributed to relevant stakeholders (e.g. the cross-party ‘Crypto and Digital Assets Group’).
- Equally, I place a strong emphasis on involving PGRs/ECRs in my events, and aim to do so again for this conference.[5]
Finally, at the conference, the possibility of a special issue of a journal will be discussed with participants. I have previously co-edited four edited collections, and am fully aware of the importance of ensuring diversity of authors in such collections.
[1] BBC News, Crypto money laundering rises 30%, report finds (January 26, 2022).
[2] Europol, Cryptocurrencies: Tracing the Evolution of Criminal Finances (January 2022).
[3] Katie Benner, ‘Justice Dept Seizes $3.6 Billion in Bitcoin and Arrests Married Couple’ New York Times (February 8, 2022).
[4] Dan Milmo, ‘Could Putin be exploring cryptocurrencies to bypass western sanctions?’ The Guardian (March 1, 2022).
[5] One example of this was a dedicated conference on financial crime, involving 17 ECRs/PGRs, which was subsequently published as an edited collection: Katie Benson, Colin King and Clive Walker (eds) Assets, Crime and the State: Innovations in 21st Century Legal Responses (Routledge 2021).
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Management Details
Lead researcher & project contact:
| Name | Position | Institute | Organisation | Contact |
|---|---|---|---|---|
| Professor Colin King | Institute of Advanced Legal Studies | School of Advanced Study, University of London | colin.king@sas.ac.uk |
Funding:
| Funder | Grant type | Award |
|---|---|---|
| Society of Legal Scholars | Subject Sections Fund | £2,430.00 |