# kaal:claim:3117224-034

**Claim.** Because cryptocurrencies are not issued by foreign central banks, Costa Rica does not consider them foreign currency and they cannot fall under the regulations of the exchange regime.

**Type.** mechanism  **Support.** evidenced

**Holds when.**

- Costa Rica

**Source quote.**

> As cryptocurrencies are also not issued by foreign central banks, they cannot be considered foreign currency and so cannot fall under the regulations of the exchange regime.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), IV. Regulatory Responses, page 25

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Topics.** systemic-risk

**Keywords.** costa-rica, central-bank, foreign-currency, regulatory-gaps

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