Blockchain Institutionalism

Blockchain promises decentralization, yet this is often an illusion: in reality, many systems conceal central points of control, with significant implications for their regulatory classification within the banking sector. This work provides an up-to-date, practice-oriented analysis of the risks associated with blockchain integration across three dimensions: technology, anti-money laundering, and crypto-based assets. It examines the regulatory compatibility of various blockchain architectures, the requirements for customer identification and information exchange, and the legal classification of payment, utility, and asset tokens, as well as stablecoins and NFTs. As these issues transcend national borders, the analysis is complemented by an overview of the U.S. legal landscape—including the GENIUS Act and the CLARITY Act.