Taming the blockchain beast? Regulatory implications for the cryptocurrency Market

Shanaev, Savva, Sharma, Satish, Ghimire, Binam and Shuraeva, Arina (2020) Taming the blockchain beast? Regulatory implications for the cryptocurrency Market. Research in International Business and Finance, 51. p. 101080. ISSN 0275-5319

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Official URL: http://doi.org/10.1016/j.ribaf.2019.101080


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.

Item Type: Article
Uncontrolled Keywords: Cryptocurrency, Cryptocurrency regulation, Anti-money laundering, Event studies
Subjects: N200 Management studies
N300 Finance
N400 Accounting
Department: Faculties > Business and Law > Newcastle Business School
Depositing User: Elena Carlaw
Date Deposited: 06 Sep 2019 14:03
Last Modified: 19 Nov 2019 09:04
URI: http://nrl.northumbria.ac.uk/id/eprint/40561

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