![]() This work will be published as a monograph by Routledge, Taylor Francis in December 2020. The search for legal solutions that will offer legitimacy to the innovations and safety to consumers is ongoing and Dr Kapsis’s work will contribute to them. These dramatic market developments, which are driven by revolutionary technologies and business models, and transform the digital financial landscape, currently remain without the necessary legal cover. In response, central banks around the world have been actively considering the issuing of their own digital currencies, which could offer more protections but face their own legal challenges, to compete against Libra and the other privately-issued crypto-assets. Acceptance of fee payment in cryptocurrency could give rise to own interest conflict issues: in law it is property rather than currency. The committee responds to requests from any PBA member concerning the impact of the provisions of the Pennsylvania Rules of Professional Conduct upon the member’s prospective conduct. The need for a regulatory framework acquired urgency after the announcement by Facebook in 2019 of its intention to launch a global digital payment system and financial infrastructure, based on Libra, a proposed cryptocurrency owned by it. For PBA members, hundreds of additional informal opinions (written by a member of the committee on specific ethics issues) are also available to search. Ethics opinions are issued by the PBA Legal Ethics and Professional Responsibility Committee. The ecosystem which has grown exponentially in recent years remains largely unregulated, which raises serious issues and concerns about the rights of the parties involved, consumer protection, crime prevention, and market stability and integrity. The monograph will also review the ethical issues surrounding the emergence and use of crypto-assets and will propose an ethical framework, which will ensure that they comply with the broader values accepted by society. ![]() It concluded that if payment in cryptocurrency is required by the terms of the agreement, then the fee agreement would constitute a business transaction under Rule 1.8 of the New York Rules of Professional Conduct and that. Crypto-assets is an innovative digital financial ecosystem based on blockchain and cryptography, which comprises a number of diverse types of assets led by Bitcoin that perform a variety of functions including as mediums of exchange, stores of value, and units of account.ĭr Kapsis’ s timely work will make a valuable contribution to the global efforts to regulate the ecosystem by proposing a set of legal rules and principles in this direction. The New York City Bar Association’s Professional Ethics Committee recently issued a formal opinion on this topic. Dr Ilias Kapsis is currently under research on the title: “Crypto-assets: Law, Ethics and the Quest for Legitimacy”. ![]()
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