Relevance. Problem statement. The rapid development of Decentralized Finance (DeFi) and the expansion of blockchain technologies within the digital economy and the broader process of financial digitalization complicate the application of traditional approaches to accounting and taxation of digital assets. The absence of clear criteria for interpreting the economic substance of DeFi and its implications for the recognition, measurement, and disclosure requirements of digital assets leads to heterogeneity in accounting practices, reduced comparability of financial reporting, and increased risks for auditors and investors. Consequently, there is a need to identify accounting-relevant characteristics of DeFi that can serve as a basis for accounting decisions regarding digital assets and for establishing a unified approach to their classification and measurement in accordance with International Financial Reporting Standards (IFRS). The purpose of the article is to provide a conceptual justification and structured generalization of the impact of DeFi and blockchain technologies on the methodology of accounting for digital assets through the identification of accounting-relevant characteristics that determine the specific features of their recognition, measurement, and disclosure in financial statements in accordance with IFRS, as well as their implications for the formation of tax liabilities within the DeFi environment. Methodology. The research objectives were addressed using general scientific and specialized methods, including analysis, synthesis, induction, deduction, comparison, abstraction, and a systems approach, which ensured an appropriate level of substantiation of the proposed arguments and the formulation of well-grounded conclusions. Results. The findings indicate that the transactional transparency of blockchain is accompanied by new valuation risks that affect asset measurement and revenue recognition. Existing tax regulations often fail to account for the specific characteristics of the DeFi ecosystem. Accounting-relevant characteristics of DeFi have been systematized, demonstrating that their influence extends beyond the accounting treatment of digital assets to the specific features of the protocol-based financial architecture within which economic rights and obligations are executed through algorithmic mechanisms without a centralized counterparty. Their systemic impact on the application of control criteria, the determination of the existence of contractual rights to claims, the selection of measurement models, the identification of the timing of revenue and liability recognition, and the scope of risk disclosures under IFRS has been substantiated. The theoretical contribution of the results lies in shifting from a descriptive analysis of blockchain technology to a structured accounting interpretation of DeFi from the perspective of control, measurement, and risk management concepts. Practical significance. The identification of accounting-relevant characteristics of DeFi is essential for developing a systematic approach to accounting for digital assets in a decentralized environment, as the protocol-based ecosystem of DeFi fundamentally alters the nature of the emergence of rights and obligations as well as the accrual of income, directly affecting the application of IFRS requirements. Such an approach ensures conceptual consistency between technological innovations and the regulatory framework of accounting and enhances the quality of financial information under conditions of financial system digitalization. The practical significance of the study lies in establishing a basis for updating corporate accounting policies and developing tax instruments that promote transparency and reduce risks in the digital asset sector. Prospects for further research. Future research should focus on improving disclosure standards and developing algorithmic models for the automated identification of economic transactions and tax events based on on-chain data.
The rapid development of financial technologies and the spread of blockchain infrastructure have contributed to the emergence of new digital financial assets, among which stablecoins hold an important place. Unlike traditional cryptocurrencies, they are characterized by relative price stability, which is ensured by pegging to fiat currencies, commodity assets, or the use of algorithmic mechanisms for regulating token supply, creating conditions for their use in payment systems, international settlements, and decentralized financial services. The aim of the article is to study the economic essence of stablecoins, determine their role in modern payment systems, and analyze trends in the development of the stable digital asset market based on an assessment of their market capitalization. In the course of the research, general scientific and specialized methods of scientific knowledge were used, in particular methods of system analysis, generalization, comparative analysis, and structural study of the crypto-asset market. The article examines approaches to the classification of stablecoins depending on the type of their backing, in particular fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins. The main directions of the use of stablecoins in the modern financial infrastructure are identified, including cryptocurrency exchanges, decentralized finance platforms, and cross-border payments. A comparative analysis of traditional payment systems and payment systems based on stablecoins was carried out, which made it possible to determine their advantages in transaction speed, global accessibility, and reduction of transaction costs. Special attention is paid to the analysis of the market structure of stablecoins. It was found that at the beginning of 2026, the total capitalization of this segment exceeds USD 300 billion, which indicates its rapid growth. At the same time, the market is characterized by a high level of capital concentration, as more than 80% of its volume is concentrated in the two largest stablecoins, namely USDT and USDC. As a result of the study, it was concluded that stablecoins are gradually transforming from an auxiliary tool of cryptocurrency trading into an important element of the global payment infrastructure. A further development of this segment will depend on the improvement of regulatory mechanisms, increased transparency of reserve backing, and the integration of stablecoins into the traditional financial system.
Стаття присвячена створенню мультимодальної системи прогнозування Bitcoin, яка об’єднує традицiйнi ринковi показники з аналiзом новин через нейромережi LSTM та GRU. Завдяки використанню GDELT та моделi FinBERT авторам вдалося видiлити вплив геополiтики й фiнансiв на крипторинок, що пiдняло точнiсть прогнозiв на 15-хвилинних iнтервалах з 53,2% до вражаючих 77,8%. Головна особливiсть пiдходу — механiзм щотижневого адаптивного донавчання, який рятує модель вiд застарiвання, та виявлення 30-хвилинної затримки, з якою макроекономiчнi новини реально вiдображаються на цiнi. Наукова новизна зосереджена на алгоритмi автоматичного коригування ваг мережi, що дозволяє системi самостiйно пiдтримувати актуальнiсть в умовах хаотичного ринку.
The article is devoted to the development of a hybrid strategy for the innovative growth of the Ukrainian neobank Monobank through the integration of cryptocurrency services in the context of the draft law on cryptocurrency legalization under consideration in the Verkhovna Rada. The relevance of the study is determined by the need to diversify neobanks’ income sources amid market saturation and regulatory changes in the field of digital assets. The classification of Monobank as a neobank is substantiated according to the criteria of the European Banking Authority: a fully digital model without physical branches, a client-centric business model, its own technological platform, and a methodology for rapid product development. A SWOT analysis of the bank’s competitive position revealed an imbalance between opportunities and threats under martial law, cyber risks, and regulatory uncertainty. A comparative analysis of the crypto-strategies of international neobanks Revolut and Nubank confirmed the advantages of the intermediary role over issuing a proprietary token. Revolut’s success is based on phased integration and obtaining regulatory licenses, while Nubank’s failure with its own token demonstrates the risks of hasty decisions without a clear regulatory strategy. The concept of the Monobank Crypto Hub has been developed with a three-phase implementation: the first stage focuses on basic functionality with mandatory transaction limits and an educational module to minimize reputational risks; the second stage provides for expanded functionality through staking and premium subscription; the third stage includes a full ecosystem with crypto-deposits and integrations with decentralized finance protocols. Financial modeling demonstrates a gradual achievement of break-even with emphasis on managing operational and reputational risks. The practical value of the study lies in the formation of a concrete roadmap for crypto-integration for Ukrainian fintech companies.
The article explores cryptoeconomics as a new paradigm for the development of transaction theory and financial intermediation in the context of the digital transformation of the global economy. It is substantiated that the rapid introduction of blockchain technologies, smart contracts and asset tokenization mechanisms causes qualitative changes in the ways of organizing economic interaction, forming a transition from institutionally mediated to algorithmically managed trust systems. The evolution of theoretical approaches to transaction costs is revealed, in particular in the context of the ideas of R. Coase, O. Williamson and D. North, and their transformation in the digital environment is proven, where the key functions of coordination, control and verification are implemented through decentralized protocols. It is established that cryptoeconomics forms a new structure of transaction costs, in which the costs of coordination, monitoring and ensuring the execution of transactions are reduced, while the costs associated with the functioning of the network infrastructure appear. The main characteristics of the cryptoeconomic environment are highlighted: transparency, self-fulfillment of transactions, distributiveness of risks, autonomy of economic agents and the algorithmic nature of trust. Particular attention is paid to the role of decentralized finance (DeFi) and decentralized autonomous organizations (DAO) as new forms of organization of financial relations. A conceptual model of “new transactionality” is proposed, within which economic relations acquire a network character, and cryptocurrencies perform not only the function of a financial asset, but also an institutional mechanism of market self-regulation. It is proved that trust is transformed from a socio-legal category into a technologically guaranteed property of the protocol. It is concluded that cryptoeconomics forms the basis for the formation of a new financial architecture based on the principles of decentralization, digital trust and algorithmic management, determining the strategic directions of development of global economic systems in the 21st century
The article examines financial monitoring in the field of virtual asset circulation, including cryptocurrencies, tokenized assets, and decentralized financial platforms. The rapid expansion of the virtual asset market creates new economic opportunities while simultaneously generating heightened risks related to money laundering, terrorist financing, and sanctions evasion, which necessitates effective regulatory and supervisory responses. Problem statement. The core problem lies in the insufficient alignment of national financial monitoring mechanisms for virtual assets with international FATF standards and European regulatory approaches, as well as the fragmented enforcement practices in Ukraine amid the rapid evolution of the crypto market. Unresolved aspects. Despite ongoing regulatory efforts, significant gaps remain in the effective implementation of FATF Recommendation 15, the operationalization of the Travel Rule, coordination among national supervisory authorities, and oversight of decentralized finance services and cross-border virtual asset transactions. Purpose of the article. The purpose of the study is to conduct a comprehensive analysis of international financial monitoring standards applicable to virtual assets, assess current money laundering and terrorist financing risks, and substantiate directions for improving Ukraine’s regulatory framework in line with FATF requirements and EU practices. Main content. The article analyzes the legal nature of virtual assets, FATF requirements for Virtual Asset Service Providers (VASPs), the application of the Travel Rule, and empirical data on illicit crypto transactions based on Chainalysis reports. Particular attention is paid to the European regulatory model established by the Markets in Crypto-Assets Regulation (MiCA), as well as to the comparative analysis of the concepts of VASP and Crypto-Asset Service Provider (CASP). The current state of legal regulation and financial monitoring of virtual assets in Ukraine is also assessed. Conclusions. The study demonstrates that effective financial monitoring of virtual assets can be achieved only through a comprehensive approach combining FATF international standards, harmonization with EU law, advanced analytical technologies, and strengthened institutional capacity of national regulators. The practical value of the research lies in developing recommendations aimed at enhancing Ukraine’s financial security and reducing money laundering and terrorist financing risks in the virtual asset market.
The development of network-type organizations is accompanied by the transformation of traditional management approaches, particularly the shift from centralized to distributed responsibility within business processes. Such transformation necessitates a reconsideration of management architecture, integrating responsibility into interconnected processes, roles, and digital environments. The study’s relevance stems from the need to enhance organizational flexibility, adaptability, and resilience in dynamic, uncertain environments. The purpose of the study is to identify mechanisms for implementing distributed responsibility in the architecture of business processes in modern network-type organizations, substantiate approaches to integrating it, and analyze its impact on the effectiveness of managerial decision-making and on interaction among process participants. The study applies systemic and process-based approaches, structural-functional analysis, business process modeling, comparative analysis of modern management practices, and the generalization of theoretical provisions on organizational design and decentralized management. It has been established that implementing distributed responsibility involves decomposing business processes into autonomous yet interconnected elements with clearly defined roles and areas of responsibility. The effectiveness of such a model is ensured through the use of digital platforms, horizontal coordination mechanisms, and transparent tools for monitoring task execution. It is substantiated that integrating decentralization principles leads to faster decision-making, greater employee engagement, and reduced managerial risk. The implementation of distributed responsibility in the architecture of business processes forms a new management paradigm focused on flexibility, adaptability, and collaborative interaction. The combination of a process-based approach with network principles of organizational activity enhances the efficiency of modern organizations and lays the groundwork for their sustainable development in the context of digital transformation.
The article examines the role of cryptocurrencies in developing electronic commerce and transforming modern payment infrastructure within the digital economy. Particular attention is paid to the economic nature of cryptocurrencies as innovative financial instruments and their increasing use in online commercial transactions. The study analyzes the key features of applying digital currencies in e-commerce, including decentralization, transaction transparency, the high speed of cross-border payments, and reduced dependence on traditional financial intermediaries. The advantages of cryptocurrency payments over conventional systems are identified, such as lower transaction costs, enhanced security through blockchain technology, and expanded international market access for businesses and consumers. Conversely, the article outlines the main challenges and risks limiting the widespread adoption of cryptocurrencies in electronic commerce. These encompass significant price volatility, technical and infrastructural barriers, cybersecurity threats, and the absence of unified legal regulation across many jurisdictions. Special attention is devoted to analyzing the practical experience of leading international companies–including Amazon, Shopify, PayPal, Microsoft, Expedia, and Rakuten–that have implemented or tested cryptocurrency payment solutions. Results demonstrate that these practices improve payment efficiency, accelerate international settlements, reduce commission fees, and increase overall transaction security. The study concludes that integrating cryptocurrencies into e-commerce represents a natural evolutionary stage of the digital economy. Ultimately, cryptocurrencies possess substantial potential to strengthen electronic commerce and support its ongoing development.
The article carries out a comprehensive theoretical study of the evolutionary transformation of the world financial architecture (SFA) in the context of changes in global technological patterns. The authors analyze the historical retrospective of financial globalization, starting from the moment of laying the foundation of the Bretton Woods system, which determined the hierarchical, dollar-centric structure of international settlements for decades to come. mediated by banking institutions and supranational regulators, at the present stage, is facing a crisis of institutional efficiency caused by the accumulation of global imbalances and the digital divide. Particular attention is paid to conceptually rethinking the transition from the Jamaican monetary system to a new era of “algorithmic order” based on Web3 technologies. It has been established that the key feature of modern transformation is the decentralization of financial relations, where the function of trust is transferred from the institutional level (state and bank guarantees) to the protocol level (distributed ledgers, smart contracts). The authors argue that Web3 does not just modernize payment instruments, but forms a fundamentally new logic of international economic interaction – an ecosystem where capital acquires programmable properties, and cross-border transactions are carried out in real time without the involvement of traditional correspondent networks. The paper details the impact of decentralized finance (DeFi) on the changing role of national currencies and central banks. The thesis that the algorithmization of the financial space requires the development of new approaches to international regulation, since traditional methods of capital control lose their effectiveness in the conditions of anonymous decentralized networks, is substantiated. A forecast is made for the formation of a hybrid architecture of the future, where “fiat” and “algorithmic” orders will coexist through interoperability mechanisms. The article aims to lay a theoretical basis for further study of the mechanisms of adaptation of national economies, in particular Ukraine, to the challenges of global digitalization of finance.
The paper systematizes current regulatory and legal approaches across various jurisdictions, as well as theoretical and methodological recommendations proposed by scholars regarding the identification of different types of digital assets. It substantiates the hierarchical relationship among the concepts of "digital assets", "virtual assets" and "crypto-assets", which describe forms of digital value. The procedure for recognizing digital assets on the balance sheet is clarified. A three-tier classification of digital assets is proposed based on the following criteria: the mode of existence and circulation of digital value, the use of distributed ledger technology, and the mechanism for ensuring value stability. The study develops a sequence for accounting recognition of a digital asset as an intangible asset, a commodity, or a financial instrument, in compliance with accounting standards. It also justifies the classification of certain types of digital assets functionally similar to digital securities, which are recognized as financial instruments.
Purpose: to develop a model of a payment token based on the analysis of its key economic characteristics, such as backing, price stability, liquidity, and volatility. Methods: heterodox, systemic, structural-functional, institutional, cybernetic, and pragmatic methodological approaches to the formation of a cross-border payment infrastructure based on distributed ledger technology; methods of mathematical modeling: descriptive statistics method, index method, normalization method, numerical optimization methods. Results: a payment token model based on a stable currency basket has been developed. Optimal quantitative characteristics of the payment token for use in a cross-border payment infrastructure based on distributed ledger technology have been determined. For the cross-border payment space of the BRICS countries, it is advisable to use a payment token backed by a stable currency basket consisting of the Chinese yuan, Russian ruble, Indian rupee, and Brazilian real. By minimizing the optimization function, the coefficients of the national currencies in the stable basket backing the payment token of the BRICS cross-border payment space have been determined. An alternative model of a payment token backed by a currency basket of Western countries – the US dollar, euro, pound sterling, and yen – has been developed. It is shown that the volatility of tokens based on currency baskets with weights optimized within the proposed model is significantly lower than the volatility of any single currency. Conclusions and Relevance: in the money circulation subsystem of a cross-border payment infrastructure based on distributed ledger technology, it is rational to employ a payment token that meets the economic characteristics of backing, price stability, liquidity, and low volatility. Such a token will ensure the uninterrupted functioning and accessibility of cross-border settlements for economic agents of the BRICS cross-border payment area. The application of an invariant index of the currency value in the design of the payment token model provides a methodological foundation, independent of the choice of a base currency, for optimizing the numerical indicators of its economic characteristics.
The Finance Ministry introduced a flat 30% tax on any income generated from cryptocurrencies in 2022. However, there are multiple legal challenges which have been created due to the imposition of such a tax including lack of differentiation on the basis of the person holding the cryptocurrency, lack of differentiation on the basis of the time for which a cryptocurrency was held, legal ambiguity regarding taxation of mining of cryptocurrencies and lack of provisions for offsetting losses or carry forwarding losses to subsequent assessment year. There is further a regulatory lacuna in enforcement of such taxes imposed on cryptocurrency transactions. This paper delves into highlighting the legal challenges related to imposition of taxes on cryptocurrencies and further provides suggestions to tackle these challenges. It further attempts to suggest a feasible model to ensure effective enforcement of taxation of cryptocurrencies.
The article provides a comprehensive study of the systemic transformation of corporate governance in the context of global digitalization, characterized by the transition from hierarchical models to decentralized structures. It is substantiated that blockchain technology emerges as a new institutional foundation, where traditional bureaucratic verification mechanisms are replaced by algorithms based on cryptographic protocols. A particular emphasis is placed on the distinctions between public (permissionless) and private (permissioned) blockchain networks regarding the immutability of records. The study examines the concept of decentralized governance and the functional specifics of Decentralized Autonomous Organizations (DAOs), where operational logic and management regulations are implemented directly into the software code of smart contracts. This minimizes the influence of traditional administrative management and mitigates "single point of failure" risks. The theoretical framework of the work builds upon classical theories, such as Oliver Williamson’s "Transaction Cost Theory," Michael Jensen and William Meckling’s "Principal-Agent Theory," and the scholarly works of Harold Demsetz. Blockchain is analyzed as a tool that renders market exchange more economically viable than hierarchy. The author proposes an original interpretation of a multi-tier blockchain model for enterprise management, encompassing the infrastructure, network, consensus, data, and application layers. The essence of consensus algorithms (PoW, PoS, DPoS) is disclosed through the prism of management. Special attention is devoted to international experience in legal regulation and the processes of implementing these standards within the legislative framework of Ukraine. 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Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Abstract The rapid expansion of cryptocurrency markets has significantly transformed global financial systems through the adoption of decentralized, blockchain-based transaction mechanisms. Digital assets such as Bitcoin and Ethereum operate on distributed ledger technology, which enhances transparency, immutability, and peer-to-peer verification without reliance on traditional financial intermediaries. Despite these technological advancements, the cryptocurrency ecosystem faces escalating cybersecurity risks that threaten the integrity of financial data and reporting systems. Cryptocurrency exchanges, digital wallets, custodial services, and decentralized finance (DeFi) platforms are increasingly targeted by cybercriminals through hacking, phishing schemes, ransomware attacks, private key theft, and smart contract vulnerabilities. These cybersecurity incidents have profound implications for financial record integrity, including unauthorized transactions, asset misappropriation, valuation distortions, and inaccuracies in financial statements. Unlike conventional banking systems, cryptocurrency transactions are often irreversible, amplifying the financial and accounting consequences of cyber breaches. Furthermore, the pseudonymous nature of blockchain transactions complicates audit verification, regulatory compliance, and internal control processes. As organizations integrate digital assets into their financial reporting frameworks, weaknesses in cybersecurity governance may undermine stakeholder confidence and market stability. This paper critically examines the major cybersecurity threats present in cryptocurrency markets and evaluates their direct and indirect impact on the reliability, accuracy, and auditability of financial records. It also analyzes existing risk mitigation strategies, including multi-factor authentication, cold storage solutions, encryption protocols, smart contract audits, and regulatory oversight mechanisms. The study concludes that while blockchain technology inherently promotes data immutability and transparency, systemic vulnerabilities at exchange, platform, and user levels continue to pose substantial risks. Strengthened cybersecurity governance frameworks, standardized accounting treatments for digital assets, and coordinated global regulatory efforts are essential to ensuring the long-term integrity and sustainability of cryptocurrency-based financial systems.
The rapid penetration of decentralized financial mechanisms into the structure of Ukraine's cryptocurrency market, where the volume of DeFi transactions consistently exceeds that of centralized platforms, highlights the need for effective tools to maintain the instant solvency of lending protocols during periods of sharp price fluctuations in digital assets. The purpose of this article is to systematize liquidity risks in decentralized financial systems, conduct a comparative assessment of algorithmic strategies for their minimization, and identify ways to enhance the stress resilience of protocols. The methodological basis of the study consists of a taxonomic analysis for classifying types of risks, a comparative analysis of the effectiveness of key liquidity management strategies, economic-mathematical modeling of cascading liquidation processes, and a correlation analysis of the relationship between the magnitude of cryptoasset price declines and the frequency of protocol failures. The empirical basis consists of on-chain data on the transaction activity of leading DeFi protocols for the period 2024–2026. The results show that hybrid configurations–which combine dynamic interest rate regulation with overcollateralization and decentralized oracle networks–demonstrate the highest resilience to extreme volatility. It was found that increasing collateral requirements proportionally reduces the probability of cascading liquidations, but simultaneously limits the protocol's capital efficiency, highlighting the need to optimize these parameters. It has been established that compositional links between protocols create a domino effect: a local liquidity shortage in one pool can trigger a chain of forced liquidations in adjacent systems within a critically short time frame. The scientific novelty lies in the development of a typologized scheme for neutralizing liquidity threats, which, unlike existing ones, integrates sentinel oracle, execution liquidation, and reserve insurance instruments into a unified protocol risk management system. The method for estimating margin call thresholds has been improved to account for the historical volatility of specific cryptoassets. The practical significance of the obtained results lies in their potential use by DeFi protocol architects and smart contract developers when designing risk management systems, configuring liquidation auction parameters, and selecting the optimal configuration of oracle networks for the Ukrainian crypto market.
The article examines digital asset inheritance in Web3 ecosystems, where the economic value of cryptocurrencies, NFTs, tokenised assets, cloud-stored intellectual property and high-value platform accounts is not supported by sufficiently reliable legal and technical mechanisms for intergenerational transfer. The relevance of the topic is determined by the fact that traditional inheritance law is oriented mainly toward tangible objects or documented property rights, whereas blockchain-native assets depend on private keys, platform accounts are restricted by terms of service, and the cross-border nature of digital portfolios complicates the determination of applicable law. The purpose of the study is to develop an integrated conceptual model of the Self-Sovereign Digital Heritage System (SSDHS), combining self-sovereign identity, decentralised identifiers, verifiable credentials, digital safes, smart-contract execution of inheritance conditions and regulatory compliance. The methodological basis includes comparative legal analysis, system analysis, functional modelling, conceptual design and regulatory impact assessment. The article substantiates a six-layer SSDHS architecture consisting of the identity layer, digital asset inventory layer, secure storage layer, blockchain layer, inheritance execution layer and legal compliance layer. It is shown that SSI addresses the problem of cryptographic heir authentication, whereas the digital safe ensures secure preservation of private keys, inheritance instructions, DID material and the digital testament. A comparative analysis of the regulatory frameworks of the United States, the European Union and Ukraine is conducted, including fiduciary access to digital assets, electronic wills, digital identity, crypto-asset markets, personal data protection, virtual assets and electronic identification. The study substantiates that SSDHS can serve as a legal-technological reference model for reducing the risk of digital asset loss caused by inaccessible private keys, improving heir identification reliability, reducing dependence on centralised intermediaries and preparing future legislative solutions for digital heritage.
The article examines local budgets as an important tool for implementing the financial policy of the state in the context of decentralization, transformation of the budget system and military challenges. The economic essence of local budgets, their functional purpose and role in ensuring the financial viability of territorial communities and the implementation of socio-economic development at the local level are revealed. The scientific approaches to determining the place of local finance in the system of public finance are generalized and their importance as a tool for redistributing financial resources between the levels of the budget system is substantiated The study analyzes the dynamics of redistribution of gross domestic product through budget revenues, including transfers, in 2020-2024, determines the share of local budget revenues and expenditures in Ukraine's GDP, and assesses the level of dependence of local budgets on intergovernmental transfers. It is established that under martial law, the centralization of financial resources has increased, while local budgets retain a significant role in financing public services and maintaining the socio-economic stability of the territories. The key problems of the functioning of local budgets are identified, in particular, the limited own revenue base, uneven financial capacity of communities and dependence on state support. The author substantiates the directions of improving the efficiency of budget management, which include expanding the tax potential of communities, improving the mechanisms of interbudgetary regulation, digitalizing revenue administration and applying incentive tools for the development of the local economy. It is proved that strengthening the financial autonomy of the local level is a prerequisite for improving the effectiveness of the state financial policy and ensuring sustainable development of territories
The article explores one of the main trends in modern financial transformation, namely the impact of decentralized finance (DeFi) on the banking sector. The author goes beyond conventional discussions about banks’ responses to DeFi and proposes a different vision for their role and function in the digital economy and Web 3.0. The aim of the study is to identify and analyze changes brought about by the rise of DeFi, as well as to propose possible strategies for banks to adopt in light of technological advancements. Unlike traditional approaches that focus on the conflict between banks and DeFi platforms, this work emphasizes the analysis of future models of financial intermediation. Concepts such as «5.0 banks», «metabanks», and autonomous digital ecosystems are explored, where banking functions are implemented in a more programmable manner. The research methods include a comparative analysis of the structural and functional differences between the traditional banking system and decentralized finance (DeFi), an analytical review of recent scientific publications, and an assessment of potential future developments for banks in the face of decentralized technology. Based on this research, we found that banks remain an important part of the financial system, despite increasing pressure from decentralized finance. However, banks must adapt to technological change in order to maintain their relevance. We identified three possible paths for the future of banking: the integration of DeFi features into existing banking products, the creation of hybrid models that combine DeFi and traditional banking, and the transition to fully autonomous algorithmic systems powered by smart contracts and artificial intelligence. While all three scenarios are possible, we believe that the hybrid model that combines DeFi innovation with customer protection and regulation is the most likely to succeed in the long term. The novelty of this work lies in its conceptual approach to how banks can adapt to decentralized technologies and forecast their future evolution within the context of Web3. Its practical significance lies in the potential for using these findings to develop digital transformation strategies for banks.
The paper investigates tax risks arising in the taxation of cryptocurrency transactions in Ukraine and in the broader international context. It substantiates that the absence of a unified legal qualification of cryptocurrencies significantly complicates the identification of the taxable object, the determination of the tax base, and the establishment of the moment at which tax liabilities arise. The paper highlights key challenges associated with the high volatility of digital assets, the insufficient transparency of transaction recording mechanisms, the complexity of verifying the origin of crypto assets, and the increased risks of tax evasion. Particular attention is devoted to the transnational nature of cryptocurrency circulation, which creates favorable conditions for tax arbitrage, regulatory fragmentation, and manipulation of tax residency. These phenomena weaken the effectiveness of national tax systems and generate additional threats to fiscal stability. It is argued that existing regulatory approaches in many jurisdictions remain fragmented and inadequately adapted to the specific features of decentralized digital technologies. The paper identifies priority directions for mitigating tax risks, including the harmonization of national legislation with international standards, the development of a coherent and unified model for the taxation of digital assets, the improvement of financial monitoring mechanisms, and the enhancement of transparency in cryptocurrency-related transactions. The paper concludes that only a systematic, balanced, and coordinated approach to the legal regulation of the cryptocurrency market is capable of ensuring tax certainty, strengthening compliance, and reducing risks both for the state and for market participants.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
Щербатих Денис Володимирович, Овсієнко Володимир Володимирович, Космачук Назар Петрович
У статті науково обґрунтовано модель токенізації IT-стартапів як інструменту фінансової автономії. Проаналізовано системні обмеження венчурного капіталу та світовий досвід успішних кейсів (Brave, Helium, Render). Автором розроблено чотирирівневу архітектуру на базі блокчейну Solana із застосуванням стандарту Token-2022, що реалізує принцип «compliance-as-a-code» через Transfer Hook. Доведено високу економічну ефективність моделі: зниження вартості залучення капіталу у 3,3 рази, прискорення фандрейзингу у 5 разів та розширення бази інвесторів у 100 разів при скороченні CAC у 10 разів. Обґрунтовано застосування гібридної юридичної структури (ТОВ+SPV) для мінімізації правових ризиків в умовах очікування MiCA. Визначено три стратегічні горизонти розвитку ринку до 2030 року в контексті конвергенції AI та Web3. Результати формують прикладну дорожню карту для масштабування бізнесу.
The accelerating digitalization of the energy sector is redefining how electricity is generated, traded, and consumed. Among emerging innovations, smart contracts being self-executing programs embedded on blockchains have become pivotal to the development of decentralized energy markets. This article reviews the state of knowledge and practical progress in applying smart contracts to energy systems, with particular attention to their potential in Ukraine’s evolving energy and digital infrastructure. Through a systematic analysis of academic studies, pilot projects, and policy frameworks, the article identifies the main opportunities, challenges, and future trajectories of blockchain-based automation in energy markets. The starting sections introduce the conceptual foundations of smart contracts, highlighting their essential properties of transparency, immutability, and autonomy. These characteristics enable direct peer-to-peer transactions without intermediaries, potentially lowering transaction costs and improving market efficiency. The subsequent analysis focuses on how smart contracts can support decentralized energy trading, renewable integration, and dynamic pricing, using examples from Australia’s Power Ledger, Brooklyn Microgrid in the United States, and Europe’s Enerchain, WePower, and Sunchain initiatives. To complement international evidence, the article discusses Ukraine’s readiness for pilot adoption in microgrid environments, given its digital transformation agenda and renewable energy policies. The study further examines technological, regulatory, and security challenges hindering large- scale deployment. Issues such as interoperability, scalability of consensus algorithms, and the legal enforceability of smart contracts remain critical barriers. Nevertheless, emerging frameworks like regulatory sandboxes and advances in IoT and AI integration offer pathways to overcome them. MATLAB-based simulation examples illustrate the potential for dynamic pricing and automated market balancing. The article concludes with strategic recommendations for policymakers, engineers, and researchers by emphasizing the need for hybrid architectures combining blockchain, artificial intelligence, and energy optimization models. Overall, the article underscores that while smart contracts promise to democratize and decarbonize energy systems, their success ultimately depends on coordinated technical innovation and adaptive governance.