Advanced International Journal for Research

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Illicit Use, Legitimacy, and Adoption of Cryptocurrencies: An Integrative Risk–Legitimacy Framework

Author(s) Mr. Mohammed Junaid Rizvi, Dr. Asad Ahmad
Country India
Abstract Cryptocurrencies have evolved from niche technological innovations into globally traded financial instruments, prompting growing interest from consumers, firms, and governments. Alongside this expansion, persistent concerns regarding illicit, unethical, and high-risk uses—such as money laundering, ransomware, market manipulation, and regulatory arbitrage—have shaped public discourse and policy responses. While empirical evidence suggests that such activities constitute a minority share of overall cryptocurrency usage, their visibility and symbolic impact have exerted a disproportionate influence on trust, regulation, and adoption outcomes.
This study examines how illicit and high-risk cryptocurrency use affects adoption through legitimacy mechanisms rather than direct economic prevalence. Drawing on interdisciplinary literature from finance, economics, information systems, and regulatory studies, the paper synthesizes empirical findings on misuse prevalence, analyzes cross-country regulatory responses, and evaluates stakeholder-specific adoption dynamics. Building on this synthesis, the study develops an integrative Risk–Legitimacy–Adoption framework that explains how misuse-related risks are mediated by regulatory responses and legitimacy perceptions to shape adoption across retail, institutional, and governmental contexts.
The findings demonstrate that effective, proportionate regulation can mitigate legitimacy erosion and support sustainable adoption, whereas inconsistent or overly restrictive approaches may exacerbate distrust and institutional hesitation. By reframing the relationship between cryptocurrency misuse and adoption, this study contributes to theory on financial innovation adoption, informs evidence-based regulatory design, and provides a foundation for future empirical research on digital financial governance.
Field Business Administration
Published In Volume 6, Issue 6, November-December 2025
Published On 2025-12-06
DOI https://doi.org/10.63363/aijfr.2025.v06i06.3134
Short DOI https://doi.org/hbntsb
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