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Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions
In 2008 the world witnessed a transformational shift in its financial services with the introduction and subsequent adoption of cryptocurrencies. The self-regulatory nature of cryptocurrencies is an attractive feature for its users. Unfortunately, this feature is equally as attractive for criminal u...
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| Format: | Thesis |
| Language: | English |
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Department of Commercial Law
2021
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| _version_ | 1867614053048778753 |
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| access_status_str | Open Access |
| author | Ernstzen, Cedrine Veanca |
| author2 | Ncube, Caroline |
| author_browse | Ernstzen, Cedrine Veanca Ncube, Caroline |
| author_facet | Ncube, Caroline Ernstzen, Cedrine Veanca |
| author_sort | Ernstzen, Cedrine Veanca |
| collection | Thesis |
| description | In 2008 the world witnessed a transformational shift in its financial services with the introduction and subsequent adoption of cryptocurrencies. The self-regulatory nature of cryptocurrencies is an attractive feature for its users. Unfortunately, this feature is equally as attractive for criminal use. It is for this reason that in 2018 the Financial Action Task Force amended its regulatory Recommendations to extend the obligations of anti-money laundering and combating the financing of terrorism to cryptocurrency service providers and users. In turn, jurisdictions such as the European Union have amended their anti-money laundering laws to give the Recommendations effect. However, cryptocurrency transactions are presently unregulated in Namibia, despite the country also being a member state of the Financial Action Task Force. Namibia's concerns surrounding cryptocurrencies are in no way limited to their ability to corrupt the integrity of its financial industry, but also their ability to evade Namibia's capital and exchange controls. These controls preserve Namibia's foreign reserves which can theoretically be under threat by pseudonymous cross-border cryptocurrency transactions. Consequently, the imminent threat which these transactions pose, in their current form void of regulation, can arguably be quantified by their lack of transparency, accountability, and their jurisdictional concerns. Notably, cryptocurrencies have the ability to lower the entry level for financial inclusion and have the potential to propel Namibia's economic growth if cultivated correctly. Therefore, this dissertation examines whether the licensing of cryptocurrency service providers within Namibia can remedy the ills that plague cross-border cryptocurrency transactions, in order to safeguard the integrity of Namibia's financial industry and ensure the preservation of its foreign reserves without stifling innovation. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/32706 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:45:55.352Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2021 |
| publishDateRange | 2021 |
| publishDateSort | 2021 |
| publisher | Department of Commercial Law |
| publisherStr | Department of Commercial Law |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/32706 Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions Ernstzen, Cedrine Veanca Ncube, Caroline Leach, James Commercial Law In 2008 the world witnessed a transformational shift in its financial services with the introduction and subsequent adoption of cryptocurrencies. The self-regulatory nature of cryptocurrencies is an attractive feature for its users. Unfortunately, this feature is equally as attractive for criminal use. It is for this reason that in 2018 the Financial Action Task Force amended its regulatory Recommendations to extend the obligations of anti-money laundering and combating the financing of terrorism to cryptocurrency service providers and users. In turn, jurisdictions such as the European Union have amended their anti-money laundering laws to give the Recommendations effect. However, cryptocurrency transactions are presently unregulated in Namibia, despite the country also being a member state of the Financial Action Task Force. Namibia's concerns surrounding cryptocurrencies are in no way limited to their ability to corrupt the integrity of its financial industry, but also their ability to evade Namibia's capital and exchange controls. These controls preserve Namibia's foreign reserves which can theoretically be under threat by pseudonymous cross-border cryptocurrency transactions. Consequently, the imminent threat which these transactions pose, in their current form void of regulation, can arguably be quantified by their lack of transparency, accountability, and their jurisdictional concerns. Notably, cryptocurrencies have the ability to lower the entry level for financial inclusion and have the potential to propel Namibia's economic growth if cultivated correctly. Therefore, this dissertation examines whether the licensing of cryptocurrency service providers within Namibia can remedy the ills that plague cross-border cryptocurrency transactions, in order to safeguard the integrity of Namibia's financial industry and ensure the preservation of its foreign reserves without stifling innovation. 2021-01-27T07:07:34Z 2021-01-27T07:07:34Z 2020 2021-01-26T09:47:31Z Master Thesis Masters LLM http://hdl.handle.net/11427/32706 eng application/pdf Department of Commercial Law Faculty of Law |
| spellingShingle | Commercial Law Ernstzen, Cedrine Veanca Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| thesis_degree_str | Master's |
| title | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| title_full | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| title_fullStr | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| title_full_unstemmed | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| title_short | Regulating a pseudonym: Namibia's regulatory response to cross-border Cryptocurrency transactions |
| title_sort | regulating a pseudonym namibia s regulatory response to cross border cryptocurrency transactions |
| topic | Commercial Law |
| url | http://hdl.handle.net/11427/32706 |
| work_keys_str_mv | AT ernstzencedrineveanca regulatingapseudonymnamibiasregulatoryresponsetocrossbordercryptocurrencytransactions |