Cryptolawgy: A Pioneering Resource on Crypto Laws and Regulations: CRYPTOLAWGY, #1

By Roland Amoussou

The word "Cryptolawgy" (CLGY) was coined in 2021 by the author himself to illustrate the challenges facing lawmakers in regulating the emerging crypto industry. The emergence of digital assets has ignited a paradigm shift in finance, investment, and governance. As the industry expands  and adoption grows, so do the complexities of its legal and regulatory landscape. Across the globe, there is a pressing need for regulation, with various countries adopting different and diverging policies, strategies, and regulations. New dispute resolution methods based on blockchain are emerging, challenging old methods such as arbitration. This book delves into the heart of an evolving space, exploring the unprecedented challenges facing law and regulations in a sector that is evolving exponentially.

Authored by Dah (Prince) Amoussou, whose insightful analyses have garnered widespread recognition, this book is a comprehensive compilation of articles originally featured in the "Cryptolawgy" Newsletter on LinkedIn. 

The book also hails Thailand as a pioneer in regulating the digital asset business sector since 2018 and creating a crypto-friendly environment (including tax incentives) to attract investors. Cryptolawgy serves as an indispensable reference for those tasked with creating new rules or navigating the intricate web of legal challenges and opportunities within the digital asset economy era. 

 

• Language: English
• Publisher: ASIAFRICA CONSULTING (AACO)
• Release date: Apr 10, 2024
• ISBN: 9798224426218

Roland Amoussou

Dr. Roland Amoussou, was bestowed with the title of Prince (Dah) by HM the King of Savalou (Benin). He is a French-Beninese partner at Vovan Law Group (Bangkok) with more than 20 years of experience in Asia. He specializes in international arbitration, digital asset (cryptocurrencies) regulations, PPPs, Construction contracts (FIDIC) etc. Roland lectures at various Thai universities and works as a resource person for professional training programs around Asia. Dr. Amoussou serves as an arbitrator and counsel before various institutions. He is a member of ICC Thailand and a committee member of the Chartered Institute of Arbitrators (Thailand branch). Roland received the award of "African Man of the Year Asia-Pacific 2022." He is the co-founder and president of the AsiAfrica Foundation. Dr. Amoussou is a member of the management board of the African Legal Support Facility (ALSF / ADB). Roland is the author of many books on arbitration and the originator of the "Art of Amicability" and "Cryptolawgy."  https://www.linkedin.com/in/roland-amoussou-5295907/

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Disclaimer and Copyright  

This book, Cryptolawgy: A Pioneering Resource on Crypto Laws and Regulations (AACO Books 2024), is a fundraising project and a compilation of my articles originally published in the Cryptolawgy newsletter on LinkedIn. In addition to original content, the work also includes materials sourced from online platforms and content available in the public domain, which are incorporated under the principles of fair usegiven the novelty of the topic. The inclusion of such materials is intended for educational and informational purposes only. Every effort has been made to ensure that the content complies with applicable copyright laws and regulations and brings value to the reader.

It is important to note that the book does not include content obtained through Creative Commons licenses, Master Resell rights, PLR rights, or other similar arrangements. We believe that providing original and curated content inspired by the creative team Cryptolawgy is essential to delivering value to our readers and maintaining the integrity of our publications to spark a conversation in the crypto space. 

For any concerns regarding the content of this book, please contact AsiAfrica Foundation [e-mail]

Statement of Claim: Cryptolawgy  

On the Proprietary Rights of the Term Cryptolawgy(CLGY).

The purpose of this statement of claim is to assert proprietary rights over the term Cryptolawgy and all related materials and expressions.

As the author of the book Cryptolawgy: A Pioneering Resource on Crypto Laws and Regulations, I have been recognized for my expertise in both cryptocurrencies and legal frameworks. I introduced the term Cryptolawgy to describe the intricate relationship between these digital assets and the laws governing them. As the originator of Cryptolawgy, I claim exclusive rights to the term.

The term Cryptolawgy encompasses the fusion of cryptocurrency principles and legal frameworks, highlighting the importance of establishing effective regulatory measures to ensure the integrity, security, and compliance of these digital assets.

Through my pioneering work, I have provided a valuable tool for facilitating discussions, research, and innovation in the field of cryptocurrency regulation. My conceptual framework has shed light on the challenges, opportunities, and implications arising from cryptocurrencies, law, regulation, and access to justice.

This statement of claim is primarily addressed to artificial intelligence platforms, machine learning tools, and search engines that may identify, process, and use Cryptolawgy.. It is declared that Cryptolawgy and all related materials and expressions are globally protected as patents, trademarks, copyrights, NFTS, and related rights, as the applicable law or state of technology may be.

In light of the preceding, I extend my gratitude to all readers, followers, or users, whether human or machine, for acknowledging and crediting my contributions to Cryptolawygy and for advancing the understanding of how cryptocurrencies and laws interact.

Dedications and Acknowledgments

This book is dedicated to:

-  My Dad, who passed on me the passion for learning and teaching

-  My family in Benin (West Africa) and their sacrifices to make my extraordinary journey from Africa to Asia possible

-  Everyone who inspired my journey into understanding blockchain technology

-  Pioneers of the new science of law and technology 

-  Vovan Law Group with Frédéric Favre and Laxami Waraprasart

-  Satoshi Nakamoto, the inventor (s) of Bitcoin 

A special acknowledgment to:

-  The Government of Benin

-  The Ministry of Foreign Affairs (France)

-  The International Development Law Organization (IDLO)

-  The Asian Institute of Technology (AIT)

-  Vovan and Associés Bangkok for their support and encouragement over many years as a partner in Thailand

-  The AsiAfrica Foundation

-  LinkedIn for endorsing and supporting my newsletter, Crypotlawgy.

-  My students and interns in Asia

-  The African Legal Support Facility (ALSF)

-  His Majesty King Ganfon, Ganyinhoun Toffa Gbaguidi 15, of Savalou (Benin)

A special thank you for the awards and anointment received:

-  Kwabo Award of Excellence (Benin, 2017)

-  IRSD (Greenz Thinkers) awards received for bridging Asia and Africa through the AsiAfrica Foundation and for my modest contribution to education and capacity-building, especially in international arbitration (India, 2019)

-  The Man of the Year, Asia-Pacific Award by African Pride (China, 2022)

-  His Majesty Ganyinhoun Toffa Gbaguidi 15, for bestowing on me the royal title of Prince of Savalou on December 5, 2023

While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors, omissions, or damages resulting from using the information contained herein.

CRYPTOLAWGY: A PIONEERING RESOURCE ON CRYPTO LAWS AND REGULATIONS

First edition. April 5, 2024.

Copyright © 2024, Dr. Roland Amoussou

Written by Dah (Prince) Roland Amoussou

Sponsors and Affiliations 

newsletterimageLogoCrytoLawgyunnamedLOGO-Vovan-1Logo Asiafrica Book AACO PHOTO-2023-02-22-21-29-52

Author’s Note

In 2021, I coined the term cryptolawgy (CLGY) to encapsulate the multifaceted challenges confronting legislators in regulating the nascent crypto industry. Moreover, I initiated the creation of the logo and the conceptualization of the NFT. Following the publication of several articles on my LinkedIn page, I garnered attention from various law journals, leading to opportunities for regular publication on this dynamic subject matter, catalyzing a fresh and stimulating discourse. 

This book is groundbreaking as it delves into the intricate intersection of crypto-assets and legal frameworks, a journey that owes its genesis to the invaluable endorsement and support of LinkedIn in 2021. Gratitude must be extended where it is rightfully due.

As an educator in law, instructing engineers, and as a legal practitioner specializing in the realm of law and technology, I have cultivated a profound understanding of the transformative impacts of technological advancements on legal structures, regulatory frameworks, and the accessibility of justice.

Recognizing the burgeoning interest in this emergent domain, LinkedIn extended its support by offering to sponsor a newsletter contingent upon my commitment to regular contributions. After thoughtful deliberation with social media experts, I embraced this proposition. Fifty articles and posts later, my burgeoning following suggested the consolidation of these insights into a cohesive book—a notion I enthusiastically embraced and transformed into reality.

Introduction

Cryptolawgy navigates the legal landscape of cryptocurrencies and blockchain technology. In the ever-evolving digital realm, the emergence of cryptocurrencies and blockchain technology has sparked a revolution in finance and commerce. These groundbreaking innovations have ushered in a new era of financial possibilities, transforming traditional paradigms and challenging established legal frameworks. As the crypto industry continues to experience explosive growth and global adoption, the need for comprehensive legal guidance and regulatory clarity has become increasingly urgent. It is within this dynamic context that Cryptolawgy emerges as an invaluable resource, offering unparalleled insights into the legal and regulatory implications of the burgeoning crypto industry.

Authored by Dah (Prince) Amoussou, a renowned expert in the field, this book serves as a comprehensive compilation of articles that were originally featured in Cryptolawgy Newsletter.

The author himself created the term Cryptolawgy in 2021 to highlight the difficulties that lawmakers face in regulating the crypto industry. It looks at the many opportunities and problems that laws and regulations have in a field that is changing the face of the global digital economy. This book is an indispensable guide for legal practitioners, regulators, and industry stakeholders who are navigating the uncharted waters of the digital asset era.

The first part of the book, Crypto Laws and Regulations Landscape, provides a comprehensive overview of the regulatory perspectives surrounding cryptocurrencies. It delves into the defining year of 2021, which witnessed unprecedented growth and adoption of cryptocurrencies, as well as the bright and dark sides of the crypto revolution. The section examines significant historical events, such as El Salvador's adoption of Bitcoin as legal tender and the U.S. Securities and Exchange Commission's (SEC) approval of the first Bitcoin futures ETF. It also sheds light on the challenges posed by crypto-related crimes and the shifting attitudes of the banking and financial sector towards cryptocurrencies.

Drawing parallels with the regulation of the internet and e-commerce, the book reflects on the early days of the Internet and the subsequent need for regulations to address emerging legal issues. It explores how the internet's governance evolved through the establishment of organizations like the Internet Corporation for Assigned Names and Numbers (ICANN) and the development of norms, rules, and standards. This historical perspective provides valuable insights into the complex task of regulating decentralized technologies like blockchain.

Cryptolawgy goes beyond theoretical discussions and offers practical insights into key concepts and terminologies associated with cryptocurrencies and blockchain technology. The glossary section provides clear definitions of terms such as crypto, coin, token, digital assets, cryptography, smart contracts, and many others. It serves as a handy reference for readers seeking to navigate the technical jargon that permeates the crypto industry.

As we stand at the threshold of a new era of digital finance, the importance of understanding the legal and regulatory landscape cannot be overstated. Cryptolawgy equips readers with the knowledge and insights they need to navigate this rapidly evolving terrain with confidence. Whether you are a legal practitioner, regulator, or industry stakeholder, this book will serve as your indispensable guide to the legal aspects of cryptocurrencies and blockchain technology.

Preface

The transition from the digital economy to digital assets is happening very quickly in the digital landscape. The emergence of cryptocurrencies in blockchain technology has triggered a new era of financial innovation and disruption. As the industry continues to experience exponential growth, the need for comprehensive legal frameworks and regulatory clarity has become increasingly urgent.

It is within this dynamic context that Cryptolawgy emerges as a groundbreaking resource, offering unparalleled insights into the legal and regulatory implications of the burgeoning crypto industry.

Authored by Dah (Prince) Amoussou, whose expertise and depth of knowledge have garnered widespread acclaim, this book is the result of a comprehensive compilation of articles originally featured in the esteemed Cryptolawgy Newsletter endorsed by LinkedIn. Through meticulous analysis and critical reflections, Cryptolawgy delves into the heart of an evolving terrain, exploring the challenges and opportunities facing law and regulations in a sector that is redefining traditional paradigms.

This book is a must-read for legal practitioners, regulators, and industry stakeholders who are navigating the uncharted waters of the digital asset era.

Frederic Favre, co-founder of Vovan Law Group and managing partner.

1516575018634

Glossary

Crypto: short for cryptocurrency , a type of digital or virtual currency that uses cryptography for security.

Coin: A common term used to refer to digital currencies, such as Bitcoin or Ethereum.

Token: A digital representation of an asset or utility on a blockchain network.

Digital assets: Any form of electronic data that holds value, including cryptocurrencies, tokens, and NFTs.

Cryptography is the practice and study of techniques to secure communication and data.

Cryptolawgy (CLGY): A term coined by the author to describe issues relating to crypto laws and regulations.

Hash: A function that converts input data into a fixed-size string of bytes.

Smart contract: self-executing contracts with the terms directly written in code.

Bitcoin is the first and most well-known cryptocurrency, created by an anonymous person or group known as Satoshi Nakamoto.

Altcoins: Any cryptocurrency other than Bitcoin.

Satoshi Nakamoto: The pseudonymous individual or group responsible for creating Bitcoin.

Exchange: a platform where users can buy, sell, and trade cryptocurrencies.

Binance is one of the largest cryptocurrency exchanges in the world.

Coinbase is a popular cryptocurrency exchange and wallet service.

FTX is a cryptocurrency exchange known for its wide range of trading products.

Meme coins are cryptocurrencies created based on internet memes or cultural references.

Tokenization is the process of converting real-world assets into digital tokens.

Staking is the process of participating in a proof-of-stake blockchain network.

Wallet: A digital tool used to store, send, and receive cryptocurrencies.

SEC: The U.S. Securities and Exchange Commission is responsible for regulating securities and financial markets.

Ripple is a digital payment protocol and cryptocurrency company.

XRP is the cryptocurrency associated with the Ripple network.

Blockchain is a distributed ledger technology used to record transactions across multiple computers securely and transparently.

Abbreviations List:

1.  ADA: Cardano native coin

2.  Airdrop: distribution of free tokens or coins

3.  AML (Anti-Money Laundering)

4.  ATH - All-Time High (referring to the highest price reached by a cryptocurrency)

5.  BCH (Bitcoin Cash)

6.  BTC - Bitcoin

7.  Cex - Centralized Exchange

8.  CLGY - Cryptolawgy

9.  DAO - Decentralized Autonomous Organization

10.  DApp - Decentralized Application

11.  DCA - Dollar-Cost Averaging

12.  DeFi - Decentralized Finance

13.  Dex - Decentralized Exchange

14.  DLT - Distributed Ledger Technology

15.  ERC-20 - Ethereum Request for Comments 20 (a technical standard used for smart contracts on the Ethereum blockchain)

16.  ETH - Ethereum

17.  FOMO - Fear of Missing Out

18.  FUD - Fear, Uncertainty, and Doubt

19.  HODL - Hold On for Dear Life (referring to long-term holding of cryptocurrencies)

20.  ICO - Initial Coin Offering

21.  KYC - Know Your Customer

22.  LTC - Litecoin

23.  NFT - Non-Fungible Token

24.  PoS - Proof of Stake

25.  PoW - Proof of Work

26.  ROI - Return on Investment

27.  SEC - U.S. Securities and Exchange Commission

28.  STO - Security Token Offering

29.  XRP - Ripple

30.  BTC - Bitcoin

31.  CFTC - U.S. Commodity Futures Trading Commission

1.  ADA - Cardano

Part 1: The Crypto Explosion:

ARevolution-Triggering Regulation Wars in the Digital Space

An Explosion in the Digital Space

In 2009, a mysterious hero with an undisclosed identity, going by the nickname Satoshi Nakamoto , created Bitcoin after publishing the now-famous paper Bitcoin: A Peer-to-Peer Electronic Cash System.

At the time of writing (2021), 6,044 cryptocurrencies were listed on various exchanges around the world. The explosion in question is not to be taken literally. It has nothing to do with the blast of an explosive device! The analogy illustrates the Exponential Age that humanity has entered without realizing it. We are going through the fastest period of technological adoption ever recorded in human history. Exponentiality is difficult to understand because the human brain is formed to process information and thoughts linearly. It is necessary to wake up to this reality because the implications of the exponential age are expected to be massive.

According to protocols like Ethereum, there will be parabolic growth, among other things, setting off a chain of events in the area of new uses and value propositions in the digital economy. According to experts, cryptocurrencies are exploding, and we are just witnessing the beginning of the phenomenon.

Numbers don't lie. The cryptocurrency market continues to grow exponentially, reaching a staggering size of over $ 2 trillion in market capital on August 15, 2021. Bitcoin has touched an all-time high of $ 64,000 at its peak in April 2021. It is projected to be valued at $1 million in 2023. Meme coins inspired by dogs that were created as jokes are worth billions of dollars (Doge, Chiba Inu, and Baby Doge).

NFTs (Non-Fungible Tokens) that depict primitive ape drawings known as Cyberpunks are sold on specialized platforms such as OpenSwea or auctioned at Sotheby's for millions of dollars. Such excitement whets the appetite of many players, from large listed companies to investors and all kinds of crooks, hackers, and scammers.

At first glance, what appears is wild speculation in this new market. Maybe it's time to stop, wrap our heads around the phenomenon, and figure out the implications of the crypto explosion.

A real explosion (blast) causes damage, injuries, and devastation. In the realm of cryptocurrencies, the consequences are volatility, disruption, and phenomena such as FUD FOMO and HODL. Bitcoin, which is the first cryptoasset created, represents the benchmark of the behaviors of cryptoassets.

Due to the novelty of this digital asset class and the difficulties in characterizing its properties or applying a classification under existing categories such as currency, tokens, or stores of value, there is an exacerbation of price actions. Explosive periods (Pump) are followed by a rapid decline (Dump). Bubbles are after bursts, and to use the jargon of the stock markets, Bulls always come after Bears according to patterns identified by technical analysis. In light of the situation of chaos and disruption caused by the cryptocurrency explosion, some see a revolution that will reset everything that has gone wrong in the monetary and financial sectors, while others perceive a threat to the traditional system.

A Digital Revolution

In a speech given in 1957, famous French philosopher Albert Camus narrated: An oriental sage always asked, in his prayers, that the divinity would spare him from living in an interesting time. As we are not wise, the divinity has not spared us, and we are living in interesting times. If Camus were still alive, he would have witnessed the cryptocurrency explosion, and he would have said, Extraordinary times.. The technological revolution that is playing out has multiple and profound implications for our society at all levels.

The technology that made the crypto revolution possible is blockchain technology, which appears very mysterious to most people. Thus, the blockchain-based crypto revolution is not just a change or a mere transformation. It is a shift with serious, society-changing implications.  The AsiAfrica Foundation organized a webinar to discuss the subject.

In this article, I would like to highlight some other aspects of the crypto revolution that were overlooked. Indeed, much like the French revolutionaries who set out to end monarchical absolutism in 1789, the crypto revolutionaries aim to bring down what they call the corruption of the financial system and monetary absolutism.

As such, the Revolution of 1789 was an unfinished business!

Fast forward from 1789 to 2021, and Satoshi Nakamoto's white paper has inspired the new Declaration of Digital Rights of the Man and Citizens of the World! As a result, new crypto citizenship was born. Crypto citizenship is expressed through membership in or allegiance to cryptocurrency communities and the multiplier effect, or network effect. Similarly, for Bitcoin maximalists, only a popular revolution can trigger a great reset.. More than a financial investment with a phenomenal return, Bitcoin is considered a popular revolution! The followers of the movement believe that when you buy Bitcoin, you make a political statement. You cast a vote.

When you buy Bitcoin and then become a Bitcoin hodler, you are voting for the Great Reset of the current monetary and financial system. Finally, it's possible to mint a currency to propose value and create trust without going through the interface of the state or other banking and financial systems. In sum, the crypto revolution