Crypto-currencies such as Bitcoin have received much coverage of late, with recent high-profile incidents such as Mt. Gox surfacing difficult questions about regulation. This project explored how we should think about regulating privately-ordered money and exchange systems, particularly in the context of the modern pluralistic legal order and the transnational reach of the internet. As a first step, the researcher prepared a response paper on recent MAS proposals on “virtual currencies”, and evaluated if they were adequate to address traditional regulatory interests such as financial stability and consumer protection. The paper also drew upon the “regulatory competition” literature and situate MAS’ efforts within the context of other efforts in other prominent jurisdictions.