The subject of the article is a study of the formation, development and implementation of Fintech technologies in the context of ideologies of sustainable development and innovation DeFi (Decentralized Finance) [6], caused by the intensification of large-scale digital economy and global digitalization of all spheres of production and services. blockchain and prospects for the spread of the Internet of Things (IoT) in combination with artificial intelligence (AI). Results of work. Features of chronology and joint course of epochs of industrial evolution together with stages of development of the financial technologies based on a combination and integration of so-called, drivers of "Fintech for sustainable development" (FT4SD) are designated and characterized. The toolbox of FT4SD is shown to be a triad of blockchain, AI and IoT, which together provide a synergistic effect of "decentralized finance", creating a virtually unlimited investment resource for technological innovation in the digital economy within the processes of sustainable development. Conclusions. Despite the difficult economic and epidemiological situation in the world in general and in Ukraine in particular, it has been shown that the ideology of "decentralized finance" has had and will have a positive result.
Vladyslav Tipanov, О. В. Драчов, Світлана Ткаленко, Tetiana Mirzodaieva · 5 authors
Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.
The article considers the concept of cryptocurrency, its history, features, pros and cons, ways of distribution of cryptocurrency in the world and in Ukraine. The problematic issues of making virtual currencies are considered, in particular, why this issue is relevant today. Cryptocurrency is an opportunity to look at economic issues from a new angle. Its emergence is due to the needs of the time. Undoubtedly, this is an actual technical achievement. Opportunities and popularity are currently growing at a rapid pace. It is similar in characteristics to ordinary money but has a number of features that are becoming increasingly popular today. There are many ways to earn cryptocurrency and make a profit from it. Сryptocurrency is a new word in money circulation. We can assume that cryptocurrency may soon become an alternative to traditional means of payment.
Cryptocurrency has attracted more attention recently. With the rapid increase in popularity of cryptocurrencies´ transactions it is necessary to adopt a unified approach to this novel, 21st century phenomenon. Since 2009, when the first cryptocurrency Bitcoin was created, thousands of other cryptocurrencies have appeared. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Multinational jurisdictions and professional institutions differ in their opinions about cryptocurrencies. There are opinions considering cryptocurrency a financial asset, a financial instrument, cash, cash equivalents, inventories or intangible asset. As there is no accounting standard within IFRS specifically addressing cryptocurrency, it is necessary to look at the existing IFRS and apply a principles-based approach. The aim of the paper is to compare the accounting of cryptocurrencies in Slovakia with the requirements and/or recommendations by other standards setters and authorities. Slovakia is selected as it is one of the first countries launching accounting regulation for cryptocurrency. The analysis and comparison are used as the main scientific methods in this study. The IFRS IC in June 2019 concluded that IAS 2 applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, holdings of cryptocurrencies should be accounted for under IAS 38. The Slovak Republic is applying different approach to holdings of cryptocurrency, the cryptocurrency is considered the short-term financial asset. Difference between Slovak and multinational solution is even in questions of cryptocurrency´s measurement.
The article presents a sketch of the most important legal and normative problems and challenges that are directly related to the emergence and development of cryptocurrencies. The case study is Poland, where in the first phase of existence, Bitcoin and other altcoins were considered property rights. Since 2018, under the Act on counteracting money laundering and terrorist financing, thanks to the unification of European Union law, they are classified as virtual currencies. The challenges identified in the course of the analysis that must be addressed include: the problem of creating an effective regulatory framework for the functioning of cryptocurrencies and placing them in the legal system; the problem of regulating relations with state institutions as monopolists in the field of finance and the worldwide trend of abandoning cash in favor of electronic payments and the formation of a cashless society
The analysis of separate tools for the visualization of movement of cryptocurrency values, and also identification of users who carried out the corresponding transactions has been carried out. The advantages and disadvantages of cryptocurrency from the point of view of offenders and law enforcement agencies have been studied. The main directions of using cryptocurrency in a criminal environment have been determined. The current state and perspectives of normative and legal regulation of cryptocurrency in Ukraine have been analyzed. Theoretical principles of cryptocurrency functioning have been studied. The basic concepts used in this area have been revealed. The properties of cryptocurrency have been described. The mechanism of its issuance of guaranteeing pseudo-anonymity while working with cryptocurrency has been outlined. Some features of blockchain technology and formation of cryptocurrency addresses have been revealed. It has been noted that one of the first and most well-known cryptocurrency is bitcoin. The format of bitcoin address presentation has been described. It has been emphasized that bitcoin wallet software can operate with any number of addresses or each address can be served by a separate wallet. The technology of mixing transactions and the method of increasing the anonymity of CoinJoin have been described. The authors have revealed the possibilities of separate services intended for the analysis of cryptocurrency transactions (Maltego, Bitconeview, Bitiodine, OpReturnTool, Blockchain.info, Anyblockanalytics.com, Chainalysis, Elliptic, Ciphertrace, Blockchain Inspector). The process of risk assessment and construction of visual chains of cryptocurrency transactions has been demonstrated on the example of the “Crystal Expert” service. Different types of bitcoin addresses’ holders and risk levels have been described. The main and additional investigation tools used on the “Crystal Expert” platform have been revealed. Based on the conducted analysis, the authors have defined the main tasks for law enforcement agencies at the current stage of development of cryptocurrency. The basic requirements for tools designed for cryptocurrency analysis have been outlined. The authors have suggested some measures of law enforcement agencies’ respond to threats related to cryptocurrency.
The article is devoted to the study of blockchain technology in the financial sphere of Ukraine, as well as accounting and audit of their application in domestic and international practice. The article contains data on the prospects of blockchain development in the world and in Ukraine, as well as information on the peculiarities of the use of such technologies in the perspective areas – accounting and audit. The article argues that the development of blockchain technology will enable the transition to more modern methods and techniques, which in turn will allow to modernize the accounting and auditing system. The principle of triple entry as a major component of blockchain technology in accounting is emphasized. One of the most promising areas of application of blockchain is accounting for accounts payable and receivable, tax accrual and payment, record keeping and documentation. The article highlights the advantages and disadvantages of using blockchain technology in the financial sphere of Ukraine.
В даній дипломній роботі було досліджено існуючі системи та технології, що дозволяють проводити обмін токенами різних блокчейнів атомарно, розроблено та описано алгоритм проведення атомарного обміну криптовалютами, розроблено хешовані смарт-контракти з часовою затримкою для мереж Bitcoin та Ethereum, розроблено інтерактивну систему, що дозволяє провести атомарний обмін криптовалютами. Результатом дипломної роботи є програмне забезпечення для проведення атомарного обміну криптовалютами для токенів мереж Bitcoin та Ethereum.
Teknolojinin gelişmesiyle birlikte son yıllarda küresel çağın sürekli ve değişen ihtiyaçlarına cevap verebilmek için her alanda olduğu gibi finans sektöründe de değişimler olmaktadır. Genel ve özel olarak çok fazla kripto para oluşturulmuştur. Örneğin Etherum, Bitcoin Cash, Ripple gibi kripto paralar ortaya çıkmıştır. Bunlardan en yaygın olanı ise Bitcoin'dir. Bu çerçevede popülerliği artarak hayatımızda yer alan kripto paraların finansal sisteme olan etkilerine değinilmektedir. Blok zinciri adını sıklıkla duyduğumuz kripto para madenciliği ve madencilerine de bu çalışmada yer verilmektedir. Özetle kripto paralar ve Bitcoin bu çerçevede ele alınacak ve incelenecektir. Bu tez çalışması kapsamında, BTC / USD döviz kuru, en yüksek işlem hacmi ve en değerli para birimleri ile EUR / USD, JPY / USD, XAU / UDS, CNY / USD, PETROL / USD pariteleri arasındaki ilişki Ocak 2017- Şubat 2021 dönemleri için Granger Nedensellik testi uygulanarak incelenmiştir. Analiz sonuçlarına göre EUR/USD, JPY/USD, XAU/USD paritesinden BTC/USD paritesine doğru tek yönlü bir nedenselliğin olduğu bulgusuna ulaşılmıştır. Diğer pariteler ile Bitcoin arasında nedensellik ilişkisi tespit edilememiştir.
Objective. Theobjective of the study is to determine the essence of cryptocurrencies and substantiate them as a type of digital financial asset. Methods. Methods of synthesis and generalization, comparative and stochastic analysis are used to define the basic concepts of cryptocurrencies, their main types and substantiate cryptocurrencies as a type of digital financial asset. Results. In the process of studying the meaning of the term "cryptocurrency" it is explained as a financial instrument, a global means of payment, circulation and investment, a specific asset, digital (virtual) currency, which exists in electronic form. Cryptocurrency is a special type of digital financial assets, the operation of which is based on a decentralized mechanism of issuance and circulation and is a complex system of information technology procedures based on cryptographic protection methods that regulate the identification of owners and record the change. The characteristics of the main types of cryptocurrencies are singled out and given, which include: Bitcoin, Lightcoin, Pircoin, Neimcoin, Fezerkoin. It is also determined that the main criteria of target functions, the calculations of which are used in cryptocurrencies, are the following: the inevitability of transactions; opportunity for anyone to check their validity; the complexity of calculations with the predicted speed. The factors of dependence of the value of cryptocurrencies are considered. They include: network factor (network size, breadth of its use as a measure of price or utility for consumers); demand or utility; attention of investors. The basis of each of the cryptocurrencies is a blockchain. The sequence of each transaction is determined by complex cryptographic functions: each transaction includes an electronically signed hash of the previous transaction; transactions are collected in blocks, and the hash of all transactions of the block is calculated for the header by constructing a Merkel tree; the block goes through the confirmation procedure with the inclusion of the hash of the previous block. The principle of operation of the blockchain is determined. It includes decentralization: the absence of a server in the chain; the work of the whole blockchain is supported by each participant; reliability: filtering operations; hash substitution is not possible; universality: the use of blockchain in various fields; theoretical infinity: addition of records to infinity; transparency: the inability to change data because transactions are stored and presented in the public domain. Thus, cryptocurrency is a high-risk and highly volatile instrument of a financial asset that can reduce risk through diversification, increase profitability and the desire to keep up with the times, based on blockchain technology.
Research background: As humanity evolves, so do the new payment options. Today, one of the most popular and powerful electronic money is Bitcoin. Over time, virtual currency is becoming one of the most widely available and used means of payment. Purpose of the article: The aim of this paper is to analyse ATMs in post offices, focusing on virtual currency ATMs. The paper also includes an analysis of available ATMs for virtual currencies and a comparison of their capabilities. Methods: We compare three most important ATM manufacturers and their most used models. It examines the use of those ATMs in post offices in Slovakia and abroad. Paper also analyses the attitude of customers of Slovak Post towards the deployment of virtual currency ATMs at its branches (on a sample of 400 respondents). Findings & Value added: In the Slovak Republic postal services are offered by several companies (19 out of 24 providers responded to our questionnaire). Slovak Post is leading provider of distribution, communication, and payment services in Slovakia. Czech Post is an example of country where virtual currency ATMs were introduced but subsequently withdrawn from post offices. In turn, Austrian Post Office is an example of a country where this system still operates and expands. While Slovak market still lacks such a service in the postal business, these trends will adapt over time. The virtual currency ATMs we have in Slovakia, are not operated by postal enterprises.
This article considers a fundamentally new type of forensic objects – virtual assets. It is noted that currently in Ukraine there is no legislation governing the circulation of virtual assets. The concept of the term «cryptocurrency» is defined by the state bodies of Ukraine, the issues of the essence of cryptocurrency, the order of its circulation are investigated, the assessment of the current state of cryptocurrency in various aspects is given. An algorithm for identifying cryptocurrency and its owner during forensic examination of virtual assets is proposed. Methodological issues of cryptocurrency valuation are considered. It is noted that in the decentralized economy of digital assets, the loan interest rate is absent or works completely differently. The absence of refinancing rates and derived key rates in digital finance, as well as other regulatory instruments, is due to the lack of centralized monetary policy institutions for cryptocurrency. It has been found that the application of traditional valuation and financial analysis methods to digital assets is completely incapable, as all models used for this type are based on borrowed interest and the value of money over time, as interest rates in the centralized financial system are ultimately set by monetary authorities. issuing currencies. It is offered to determine the value of cryptocurrency during the forensic examination of virtual assets at the exchange rate with appropriate adjustments.
The article explores the possibilities and international experience of using multi-functional and multi-level information blockchain technology, the main purpose of which is reliable accounting of financial transactions with various assets. A mechanism for determining the legitimacy of transactions sequence carried out using distributed ledger technology is considered. The main directions of the distributed ledger technology application by the business community in all spheres and sectors of the global economy are identified. The mechanism of using smart contracts based on block-technology in the Treasury servicing system was designed and presented. The preformed mechanism covers the management process of all Treasury servicing procedures of the estimates expenditure part of budget managers. The complex of advantages from the implementation of distributed ledger technology to the Treasury servicing system for state and local budgets is determined.
The use of various electronic gadgets and Internet communication has accelerated the development of the company in various areas of its activities, including in terms of accounting. The article presents data on the state and expected results of blockchain development in the world and in Ukraine, illustrates that the introduction of blockchain technology is currently taking place in various fields, one of the most promising of which is accounting and auditing. Transfer of all possible registers, investment projects to blockchain, connection of electronic services to block technology – one of the key tasks set by Ukraine at the opening of the fifth conference "Blockchain & Bitcoin Conference Kyiv", which discussed the introduction of distributed register technology in government processes and business, as well as the creation of a regulatory framework for the cryptocurrency industry and Initial coin offering (ICO). The purpose of the article is to investigate the level of use of blockchain technology by Ukrainian companies today in the field of accounting and auditing. The advantage of using blockchain technology is that it allows a company to record both sides of a transaction simultaneously in a shared book in real time, rather than simply storing verified records of financial transactions in separate privately created databases or ledgers. Among the most promising areas of implementation of the blockchain in Ukraine and the world, practitioners and experts called the accounting of receivables and payables and its repayment, accrual and payment of taxes, operational accounting and reporting, as well as work with documents and their storage. In the article, it is substantiated that the blockchain as an environment for economic processes and operations will lead to changes in the methodological tools of accounting and virtualization of accounting processes.
Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.
Omelchuk O. S., Baitaliuk D. R. Problems and prospects of legal regulation of country funding in Ukraine. – Article. The article is devoted to the problems of legal regulation of crowdfunding relations in Ukraine. It is determined that today the financing of commercial and socially important projects is becoming decentralized. Crowdfunding as a phenomenon has not been found to be new, but it has become widespread in the information age due to the spread of Internet technology. The opinion on the impossibility of correct definition of the sphere of regulated crowdfunding relations and methods of legal regulation is argued due to the fact that the domestic legislation does not establish a normative definition of the concept of crowdfunding. The available views on the definition of crowdfunding are analyzed, the author’s vision of the content of crowdfunding relations is formed. Crowdfunding relations were classified according to the type of project (commercial, social, environmental, creative crowdfunding), depending on the status of participants in crowdfunding relations (p2p-crowdfunding, p2b-crowdfunding, b2b-forms of crowdfunding), depending on the form of investment and the form of funds return. It is concluded that crowdfunding relations go beyond relations in the field of charity, credit, corporate or any other traditional contractual civil relations. It is proved that the private nature of these relations causes risks of violation of the rights of the parties to crowdfunding relations and public interests in cases of lack of proper legal regulation. According to the results of the study, the current legislation does not provide clear, transparent and effective mechanisms to protect donors’ rights in crowdfunding relations due to insufficient regulation of collective financing relations, lack of unity in law enforcement practice in determining the nature of such relations, uncertainty of crowdfunding status. An additional obstacle to resolving these issues at the legislative level is the transnational nature of such relations (the most popular crowdfunding platforms are outside domestic jurisdiction; a large number of projects involving funds are international and do not have a clear identification of their legal status in the public domain) and electronic form od relationships (cryptocurrency assets or platforms that do not provide personal and financial information to the recipient are increasingly used for crowdfunding).
The article is devoted to the study of cryptocurrency as a new means of payment, which is relevant both in Ukraine and abroad. The urgency of the problem described in the article is due to the accelerated scientific and technological progress and global computerization of society, where modern technologies contribute to the emergence and development of new mechanisms of the economy, in particular, relations using non-cash payments. The main features of cryptocurrency are considered and argued in the form of its advantages: availability, speed, decentralization, security, and disadvantages: unreliability, distrust of users, inability to cancel transactions, use to commit illegal acts. The features that are controversial in modern conditions are anonymity and transnationality. The main problems of cryptocurrency and its legal regulation are generalized. Emphasis is placed on the practice of regulating the cryptocurrency market in the European Union, as well as on the legislation of the Republic of Estonia in the field of virtual assets. The legal status of cryptocurrency in Ukraine is considered, which is an urgent problem on the way to its legalization both in the legislative and technical plan. Attempts to legally regulate a new type of currency are analyzed. Bills and acts of the National Bank of Ukraine in the field of cryptocurrency circulation are described. Gaps in the current legislation, in particular in the Law of Ukraine "On Prevention of Corruption", were identified, and ways to solve such problems were suggested. It is concluded that it is necessary to develop and create effective legislation in the field of regulation and control of cryptocurrency circulation not only at the national but also at the international level, because otherwise there is a threat to economic and financial life of the state and society and other problems for the international community. in the form of criminal acts with cryptocurrency, because today in Ukraine there is no effective legislation on the circulation of cryptocurrency, and the number of problems with the use of digital currency is growing every day, so it is worth paying attention to such components as the Internet and virtual assets, as in the leading countries of the world this direction is important in domestic and foreign policy.
Purpose. The aim of the article is deepening ideas about the place, role, tasks and mechanism of operation and prospects for the spread of cryptocurrencies as an innovative institutional form of money circulation in the context of globalization. Methodology of research. The theoretical and methodological basis of the study are the dialectical method of cognition, the conceptual provisions of economic theory, scientific works of foreign and domestic scientists on the mechanism of operation and prospects for the spread of cryptocurrencies in the context of globalization. A systematic approach to the study and timely detection of global problems of transformation of the nature of financial intermediation in the monetary system is also used. The study of economic aspects of the content of virtual digital assets (cryptocurrency) is carried out using such methods as analysis, synthesis, abstraction, generalization, scenario planning and forecasting of economic processes. Findings. A critical review of scientific developments on the content and features of the mechanism of cryptocurrencies in the economy with further outline of prospects for their spread in the context of globalization is performed. The developed theoretical and practical principles made it possible to reveal the content of transformations in the system of money circulation. The conducted research allowed to state the difference between the quasi-financial assets (digital virtual money) and traditional (fiduciary) money. Originality. The substantiation of theoretical and applied ideas about the speed and volume of distribution of virtual digital currencies in the conditions of globalization has been further developed, approaches to non-state payment support systems have been systematized. Practical value. The results of the conducted study can be the basis for further research on the spread of virtual digital currencies (cryptocurrencies), can also be used to shape the financial policy of Ukraine in the monetary system. Key words: cryptocurrency, global economy, financial intermediation, central bank, digital platforms.
Стаття присвячена адміністративно-правовому регулюванню ринку криптовалют в Украї- ні. Ринок криптоактивів протягом останніх років розвивається швидкими темпами. За даними авторитетної криптобіржі, «Сoingecko» станом на кінець березня 2021 року загальна капіта- лізація криптовалют складає більше 1 трлн. 760 млрд. дол. США, потенційно регулювання тако- го ринку може принести значні надходження до бюджету. Виявлено, що нагальною потребою учасників ринку криптовалют є вихід із тіні, тобто необхідність його легалізації, проте небез- печно створювати такий ринок без державного регулювання – це може мати значні ризики для фінансової стабільності та економічної безпеки держави. У статті наведено можливі варіан- ти адміністративно-правових методів державного регулювання ринку криптовалют. Державне регулювання ринку криптовалют – це система заходів задля здійснення підтримуючої, компен- саційної та регулюючої діяльності держави, спрямованої на створення ефективного функціону- вання ринку криптовалют. Основні складові частини системи державного регулювання ринку криптовалют: цілі та завдання державного регулювання; методи, принципи та інструменти державного регулювання; процес державного регулювання; ресурсне забезпечення державного регулювання. Досліджено стан адміністративно-правового регулювання ринку криптоактивів в Україні та виявлено, що на сьогодні державне регулювання такого ринку фактично не здій- снюється, хоча в 2020 році Україна зробила перші кроки для становлення такого ринку при- йнявши відповідні законодавчі акти. Адміністративно-правове регулювання ринку криптовалют в Україні повинно вирішувати такі завдання: стимулювати та розвивати діяльність, пов’язану з видобування криптовалют; захищати права та законні інтереси професійних учасників рин- ку криптовалют та їхніх клієнтів; врегулювати взаємовідносини професійних учасників ринку криптовалют.
Research background: Cryptocurrencies are a specific form of currency that has emerged with the rise of globalization and the Internet. At present, there are still no necessary guidelines to enable bitcoin to be accounted for uniformly, not even within the framework of the international accounting standards IFRS. Purpose of the article: That is to evaluate the possibilities of correct procedure in accounting for bitcoin according to applicable accounting regulations with identification of deficiencies and risks and overall impact on profit and loss statements and tax issues in reporting bitcoin, especially in income taxes and VAT. Methods: The evaluation will be performed using model examples that focus on the use of bitcoin in business. Four model examples: 1. bitcoin as a means of payment, 2. bitcoin extraction, 3. bitcoin speculation, 4. evaluation of bitcoin billing when paying salaries. For individual variants, income tax will be calculated according to valid regulations and any difference will be compared. Based on the synthesis of the obtained results of model examples, the reporting of bitcoin according to Czech accounting standards will be evaluated with subsequent recommendations for accounting entities and pointing out possible risks for reporting. Findings & Value added: If an entity wishes to use bitcoin in the course of its business, it may be advised to create appropriate analytical accounts or off-balance sheet records. This issue should be discussed and addressed in the legislation. This is a global issue, so it is necessary to pay sufficient attention to the uniform approach in accounting.
The article aims at assessing cryptocurrency dynamics in global economy; studying the prospects and risks of its use in business activities; suggesting approaches to recognize, record and value cryptocurrency in the accounting system of domestic enterprises. The article considers the prospects and risks of using cryptocurrencies by domestic businesses and identifies the importance of developing digital assets at an enterprise. The urgency of developing such accounting and of the necessity to manage cryptocurrencies at an enterprise is substantiated. It is established that the attitude to cryptocurrency and the level of development of the regulatory field significantly vary from state to state, and thus international regulations govern neither the use of nor accounting for such assets. The article substantiates the compliance of cryptocurrency with the recognition criteria for enterprise assets, thus making it necessary and possible for an enterprise accounting system to recognize cryptocurrency. The authors substantiate the options for attributing cryptocurrency to various types of enterprise assets. Due to the lack of regulation of cryptocurrency accounting at the legislative level, guidelines are suggested for the cryptocurrency accounting process, which include options for classifying cryptocurrency depending on the purpose of its use, namely: classifying cryptocurrency as intangible enterprise assets, but distinguishing between current and non-current assets, and monetary and non-monetary ones. Each of these options is accompanied by the use of separate accounts and the order of recording the valuation, use and disposal of cryptocurrency. Necessity to revalue cryptocurrencies due to their high volatility is substantiated. It is suggested to conduct revaluation of cryptocurrency to ensure objective valuation of assets and that of the enterprise in the form of revaluation (increase/decrease in the value) and by determining exchange rate differences.