{"id":"https://openalex.org/W7220693232","doi":"https://doi.org/10.1016/j.ssaho.2026.103719","title":"Regulatory structure and incentives for financial crime in digital asset markets: An analysis of expected utility from a legal and economic perspective","display_name":"Regulatory structure and incentives for financial crime in digital asset markets: An analysis of expected utility from a legal and economic perspective","publication_year":2026,"publication_date":"2026-10-06","ids":{"openalex":"https://openalex.org/W7220693232","doi":"https://doi.org/10.1016/j.ssaho.2026.103719"},"language":"en","primary_location":{"id":"doi:10.1016/j.ssaho.2026.103719","doi":"https://doi.org/10.1016/j.ssaho.2026.103719","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.ssaho.2026.103719","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2590291126012878/pdf","source":{"id":"https://openalex.org/S4210179183","display_name":"Social Sciences & Humanities Open","issn_l":"2590-2911","issn":["2590-2911"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Social Sciences & Humanities Open","raw_type":"journal-article"},"parent_works":[],"lineage":["https://openalex.org/W7220693232"],"child_works_count":0,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.sciencedirect.com/science/article/pii/S2590291126012878/pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5126443868","display_name":"Tinlaphas Chupantanarakul","orcid":"https://orcid.org/0000-0003-4991-7939","observed_orcids":["https://orcid.org/0000-0003-4991-7939"]},"institutions":[{"id":"https://openalex.org/I96916377","display_name":"Walailak University","ror":"https://ror.org/04b69g067","country_code":"TH","type":"education","lineage":["https://openalex.org/I96916377"]}],"countries":["TH"],"is_corresponding":true,"raw_author_name":"Tinlaphas Chupantanarakul","raw_affiliation_strings":["School of Law and Center of Geosocial and Cultural Research for Sustainable Development, Walailak University, 222 Thaiburi, Thasala District, Nakhon Si Thammarat, 80160, Thailand"],"raw_orcid":"https://orcid.org/0000-0003-4991-7939","affiliations":[{"raw_affiliation_string":"School of Law and Center of Geosocial and Cultural Research for Sustainable Development, Walailak University, 222 Thaiburi, Thasala District, Nakhon Si Thammarat, 80160, Thailand","institution_ids":["https://openalex.org/I96916377"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5126443868"],"corresponding_institution_ids":["https://openalex.org/I96916377"],"apc_list":{"value":1180,"currency":"USD","value_usd":1180},"apc_paid":{"value":1180,"currency":"USD","value_usd":1180},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"14","issue":null,"first_page":"103719","last_page":"103719"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11838","display_name":"Crime, Illicit Activities, and Governance","score":0.9247999787330627,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11838","display_name":"Crime, Illicit Activities, and Governance","score":0.9247999787330627,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12519","display_name":"Cybercrime and Law Enforcement Studies","score":0.05570000037550926,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11762","display_name":"Law, Economics, and Judicial Systems","score":0.004399999976158142,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/money-laundering","display_name":"money laundering","score":0.7919999957084656},{"id":"https://openalex.org/keywords/digital-assets","display_name":"digital assets","score":0.703000009059906},{"id":"https://openalex.org/keywords/financial-crime","display_name":"financial crime","score":0.7509999871253967},{"id":"https://openalex.org/keywords/expected-utility","display_name":"expected utility","score":0.7369999885559082},{"id":"https://openalex.org/keywords/deterrence-theory","display_name":"deterrence theory","score":0.9789999723434448},{"id":"https://openalex.org/keywords/regulatory-incentives","display_name":"regulatory incentives","score":0.5839999914169312},{"id":"https://openalex.org/keywords/cross-chain-bridges","display_name":"cross-chain bridges","score":0.6269999742507935},{"id":"https://openalex.org/keywords/decentralized-finance","display_name":"decentralized finance","score":0.6620000004768372},{"id":"https://openalex.org/keywords/mt-gox","display_name":"Mt. Gox","score":0.9419999718666077},{"id":"https://openalex.org/keywords/international-cooperation","display_name":"international cooperation","score":0.6790000200271606},{"id":"https://openalex.org/keywords/fintech","display_name":"fintech","score":0.4359999895095825}],"concepts":[{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6923999786376953},{"id":"https://openalex.org/C2780005421","wikidata":"https://www.wikidata.org/wiki/Q151900","display_name":"Money laundering","level":2,"score":0.6607999801635742},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.6089000105857849},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.6036999821662903},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5698999762535095},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5092999935150146},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4512999951839447},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.44850000739097595},{"id":"https://openalex.org/C60643870","wikidata":"https://www.wikidata.org/wiki/Q1949683","display_name":"Deterrence theory","level":2,"score":0.40790000557899475},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.4034000039100647},{"id":"https://openalex.org/C2778705799","wikidata":"https://www.wikidata.org/wiki/Q2823610","display_name":"Financial asset","level":2,"score":0.3522999882698059},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.33649998903274536},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.32010000944137573},{"id":"https://openalex.org/C2993353048","wikidata":"https://www.wikidata.org/wiki/Q5449702","display_name":"Economic crime","level":2,"score":0.3199000060558319},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.30730000138282776},{"id":"https://openalex.org/C203133693","wikidata":"https://www.wikidata.org/wiki/Q7283","display_name":"Terrorism","level":2,"score":0.30219998955726624},{"id":"https://openalex.org/C2780982575","wikidata":"https://www.wikidata.org/wiki/Q332142","display_name":"Deterrence (psychology)","level":2,"score":0.3019999861717224},{"id":"https://openalex.org/C2778510605","wikidata":"https://www.wikidata.org/wiki/Q4808810","display_name":"Asset specificity","level":3,"score":0.29739999771118164},{"id":"https://openalex.org/C112930515","wikidata":"https://www.wikidata.org/wiki/Q4389547","display_name":"Risk analysis (engineering)","level":1,"score":0.2851000130176544},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.28439998626708984},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.2728999853134155},{"id":"https://openalex.org/C127454912","wikidata":"https://www.wikidata.org/wiki/Q942582","display_name":"Cost\u2013benefit analysis","level":2,"score":0.2637999951839447},{"id":"https://openalex.org/C2985697011","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economic analysis","level":2,"score":0.257999986410141},{"id":"https://openalex.org/C510755694","wikidata":"https://www.wikidata.org/wiki/Q281095","display_name":"Financial regulation","level":2,"score":0.25699999928474426},{"id":"https://openalex.org/C2777644927","wikidata":"https://www.wikidata.org/wiki/Q2300947","display_name":"Social cost","level":2,"score":0.2554999887943268}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/j.ssaho.2026.103719","doi":"https://doi.org/10.1016/j.ssaho.2026.103719","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.ssaho.2026.103719","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2590291126012878/pdf","source":{"id":"https://openalex.org/S4210179183","display_name":"Social Sciences & Humanities Open","issn_l":"2590-2911","issn":["2590-2911"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Social Sciences & Humanities Open","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.6302901","doi":"https://doi.org/10.2139/ssrn.6302901","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.6302901","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:doaj.org/article:e0082ad964b74efdbe53e35e0204c413","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/e0082ad964b74efdbe53e35e0204c413","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Social Sciences and Humanities Open, Vol 14, Iss , Pp 103719- (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1016/j.ssaho.2026.103719","doi":"https://doi.org/10.1016/j.ssaho.2026.103719","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.ssaho.2026.103719","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2590291126012878/pdf","source":{"id":"https://openalex.org/S4210179183","display_name":"Social Sciences & Humanities Open","issn_l":"2590-2911","issn":["2590-2911"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Social Sciences & Humanities Open","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.9200000166893005,"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320310482","display_name":"Markedsmodningsfonden","ror":"https://ror.org/03k2ghn57"},{"id":"https://openalex.org/F4320326188","display_name":"Walailak University","ror":"https://ror.org/04b69g067"},{"id":"https://openalex.org/F4320329432","display_name":"Ministry of Higher Education, Science, Research and Innovation, Thailand","ror":"https://ror.org/03cqd2v24"},{"id":"https://openalex.org/F8970386038","display_name":"Office of the Permanent Secretary, Ministry of Higher Education, Science, Research and Innovation, Thailand","ror":null}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7220693232.pdf","grobid_xml":"https://content.openalex.org/works/W7220693232.grobid-xml"},"referenced_works_count":21,"referenced_works":["https://openalex.org/W1979290264","https://openalex.org/W1992854984","https://openalex.org/W2053855751","https://openalex.org/W2129660502","https://openalex.org/W2141951329","https://openalex.org/W2156109180","https://openalex.org/W2189821821","https://openalex.org/W2617428178","https://openalex.org/W2752617332","https://openalex.org/W2763766763","https://openalex.org/W3121502571","https://openalex.org/W4252261040","https://openalex.org/W4297433024","https://openalex.org/W4317888367","https://openalex.org/W4362241012","https://openalex.org/W4379032762","https://openalex.org/W4385271144","https://openalex.org/W4388480757","https://openalex.org/W4406731723","https://openalex.org/W4410001119","https://openalex.org/W7008417448"],"related_works":["https://openalex.org/W7217858937","https://openalex.org/W3109648197","https://openalex.org/W4408173993","https://openalex.org/W3202846846","https://openalex.org/W4386162914","https://openalex.org/W4285020329","https://openalex.org/W7162509194","https://openalex.org/W4408531519","https://openalex.org/W4387876977","https://openalex.org/W4408567385"],"abstract_inverted_index":{"The":[0,116],"expansion":[1],"of":[2,14,54,65,83,89,131,139,147,160,172,185,191],"fintech":[3],"and":[4,22,35,96,114,124,136,187],"digital":[5,24,90],"asset":[6,25],"markets":[7],"has":[8],"given":[9],"rise":[10],"to":[11,45,60],"new":[12],"forms":[13],"financial":[15],"crime,":[16],"particularly":[17],"money":[18,37],"laundering":[19,38],"through":[20],"sophisticated":[21],"difficult-to-detect":[23],"transactions.":[26],"Despite":[27],"many":[28],"countries":[29],"having":[30],"developed":[31],"clear":[32],"legal":[33,47,101,152],"frameworks":[34],"penalties,":[36],"persists.":[39],"This":[40,71],"situation":[41],"is":[42],"not":[43],"due":[44],"inadequate":[46],"provisions,":[48],"but":[49],"rather":[50],"reflects":[51],"the":[52,62,68,79,87,129,137,140,158,161,170,183,189],"limitations":[53],"regulatory":[55],"measures":[56,175],"that":[57,119],"have":[58],"failed":[59],"modify":[61],"incentive":[63],"structures":[64],"offenders":[66],"at":[67],"decision-making":[69],"stage.":[70],"research":[72],"presents":[73],"a":[74,100],"novel":[75],"contribution":[76],"by":[77,181],"performing":[78],"first":[80],"structural":[81],"analysis":[82,102],"expected":[84,163],"utility":[85],"in":[86],"context":[88],"assets.":[91],"It":[92],"integrates":[93],"Expected":[94],"Utility":[95],"Deterrence":[97],"Theory":[98],"with":[99,195],"framework,":[103],"using":[104],"comparative":[105],"case":[106],"studies":[107],"from":[108],"Mt.":[109],"Gox,":[110],"Terra\u2013LUNA,":[111],"Terraform":[112],"Labs,":[113],"ZipMEX.":[115],"study":[117],"found":[118],"combining":[120],"services,":[121],"cross-chain":[122],"bridges,":[123],"DeFi":[125],"protocols":[126],"significantly":[127],"reduces":[128],"probability":[130,184],"detection":[132,186],"(":[133,142],"p":[134],")":[135,144],"cost":[138,190],"offender":[141],"C":[143],",":[145],"independent":[146],"state-imposed":[148],"penalties.":[149],"Therefore,":[150],"adding":[151],"provisions":[153],"or":[154],"penalties":[155],"cannot":[156],"alter":[157],"calculation":[159],"offender\u2019s":[162],"utility.":[164],"To":[165],"be":[166],"effective,":[167],"Anti-Money":[168],"Laundering/Combating":[169],"Financing":[171],"Terrorism":[173],"(AML/CFT)":[174],"must":[176],"structurally":[177],"reduce":[178],"offenders\u2019":[179],"incentives":[180],"increasing":[182],"raising":[188],"criminal":[192],"activity,":[193],"coupled":[194],"robust":[196],"international":[197],"cooperation":[198],"mechanisms.":[199]},"counts_by_year":[],"updated_date":"2026-11-12T12:28:57.059296","created_date":"2026-10-07T00:00:00"}