A study on the challenges and opportunities within the cryptosphere

Abstract

The purpose of this research paper is to gather an in-depth understanding of the cryptocurrency environment, risks, opportunities, and regulatory landscape. This will be done through a qualitative analysis of academic and other research papers available through online databases. It will be made evident that cryptocurrency present a significant level of ML/FT risks mainly due to gaps in the regulatory landscape governing such assets. This research paper is intended for policy makers and industry stakeholders to acquire a better understanding of the cryptocurrency industry, in order to raise awareness on the risks and opportunities of using cryptocurrency as a payment method. It also intends to identify recommendations for more effective policies. Without the implementation of the appropriate regulatory oversight, the cryptocurrency industry will be limited in its growth potential and less likely to attract more investment opportunities. Due to the increased interest in cryptocurrency research, it is important to evaluate current research whilst also pave the way for potential future research areas.