Taming the blockchain beast? Regulatory implications for the cryptocurrency Market
By Savva Shanaev, Satish Sharma, Binam Ghimire, Arina Shuraeva. Research In International Business and Finance, 2020
115 citations recorded by the source corpus.
This paper uses a unique dataset of 120 regulatory events from five classes to test the relevance of the regulatory framework for cryptocurrency value. Time-series market-wide estimates and panel estimates for 300 individual coins and tokens show statistically and economically significant impact of anti-money laundering and issuance regulation. Tighter regulation and more active role of government decrease cryptocurrency prices, evidencing that potentially lower risks and wider adoption commonly attributed to the establishment of the regulatory framework do not compensate for respective efficiency and consumer utility losses. The market is generally efficient in reflecting regulatory information in cryptocurrency prices.
Subfields: Information Systems, Sociology and Political Science, Visual Arts and Performing Arts
View Paper: https://www.semanticscholar.org/paper/92b0181fcfd6138b01f1081b8e74c137d4355e9c
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In Information Systems
Citations in the corpus
- Cryptocurrency trading: a comprehensive survey (2020, methodology): “[193] used data on 120 regulatory events to study the implications of cryptocurrency regulation and the results showed that stricter regulation of cryptocurrency is not desirable.”
- A systematic review of the bubble dynamics of cryptocurrency prices (2020, unknown): “…[2019]; Beneki et al. [2019]); evidence of price clustering (Urquhart [2017]; Kallinterakis and Wang [2019]), pricing bubbles (Corbet et al. [2018]), regulatory ambiguity (Fry [2018]; Shanaev et al. [2020]), and exceptional levels of both complex and uncomplex fraud (Gandal et al. [2018]).”