SINGAPORE MANAGEMENT UNIVERSITY YONG PUNG HOW SCHOOL OF LAW

2026

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This research paper argues against "crypto exceptionalism" in financial regulation, advocating for a functional approach that prioritizes economic activity over technological labels.

* Analyzes how various jurisdictions (EU, UK, Singapore, Japan, Hong Kong) create bespoke crypto regulations or adapt existing frameworks.
* Critiques the conceptual flaws and practical costs of crypto exceptionalism, including duplication, weakened technology neutrality, and fragmented doctrine.
* Proposes a functional alternative where regulation follows economic activity, drawing lessons from historical financial regulation and examining successful models in Switzerland and Canada.

Tags: financial regulation, cryptoassets, functional regulation, comparative law, legal theory

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