Measures to Control Crimes Relating to Cryptocurrencies.

Abstract

This research consists purposes were 1. to study the appropriate legal status for criminal offences relating to digital currency 2. to study the pattern of crimes which still remain in the loopholes of the laws and 3. to explore and find appropriate measures to control crimes. This research is qualitative research including documentary research on relevant Supreme Court precedent cases, as well as content analysis of data retrieved from internet networks. According to the research, it was found that: 1) Even though the status of property, money, electronic data, and documents are similar to digital currencies, yet there are physical limitations. Also, the nature of an offence and certain legal restrictions cannot be applied to suitably regulate cryptocurrencies. As such, it is suggested that the status of cryptocurrencies should be specifically created, and 2) patterns of crimes which remains a loophole in the law are as follows; 2.1 cryptocurrency theft, 2.2 cryptojacking. These two patterns of crimes are reprimandable, and are considered a danger to the society. It is therefore necessary to control and criminalize such conducts, and 3) offences relating to cryptocurrencies are borderless crimes, which are difficult to prevent and suppress merely with legal mechanisms of only one certain country. Consequently, apart from criminalizing the aforesaid conducts as clear legal measures, it is necessary to rely on instruments on international cooperation along with domestic laws to ensure effective prevention and suppression of crimes relating to cryptocurrencies.