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  Blockchains: Regulating the Unknown

Finck, M. (2018). Blockchains: Regulating the Unknown. German Law Journal, 19(4), 665-691.

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https://ssrn.com/abstract=3014641 (Preprint)
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Also published at SSRN as Max Planck Institute for Innovation & Competition Research Paper No. 17-13 under the title: Blockchain Regulation
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 Creators:
Finck, Michele1, Author           
Affiliations:
1MPI for Innovation and Competition, Max Planck Society, ou_2035291              

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 Abstract: This Article, which takes into account developments up until summer 2017, evaluates the
early days of regulatory engagement with blockchain technology. My analysis unfolds in
three parts. First, I provide a cursory overview of the technology itself to highlight
considerable uncertainties concerning its future. Regulators asked to engage with
distributed ledgers are thus compelled to regulate the unknown. Second, I will introduce a
typology of regulatory strategies adopted to date and highlight their respective advantages
and shortcomings. Third, I will outline a number of guiding principles regulators should
follow in respect of blockchain technology. I will make the argument that despite the
technology's uncertain future, early regulatory engagement is warranted as a young
technology is a malleable technology. As technology develops, law has to adapt. As a
consequence, I put forward a number of regulatory techniques, including a process of
polycentric co-regulation that relies on the regulatory potential of (blockchain) software and
the adoption of a so-called "2 8th regime" at the EU level which may help navigate the
uncertainties of blockchain development and regulation.

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Language(s): eng - English
 Dates: 2018
 Publication Status: Issued
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Title: German Law Journal
Source Genre: Journal
 Creator(s):
Affiliations:
Publ. Info: -
Pages: - Volume / Issue: 19 (4) Sequence Number: - Start / End Page: 665 - 691 Identifier: CoNE: https://pure.mpg.de/cone/journals/resource/1000000000224070