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Decentralized Finance from the Perspective of Czech Financial Regulation and MiCA Proposal
Koliba, Viktor ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
1 Decentralized Finance from the Perspective of Czech Financial Regulation and MiCA Proposal Abstract Decentralized Finance constitutes a new system for allocating resources by using irreplicable digital data that can be processed within a predefined framework of automatic operations based on blockchain technology. Its development has brought not only new economic opportunities but also a number of risks and legal issues. Since Decentralized Finance is in its early stages, relevant legal questions relating to its positioning within the existing and forthcoming legal frameworks are still not firmly established yet. This thesis aims to answer those relating to the applicability of selected Czech financial regulations and the European Commission's Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, as well as validate the hypothesis that the wide scope of the MiCA Proposal could influence the ecosystem of Decentralized Finance. First, the important technical foundations of Decentralized Finance and their specifics were outlined, and relevant financial applications were established for further assessment. Subsequently, the applications were compared with the scope of the chosen Czech financial regulation, namely the Act on Payment System, the Act on Currency...
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The Principle and Economic Analysis of Bitcoin
Jiang, Jinggang ; Holub, Tomáš (advisor) ; Čech, František (referee)
The development of Internet technology has promoted the progress of all aspects of society. Under the background of Internet finance, the traditional financial model is changing, such as currency payment. With the deepening of Internet technology, the virtualization of money is deepening, and the market entry, trading and payment methods are also subverting the tradition. Bitcoin as a new means of payment began to appear in the public eye. It is a challenge to the traditional way of trading supported by Internet technology. Despite the constant controversy since its inception, Bitcoin still occupies a place with its unique advantages - Asymmetric encryption, decentralization,transparency of transaction records and so on. In the eyes of opponents, Bitcoin is more of a highly speculative asset, and as it becomes progressively more difficult to mine, the cost of mining is increasing. However, in the eyes of supporters, it is a reliable means of payment, not subject to government supervision, nor will it produce a virtual transaction record. From the regulator's point of view, it is more like a shelter for unscrupulous people to evade regulation and commit money laundering and crime. It is undeniable that in just a few years, Bitcoin has developed to a certain scale,has a certain industrial chain...
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