KU LEUVEN FACULTEIT RECHTSGELEERDHEID Academiejaar 2014 - 2015 Het juridisch statuut van virtuele munteenheden Bitcoin’s pragmatic legal vacuum Promotor : Prof. Dr. M.E. Storme Masterscriptie, ingediend door Begeleider: Drs. F. Helsen Cedric Hauben bij het eindexamen voor de graad van MASTER IN DE RECHTEN “There are few things more fascinating in our jurisprudence than the organization of what comes, almost immediately, to be perceived as a new field of law” - Grant GILMORE, 1974 Sterling professor of Law, Yale Univesity 2 Inhoudstafel Inhoudstafel ...................................................................................................................................... 3 Samenvatting .................................................................................................................................... 7 Dankwoord ........................................................................................................................................ 8 Inleiding ............................................................................................................................................. 9 Hoofdstuk 1: Situering ............................................................................................................... 11 §1.1. Wat is geld? ...................................................................................................................... 11 1.1.1. Definitie ......................................................................................................................................... 13 1.1.2. Theoriën ........................................................................................................................................ 15 1.1.2.1. State theory of money ..................................................................................................... 15 1.1.2.2. Societary theory of money ............................................................................................ 18 1.1.2.3. Institutional theory of money ..................................................................................... 19 1.1.2.4. Modern Monetary Theory ............................................................................................. 20 1.1.2.5. Overzicht .............................................................................................................................. 22 1.1.3. Elektronisch geld ....................................................................................................................... 22 1.1.3.1. Definitie ................................................................................................................................. 23 §1.2. Wat zijn virtuele munteenheden? ........................................................................... 26 1.2.1. Virtual currency schemes ...................................................................................................... 27 1.2.2. Werkwijze ..................................................................................................................................... 29 1.2.2.1. Closed virtual currency schemes ............................................................................... 30 1.2.2.2. Virtual currency schemes with unidirectional flow .......................................... 30 1.2.2.3. Virtual currency schemes with bidirectional flow ............................................. 31 1.2.3. Gecentraliseerd vs. gedecentraliseerd ............................................................................. 31 1.2.4. Overzicht relevantste cryptocurrencies .......................................................................... 32 §1.3. Wat is bitcoin? ................................................................................................................ 34 1.3.1. De ideologie ................................................................................................................................. 34 1.3.2. Het concept .................................................................................................................................. 35 1.3.3. Hoe kan men Bitcoins verkrijgen? ..................................................................................... 37 1.3.4. Geschiedenis ................................................................................................................................ 40 1.3.5. Koersevolutie .............................................................................................................................. 40 1.3.6. Hoe relevant is Bitcoin? .......................................................................................................... 42 1.3.7. Uiteenzetting belanghebbenden ......................................................................................... 48 1.3.7.1. Bitcoin users ........................................................................................................................ 48 1.3.7.2. Bitcoin exchanges .............................................................................................................. 49 1.3.7.3. Bitcoin merchants ............................................................................................................. 50 3 1.3.7.4. Bankensector ...................................................................................................................... 51 1.3.8. Bitcoin en illegale praktijken ............................................................................................... 51 Hoofdstuk 2: Juridische analyse ............................................................................................. 53 §2.1. Juridisch vacuüm? ......................................................................................................... 53 2.1.1. Belang nationaal contractenrecht bij transacties ........................................................ 54 §2.2. Goederenrechtelijk statuut ........................................................................................ 55 2.2.1. Consensus als achterliggende waarde ............................................................................. 55 2.2.2. De goederenrechtelijke kwalificatie van… ..................................................................... 56 2.2.2.1. Chartaal geld ....................................................................................................................... 56 2.2.2.2. Giraal geld ............................................................................................................................ 56 2.2.2.3. Virtuele munteenheden ................................................................................................. 57 2.2.3. Verkrijgingswijzen van eigendom ..................................................................................... 58 2.2.3.1. Chartaal geld ....................................................................................................................... 58 2.2.3.2. Virtueel geld ........................................................................................................................ 59 2.2.4. Zaakvorming ............................................................................................................................... 60 2.2.5. Grondstof versus schuldvordering .................................................................................... 61 2.2.6. Conclusie ....................................................................................................................................... 63 §2.3. Standpunt Belgische overheid .................................................................................. 63 2.3.1. FSMA en NBB .............................................................................................................................. 65 2.3.2. Interview NBB ............................................................................................................................ 67 2.3.3. KB 24 april 2014: Commercialiseringsverbod aan niet-professionele cliënten ....................................................................................................................................................................... 68 2.3.4. Onderdeel prospectuswet ..................................................................................................... 69 2.3.5. Conclusie ....................................................................................................................................... 70 §2.4. Analyse naar Europees recht ..................................................................................... 70 2.4.1. Overzicht ....................................................................................................................................... 71 2.4.2. Betalingsdiensten Richtlijn (PSD) ...................................................................................... 73 2.4.2.1. Systeem Bitcoin ................................................................................................................. 74 2.4.2.2.Bitcoin wisselkantoren .................................................................................................... 76 2.4.3. Richtlijn Financiële Markten (MFID) ................................................................................ 77 2.4.3.1. Bitcoinwisselkantoren onder de MFID ................................................................... 80 2.4.4. Verordening Kapitaalvereisten voor Kredietinstellingen (CIR) ........................... 81 2.4.4.1. Bitcoin