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The Characterisation of Cryptocurrencies in East Asia

出版	SSRN, 2019
URL	http://books.google.com.hk/books?id=59D_zgEACAAJ&hl=&source=gbs_api

註釋The East Asian cryptocurrency market has burgeoned in the past few years, especially in Japan, China, and South Korea. This means that more and more people are involved in dealings over this novel form of 'economic value'. But, what exactly are people selling and buying? Traditionally, things can be divided into moveables (i.e., tangible things such as books, physical money such as coins or notes, or intangible things such as debts etc.) and immoveables (i.e., land). While the rules pertaining to transactions in such traditional things are well recognised, the same cannot be said of cryptocurrencies. The uncertainty of their characterisation renders it difficult to be confident in transaction finality as a matter of law and also potentially exacerbates dispute resolution. Two issues merit exploration: Is a cryptocurrency a thing as such? If so, can it be the object of a property right? Many other relevant legal issues concerning cryptocurrencies (i.e., how they are protected by law, the legal rules relating to their transfer, or systematic deployment etc.) would hinge upon the above two fundamental issues. Their characterisation may also be significant for conflict of laws characterisation purposes as many of the essential infrastructure for the trading of cryptocurrencies (e.g., mining and exchanges) are located in East Asia. This Chapter aims to survey the major East Asian civil law jurisdictions (i.e. Japan, China, and South Korea) to ascertain how they may address these questions in the light of their respective laws.