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Blockchain is the first global mechanism for the transfer and storage of value. Despite being conceived as an alternative to state and law, the technology and its use cases raise many legal questions, most notably, regarding jurisdiction and applicable law with respect to transactions and assets recorded on the blockchain. The issue is complex given the decentralised nature of the network. In this volume, academics and practitioners from various countries try to provide detailed answers to these questions as they relate to stablecoins, crypto-assets, crypto derivatives, Central Bank Digital Currencies, and Decentralised Autonomous Organisations (DAOs), as well as specific transactions and issues, such as property rights and bankruptcy. With specific chapters on national approaches (Germany, Japan, Liechtenstein, Switzerland, United States), the volume explores the need and possibility for legal harmonisation of these issues through global fora, such as the Hague Conference on Private International Law (HCCH).
Blockchain is the first global mechanism for the transfer and storage of value. Despite being conceived as an alternative to state and law, the technology and its use cases raise many legal questions, most notably, regarding jurisdiction and applicable law with respect to transactions and assets recorded on the blockchain. The issue is complex given the decentralised nature of the network. In this volume, academics and practitioners from various countries try to provide detailed answers to these questions as they relate to stablecoins, crypto-assets, crypto derivatives, Central Bank Digital Currencies, and Decentralised Autonomous Organisations (DAOs), as well as specific transactions and issues, such as property rights and bankruptcy. With specific chapters on national approaches (Germany, Japan, Liechtenstein, Switzerland, United States), the volume explores the need and possibility for legal harmonisation of these issues through global fora, such as the Hague Conference on Private International Law (HCCH).
Each unique volume is a valuable resource for anyone involved in investor-state and international commercial arbitration and mediation, including arbitrators, mediators, advocates, scholars, government officials, international institutions, educators, and students.
The series published an average of one volume per year over the last 5 years.
Abstract
The last two decades of the Korean foreign exchange market regulations, especially aftermath the 1997 Asian financial crisis, can be characterised by an increased emphasis on the capital account liberalisation and deregulation. Although several new types of regulatory measures were implemented to enhance market resilience in the midst of the 2008 global financial crisis, strict control measures were largely eased in order to facilitate cross border trades. However, there are still many remaining unresolved problems and the rapidly changing financial environment poses new challenges for legal institutions surrounding the foreign exchange market. This contribution aims to shed some light on the Korean government’s efforts to facilitate foreign transactions, while maintaining equilibrium in the balance of payments and stabilising the value of currency by regulating the external shock-sensitive market. It also offers some insight for the authorities to consider to improve the legal system by providing an in-depth analysis of the recent notable changes in the regulatory landscape.