FEATURES OF THE USE OF CRYPTOCURRENCY ON THE FINANCIAL MARKET

Abstract

The article reveals key aspects of the use of cryptocurrencies in the modern financial market, in particular in the context of the digital transformation of the economy and the development of innovative financial instruments. The author substantiates the relevance of the research topic in view of the exponential growth of the cryptocurrency market capitalization, its institutionalization, the introduction of blockchain technology into the financial sector and the strengthening of the integration of cryptocurrencies with traditional markets. It is established that in Ukraine cryptocurrencies are considered not only as an investment tool, but also as an alternative to traditional mechanisms for preserving value in conditions of macroeconomic instability. The dynamics of Ukraine's positions in the global crypto-asset adaptation rating are analyzed, and the main trends in the development of the cryptocurrency sector at the national level are identified. Particular attention is paid to the institutional environment and regulatory barriers, in particular the problems of legal uncertainty, tax regime, limited access to banking services and weak integration with the payment infrastructure. The need to complete the implementation of the Law of Ukraine «On Virtual Assets», create an effective regulatory system with a clear division of powers between the NBU and the NSSMC, as well as introduce effective mechanisms for financial monitoring of cryptocurrency transactions was emphasized. It was concluded that the development of the cryptocurrency market should be accompanied by increasing the level of financial literacy of the population, strengthening cybersecurity and stimulating energy-efficient technologies in the field of mining. The paper outlines strategic directions of state policy for harmonizing cryptocurrency regulation with international standards, which will ensure sustainable development of the national financial sector, promote financial inclusion and integrate the Ukrainian economy into global digital processes.