|
|
Comparison of the legal regulation of crypto-currency in Switzerland, the United States of America and Japan
Yakimenka, Aliaksandr ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Resume In my graduation thesis I concentrated on the comparative characteristics of the legal regulation of crypto-currency in three countries: Switzerland, the United States of America and Japan. Because it is a very crucial and challenging topic today and many governments are trying to find the solution for it. These countries and their legal regulations are considered to be the best in the world in many aspects, that other countries are trying to be equal to and they took leading position in the creation of the legal base for crypto-currency. The goal of my graduation thesis is to provide comparative analysis of the legal regulation of crypto-currency in the countries that I selected. This problem was solved by wide spread usage of laws and regulations of these countries, internet resources that are studying this question as well as the knowledge obtained during my studies at the faculty. Comparative, descriptive and synthetic-analytical methods were used to resolve the given problem of my thesis. My graduation work is divided into parts for easier comprehension of such complicated and specific topic. The thesis includes introduction, the first part which gives general knowledge about the crypto-currency, the second part which is dedicated to the principals of crypto-currency functioning, Bitcoin is...
|
|
|
Do crypto-currencies form a new asset class?
Mayr, Samuel ; Krištoufek, Ladislav (advisor) ; Hanus, Luboš (referee)
This paper examines statistical properties of crypto-currencies' price variations in comparison with statistical properties of price variations in common financial markets. Price data of Bitcoin, ripple and Litecoin have been directly compared with price data of euro currency and stock index S&P500. Additionally, and compared with set of stylized facts of asset returns. The properties in scope of this work include an autocorrelation of day-to-day returns, a shape of return distributions, a volatility clustering, a leverage effect and a volume/volatility correlation. To answer the question of this thesis, we have tried to find unique differences in the way prices of crypto-currencies behave. After every point of the data analysis has been checked, we have concluded that the only major difference is in the shape and the significance of autocorrelation in day-to-day returns. While crypto-currencies seem to autocorrelate, there has been no such a cross-autocorrelation found in the benchmark values. Therefore, we argue that it is the most distinctive sign of crypto-currencies and the reason for crypto-currencies to be regarded as separate asset class. Powered by TCPDF (www.tcpdf.org)
|
|
| |
guest ::
