CONTEMPORARY FEATURES OF CRYPTOCURRENCY CIRCULATION AND FISCAL ISSUES OF CRYPTOCURRENCY TRANSACTIONS

Abstract

This article examines the emergence of cryptocurrency in the global financial market, classifying virtual currencies by characteristics (purpose, consensus mechanism, type of collateral, level of anonymity and technology, etc.), types (platforms, stablecoins, utility tokens, assetbacked and anonymous, etc.), and entities, providing examples in each group. The article presents the fundamental principles underlying their operation and ensuring their functioning, including decentralization, blockchain, cryptography, mining, transactions, and security. The importance of classifying the operating principles of cryptocurrencies is determined in the context of taxation specifics in various countries, such as the USA and EU, the UK and Singapore, and countries where cryptocurrency circulation is prohibited are also identified. The article offers recommendations for improving domestic legislative initiatives in the field of cryptocurrency regulation.