Bitcoin bans & regulatory segmentation in digitally native asset markets

IF 6 2区 经济学 Q1 BUSINESS, FINANCE
Henrik Seikku , Imtiaz Sifat
{"title":"Bitcoin bans & regulatory segmentation in digitally native asset markets","authors":"Henrik Seikku ,&nbsp;Imtiaz Sifat","doi":"10.1016/j.intfin.2025.102261","DOIUrl":null,"url":null,"abstract":"<div><div>We examine whether regulatory barriers segment technologically integrated financial markets using Bitcoin bans across 19 countries (2013–2024). Unlike traditional markets where infrastructure creates natural frictions, Bitcoin operates on a global, permissionless network. Using proper maximum likelihood BEKK-GARCH and CCC-GARCH estimation, we find no significant differences in market integration between liberal and conservative regulatory regimes across four complementary tests. However, country-specific analysis reveals substantial heterogeneity: major markets (China, Russia) achieve partial segmentation while smaller markets show counter-intuitive increases in integration post-ban. Market size and development explain less than 10% of regulatory effectiveness variation. These findings challenge traditional segmentation theory, demonstrating that decentralized technology creates persistent cross-market linkages that transcend regulatory boundaries. The heterogeneous and often counterproductive regulatory outcomes suggest policymakers should prioritize international coordination over unilateral restrictions when addressing digitally native assets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102261"},"PeriodicalIF":6.0000,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Financial Markets Institutions & Money","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1042443125001519","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/11/19 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

We examine whether regulatory barriers segment technologically integrated financial markets using Bitcoin bans across 19 countries (2013–2024). Unlike traditional markets where infrastructure creates natural frictions, Bitcoin operates on a global, permissionless network. Using proper maximum likelihood BEKK-GARCH and CCC-GARCH estimation, we find no significant differences in market integration between liberal and conservative regulatory regimes across four complementary tests. However, country-specific analysis reveals substantial heterogeneity: major markets (China, Russia) achieve partial segmentation while smaller markets show counter-intuitive increases in integration post-ban. Market size and development explain less than 10% of regulatory effectiveness variation. These findings challenge traditional segmentation theory, demonstrating that decentralized technology creates persistent cross-market linkages that transcend regulatory boundaries. The heterogeneous and often counterproductive regulatory outcomes suggest policymakers should prioritize international coordination over unilateral restrictions when addressing digitally native assets.
数字原生资产市场中的比特币禁令和监管细分
我们研究了监管障碍是否分割了19个国家(2013-2024年)使用比特币禁令的技术整合金融市场。与基础设施会产生自然摩擦的传统市场不同,比特币在一个全球的、无需许可的网络上运行。使用适当的最大似然BEKK-GARCH和cc - garch估计,我们发现在四个互补测试中,自由和保守监管制度之间的市场整合没有显著差异。然而,针对具体国家的分析揭示了巨大的异质性:主要市场(中国、俄罗斯)实现了部分细分,而较小的市场在禁令后的一体化方面却出现了与直觉相反的增长。市场规模和发展只能解释不到10%的监管有效性差异。这些发现挑战了传统的分割理论,表明去中心化技术创造了超越监管边界的持久的跨市场联系。不同且往往适得其反的监管结果表明,在处理数字原生资产时,政策制定者应优先考虑国际协调,而不是单方面限制。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
6.60
自引率
10.00%
发文量
142
期刊介绍: International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信
小红书