Preparatory Resolution – Model United Nation Conference of Munich 2022

FORUM: General Assembly Committee Sixth Committee

QUESTION OF: The question of governmental access and involvement in cryptocurrencies, such as
Bitcoin, Ethereum and Cardano.

SUBMITTED BY: Belgium

CO-SUBMITTERS: …

The General Assembly,

Recognizes the challenges to governments concerning the possible consequences of

cryptocurrencies including illegal usage and fraud, contravention of fiscal policy, circumvention
of capital control, and the potential to upend the existing financial system,

Acknowledges the absence of a centralized entity in the cryptocurrency blockchain and the fact
that cryptocurrencies such as Bitcoin, Ethereum, and Cardano are not subject to government
regulations due to their structure of control, where they circulate without monetary authority,

Realising that more recent concepts in the cryptocurrency space like staking, liquidity providing,
and yield farming do not necessarily coincide with the laws introduced in the past,

Deeply concerned that over one and a half billion dollars have been lost to cryptocurrency fraud
and scams and hackers have already stolen nearly $2 billion worth of cryptocurrency this year,

Having examined the growing problem of cryptocurrencies unregulated, entailing risks and costs
regarding national monetary sovereignty, policy space and macroeconomic stability.

1. Calls for the amendment of laws and new regulations correlating to recent concepts in the
cryptocurrency space,

2. Encouraging the implementation of a law establishing that centralized exchange platforms or any
physical establishment providing the instruments to purchase, sell, trade, and transact cryptocurrencies
through their services are to inform and educate individuals through a course associated with a reward
post-completion before allowing individuals to purchase, sell, trade, and transact cryptocurrencies,

3. Further recommends the formation of an intergovernmental organization which could cooperate with
the public and private sector as well as with governmental agencies with the goal of ameliorating the
flawed cryptocurrency ecosystem through regulations and advancements,

4. Requests funding towards the development of a blockchain solution that helps AML compliance
officers to prevent widespread money laundering programs while aiming to reduce scams and frauds
through personal data collection upon access to the blockchain only through a third-party layer.