The global financial ecosystem is undergoing a profound transformation driven by the convergence of Environmental, Social, and Governance (ESG) imperatives, Artificial Intelligence (AI) capabilities, and Financial Technology (FinTech) innovations. This paper explores the synergistic nexus among these three forces and articulates how their intersection is reframing the trajectory of sustainable finance. By integrating ESG objectives with AI-powered intelligence and FinTech-driven efficiency, the study demonstrates how financial systems can evolve from traditional, compliance-based models to adaptive, data-driven, and ethically informed architectures that promote long-term sustainability and inclusiveness. Using a multidisciplinary research framework, the paper examines the mutual reinforcement between sustainability principles, technological innovation, and digital finance mechanisms. It assesses how AI enhances ESG data management through advanced analytics, natural language processing, and machine learning algorithms that can measure, predict, and optimize sustainability outcomes. These technologies improve data transparency, reliability, and comparability, addressing one of the core challenges of ESG evaluation and reporting. In parallel, FinTech platforms like spanning blockchain, decentralized finance (DeFi), green digital bonds, and peer-to-peer investment systems-enable traceable and democratized financial flows that embed sustainability values at the transaction level.The study proposes a novel conceptual model, the “Sustainable Intelligence Framework (SIF)”, which delineates how ESG indicators, AI insights, and FinTech mechanisms interact within a dynamic feedback system. The SIF illustrates that when these domains operate synergistically, they not only enhance decision-making efficiency but also generate compounded social, environmental, and economic value. Through case studies of emerging economies and advanced markets, the research uncovers practical applications, regulatory considerations, and ethical implications of the ESG‑AI‑FinTech triad. The analysis further highlights how AI-driven FinTech can facilitate green credit scoring, impact investment assessment, and automated sustainability auditing, while blockchain ensures trust, traceability, and reduced information asymmetry across value chains. The findings affirm that the integration of ESG, AI, and FinTech is not merely convergent but transformative in creating a synergistic ecosystem that can accelerate the transition toward a sustainable, transparent, and equitable financial future. This synergy also redefines risk management and governance paradigms, positioning sustainability as a strategic driver rather than a regulatory constraint. The paper concludes by emphasizing that the ESG‑AI‑FinTech nexus represents the next frontier in sustainable finance, offering a blueprint for policymakers, institutions, and innovators to harmonize profitability with planetary and social well-being.
Maksym Ivasenko, Сергій Михайлович Фролов, Mykhaylo Heyenko, Nataliia Kolodnenko · 5 authors
This article highlights the results of a study investigating whether the growth of syndicated loan activity among US commercial banks was driven by measurable operational cost savings through blockchain-powered back-office automation. Quarterly data from Q1 2010 to Q4 2024 on syndicated loan stocks, commercial and industrial loans, real GDP, bank assets, and non-interest expenses were obtained from the Federal Reserve System’s FRED database. A dummy variable was applied after 2016 to denote the implementation of the first production-level Distributed Ledger Technology (DLT) pilots. Using the Autoregressive Distributed Lag Model (ARDL) bounds testing approach, evidence of cointegration is found and long-run elasticity is estimated: a steady 1% increase in the volume of syndicated loans reduces the operating expense ratio by 0.147%, which means that almost doubling the volume of loans in the resulting sample leads to approximately 15% structural reduction in the burden on banks’ back offices. The associated error correction model gives a short-run elasticity of –0.276 (i.e., a 1% quarterly shock to loan volume reduces expenses by 0.276 p.p.) and a 47% correction rate to a new equilibrium. Diagnostic tests confirm the absence of sequential correlation and resistance to heteroscedasticity by White’s standard errors. System-wide process improvements were evaluated by examining Hyperledger Fabric’s permissioned channel blockchain, smart contract automation, and multi-signature approval policies, which together simplify Know Your Customer (KYC) document workflows and settlement processes. The findings provide empirical evidence that enterprise DLT platforms deliver significant cost reductions for syndicated loan transactions, with implications for bank, fintech, and regulatory strategies.
The rise of decentralized exchanges (DEXs) heralds a paradigmatic shift in financial trading—from reliance on centralized intermediaries to peer‑to‑peer, trustless systems undergirded by blockchain and smart contracts. This article explores global trends in DEX innovation, the growth of decentralized finance (DeFi), and the evolving role of DEXs in reshaping capital markets. It also analyzes India’s adoption trajectory, regulatory context, and early indicators from Tamil Nadu, including blockchain governance initiatives and nascent fintech activity. Simulated and reported data are integrated to provide projections and policy implications.
The adoption of cryptocurrency as a payment instrument by firms has sparked ongoing debates about how such strategic moves are perceived by key stakeholders. This study investigates how investors react when an e-commerce firm adds or withdraws from providing cryptocurrency as a payment option. To explore these aspects, we examine two cases: MercadoLibre’s decision to introduce Meli Dólar as a payment option, representing the inclusion of cryptocurrency, and eBay’s withdrawal from the Libra project, representing strategic exclusion. We assess the causal impact of these strategies by employing a Regression Discontinuity Design (RDD) and deriving the observation period by using an optimal bandwidth method. The results indicate that there was an immediate decline in share prices following the adoption of the Meli Dólar as a payment instrument and an immediate increase following the decision to withdraw from using Libra as a payment instrument. The findings suggest that including cryptocurrency as a payment method may run counter to investor expectations. This study contributes to the discourse on the viability of cryptocurrency adoption by e-commerce firms and emphasizes the importance of understanding how decisions around cryptocurrency convey market signals, which may have strategic implications for a firm’s overall strategy.
This paper proposes DeFiDonate, a web-based decentralized application that facilitates the transparency and privacy of donations to charities while also increasing trust through the use of blockchain and various Decentralized Finance (DeFi) solutions. The problem with traditional donation models is that they lack traceability and are centralized, with limitations and restrictions on donors. DeFiDonate proposed using Elliptic Curve Cryptography (ECC), Non-Fungible Tokens (NFTs), a form of smart contracts, and Elliptic Curve Digital Signature Algorithm (ECDSA).DeFiDonate provides flexibility for donors by making either a direct donation to beneficiaries or donating to a liquidity pool, then distributing funds through a decentralized voting system and encrypting sensitive data, like the wallet addresses, donation amounts, and donors' NFT identifiers with ECC, meaning it's recorded in both on-chain and off-chain safety, and confirming the transactions and validating the signature is unauthentic with ECDSA, the implementation of DeFiDonate composed on Django and Solidity for the creation of smart contracts; Truffle, Ganache, and MetaMask for local testing. These results indicate that the system is safe for use, as it provides transaction integrity and information security. Based on performance analysis carried out in Truffle Develop, the use of NFTs within contracts was found to be associated with a notable decrease in execution time. Another application blockchain developers can discuss is DeFiDonate, which exemplifies a trusted, decentralized, and transparent method of digital giving.
Fatima Zohra Benali, Wildan Miftahussurur Miftahussurur, Rijal Ali Santos Santos, Zaenol Hasan
This study examines the application of qiyas (analogical reasoning) in assessing the legality of cryptocurrency within Islamic law, particularly through the fatwas issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). As cryptocurrency emerges as a significant innovation in the economic sector, the research analyzes classical fiqh texts and draws analogies with paper money to identify essential criteria for cryptocurrency to be considered a legitimate medium of exchange, including being valuable, pure, transferable, and beneficial. The findings indicate that while cryptocurrency lacks official backing, its value is derived from societal trust in blockchain technology. The study emphasizes the necessity for cryptocurrency transactions to comply with Sharia principles, avoiding elements of riba, gharar, and maysir. Additionally, it highlights the importance of collaboration among scholars, academics, and practitioners in Sharia economics to develop responsive fatwas and policies that address technological advancements and societal needs. Furthermore, to provide a broader perspective, examples from other countries, such as Malaysia, Algeria, and Morocco, can be referenced to understand how different Islamic authorities approach the regulation and assessment of cryptocurrency. For instance, Malaysia's Shariah Advisory Council has recognized cryptocurrencies under certain conditions, while Algeria has outright banned their use due to concerns over their volatility and speculative nature. Morocco, on the other hand, has issued warnings about the risks associated with cryptocurrency, despite the growing global interest in digital currencies. By examining these diverse approaches, the research can offer a more comprehensive understanding of how cryptocurrency fits within the frameworks of Islamic finance and law across different contexts. This research contributes to the discourse on integrating modern financial systems with Islamic principles, suggesting that cryptocurrencies can be utilized within Islamic economies if they adhere to Sharia guidelines. Ultimately, the study aims to provide practical guidance for Muslims in conducting economic activities in the digital era while leveraging technological progress to enhance welfare and prosperity.
Jundri R. Berutu, Yuhelson Yuhelson, Dedy Ardian Prasetyo
The rapid growth of cryptocurrency trading in Indonesia reflects the increasing integration of digital assets into the national economy. Initially classified as tradeable commodities under the supervision of the Commodity Futures Trading Regulatory Agency (BAPPEBTI), cryptocurrencies have recently been repositioned within the financial sector's regulatory framework, following the enactment of Law No. 4 of 2023 on Financial Sector Development and Strengthening (UU PPSK). This study analyzes the legal and institutional implications of shifting supervisory authority to Indonesia's Financial Services Authority (OJK) and examines the regulatory challenges in ensuring legal certainty within this evolving digital asset landscape. Using a normative legal research method with statutory, conceptual, and comparative approaches, the findings reveal that Indonesia’s regulatory landscape remains fragmented and transitional. The absence of a unified and substantive legal framework, combined with institutional overlap and limited technological oversight capacity, undermines investor protection and market integrity. This paper recommends the formulation of a dedicated cryptocurrency law, the adoption of digital supervision mechanisms, and strengthened inter-agency coordination to build a coherent and future-proof legal regime. The novelty of this research lies in its critical examination of Indonesia’s regulatory transition and its proposal for a unified digital asset governance model. The study contributes to the growing body of scholarship on digital financial regulation in emerging markets and offers practical guidance for policymakers navigating the complexities of crypto-asset supervision.
This paper investigates the transformative impact of Financial Technology (FinTech) and Artificial Intelligence (AI) on the global financial sector, moving beyond a descriptive overview to crit-ically examine the challenges and opportunities they present. The study synthesizes a comprehen-sive review of empirical data, policy documents, and industry reports, including the EY Global FinTech Adoption Index (2023) and World Bank reports (2023), to analyze FinTech adoption across diverse re-gions and financial service categories. The research identifies key challenges related to electronic financial transactions, including cross-border complexities, decentralized systems, and cybersecurity risks. Furthermore, it addresses the crucial need for adaptable regulatory frameworks that balance innovation with financial stability and consumer protection. Findings reveal significant disparities in FinTech adoption globally, driven by factors such as technological infrastructure, regulatory environ-ments, and socio-economic conditions. The study highlights the potential systemic risks associated with FinTech investments and underscores the importance of international cooperation in addressing cross-border challenges. By providing a holistic perspective that integrates technological, economic, ethical, and regulatory dimensions, this paper contributes to a more nuanced understanding of the dynamic interplay between technology and finance. It offers actionable recommendations for policy-makers, industry practitioners, and academics seeking to foster responsible innovation and ensure the long-term resilience of the global financial system. Future research directions are proposed, including evaluating the effectiveness of different regulatory approaches, exploring the ethical dimensions of AI in finance, and conducting longitudinal studies to assess the long-term impacts of FinTech on financial stability and consumer welfare.
Blockchain technology is becoming an important tool for secure financial transactions. It supports decentralized finance (DeFi) services and new ways of auditing. This paper gives an overview of how blockchain is used in financial modeling, focusing on DeFi and auditing. We explain the basic technology behind popular blockchain systems, like public platforms such as Ethereum (with smart contracts and oracle networks), and private systems like Hyperledger Fabric. We also look at advanced methods like zero-knowledge proofs. We show how these tools help build financial models in DeFi by allowing peer-to-peer services without needing trust, and in auditing by making data more transparent and secure. We compare different blockchains in terms of speed, cost, and how well they scale. Security issues (like smart contract bugs or attacks on consensus) and practical problems (like trusting oracles and following laws) are also discussed. The review article looks at challenges in using blockchain and some of the latest solutions, such as Ethereum’s move to proof-of-stake, sharding for better scalability, and using zero-knowledge proofs for privacy. We also suggest future research topics, like connecting different blockchains, checking smart contracts with formal methods, creating better rules and laws, and training skilled workers. The goal is to help researchers and professionals understand the current situation and future of blockchain in finance and auditing.
The rapid advancement of blockchain technology presents new opportunities and challenges for the Islamic financial system, particularly in ensuring compliance with Shariah principles. As Islamic finance continues to grow, there is a pressing need to explore how digital innovations such as smart contracts can be integrated without violating core religious tenets. This study explores the potential application of smart contracts in Islamic finance, focusing on how blockchain technology can support transactions that comply with Shariah principles. Using a qualitative approach with triangulation methods, the research combines systematic literature review, in-depth interviews, and comparative analysis between smart contract frameworks and classical Shariah contracts such as murabaha, mudarabah, and ijarah. The study examines how smart contracts can enhance transparency, reduce operational costs, and minimize human error while ensuring adherence to Islamic legal and ethical standards. The findings indicate that blockchain-based smart contracts can effectively automate Islamic financial transactions when designed with proper attention to the prohibition of riba (interest) and gharar (uncertainty). The research highlights the need for close collaboration between Shariah scholars and technology developers to ensure compliance. This study suggests that smart contracts hold significant promise for increasing efficiency, trust, and transparency in the Islamic financial ecosystem
DeFi or Decentralized Finance aims to automate and decentralize any form of traditional finance workflow done by a centralized institution. In this regard, cross border payments and transactions in SAP ERPs can be automated and secured using DeFi protocols. Thus, this study aims to design a payment interface that would fit into SAP ERP frameworks capable of meeting the low-cost, automated, and secure requirements for cross-border payment transactions. Traditionally, payments were made via SWIFT and SEPA. The proposed model intends to replace these with DeFi transactions handled through smart contracts, oracles, and payment middleware. Focusing on results, transaction latency, smart contract auditability, saved costs, and compliance assessments were measured for Ethereum, BNB Smart Chain, and Polygon. Real SAP Business Environment pilots showed over 60% decrease in processing cost while settlement speed increased by up to 90%. The model is designed to handle enterprise risk and compliance by incorporating robust KYC/AML governance, validation, and logging controls. A roadmap for the incorporation of DeFi into enterprise ERPs at a large scale for finance automation will serve as the study’s conclusion.
Decentralized Finance (DeFi) is a blockchain-based financial system that utilizes smart contracts to increase efficiency and transparency, while overcoming the limitations of conventional financial systems. In Indonesia, there is still little research on blockchain, especially on the DeFi, so investors have very little information. The lack of previous research on the DeFi in Indonesia creates a knowledge gap, given that the local DeFi market has unique characteristics influenced by investor preferences, evolving regulations, and specific levels of technology adoption. Cryptocurrency prices, including the DeFi, are influenced by public information that reflects market efficiency. For example, on October 10, 2020, the price of Yearn Finance (YFI) increased 36% following the rise in Bitcoin prices, demonstrating the link between information, transaction volume, and fluctuations in the DeFi market value. This research aims to identify the factors that influence the DeFi price changes, focusing on the influence of price liquidity and market efficiency. Using a quantitative approach, 65 DeFi coins were selected through purposive sampling, and analysis was carried out using multiple regression using EViews 13. The research results show that partially, price liquidity and market efficiency do not have a significant effect on the DeFi price changes. However, simultaneously, these two variables have a significant effect, with a contribution to price changes of 54.521%. The insignificance of the influence of market efficiency on the DeFi prices suggests that regulations focused on improving efficiency may not be enough to control price volatility or promote price stability in the DeFi ecosystem.
The rapid growth of cryptocurrencies and digital assets has created significant challenges for governments in regulating economic and business activities. Both Indonesia and India face similar issues concerning legal certainty, investor protection, and financial stability, yet they have adopted different regulatory approaches. This research aims to analyze and compare the regulatory frameworks governing cryptocurrencies and digital assets in Indonesia and India, using a comparative legal method that examines legislation, regulatory guidelines, and policies in both countries, supported by doctrinal interpretation and secondary literature. The findings reveal that Indonesia officially prohibits the use of cryptocurrencies as a means of payment but allows them to be traded as commodities under the supervision of the Commodity Futures Trading Regulatory Agency (Bappebti). In contrast, India has demonstrated a dynamic regulatory stance—initially imposing restrictions on cryptocurrency activities, later introducing a taxation framework, and currently considering the implementation of a central bank digital currency (CBDC). Despite these differences, both jurisdictions share the same fundamental objectives: to safeguard the financial system, prevent money laundering, and protect consumers. Indonesia’s approach emphasizes strict market controls and legal certainty through prohibitions on payment functions, while India’s model reflects regulatory fluidity and growing fiscal integration. This comparative analysis underscores the evolving nature of cryptocurrency governance in developing economies and highlights the need for balanced frameworks that promote innovation while maintaining financial stability and legal coherence.
Cryptocurrency is conceptualized as digital assets designed to function as mediums of exchange in Todays’ world. The objective of the study was to; evaluate the technological infrastructures and perception of Tanzanian consumers, as determinants to the adoption of cryptocurrencies in Tanzania’s commercial banks. The study employed a quantitative research design using surveys administered to 350 selected bank staff from ten commercial banks in Dar es Salaam and Dodoma. Data were collected through structured questionnaires and analyzed using descriptive and inferential statistical techniques. The findings indicate that both consumer perception and technological infrastructure significantly influence cryptocurrency adoption in Tanzania's commercial banks, with consumer perception having a more dominant impact. The study concludes that although banks possess strong infrastructure readiness, increasing public awareness and understanding is crucial to promoting wider adoption of cryptocurrency. Commercial banks are advised to invest in advanced and secure technological infrastructures to support the growing adoption and safe integration of cryptocurrencies. Future studies can adopt a mixed research approach, incorporating qualitative methods to gain deeper insights into the factors determining the adoption of cryptocurrencies in Tanzania's commercial banking sector.
This article proposes a hybrid framework that integrates technological and legal solutions to automate compliance and dispute resolution in international personal data transfers. The approach leverages smart contracts built on blockchain technology, incorporating standardized contractual clauses (SCC/MCC) and non-fungible tokens (NFTs) to trigger complaint procedures. By involving supervisory authorities as escrow agents, the system ensures transparency, efficiency, and regulatory compliance, thereby overcoming the limitations of traditional methods. Through comparative analysis and a case study, the article demonstrates the viability of a scalable and interoperable solution that enhances data subjects’ rights while aligning with the GDPR and other international regulatory frameworks.
Current blockchain protocols (e.g., Proof-of-Work and Proof-of-Stake) secure the ledger yet cannot measure validator trustworthiness, allowing subtle misconduct that is especially damaging in decentralized-finance (DeFi) settings. We introduce Proof-of-Behavior (PoB), a consensus model that (i) gives each action a layered utility score -- covering motivation and outcome, (ii) adapts validator weights using recent scores, and (iii) applies decentralized verification with proportional slashing. The reward design is incentive-compatible, yielding a Nash equilibrium in which honest behavior maximizes long-run pay-offs. Simulated DeFi experiments (loan-fraud detection, reputation-weighted validation) show that PoB cuts fraud acceptance by more than 90%, demotes malicious validators within two rounds, and improves proposer fairness versus standard PoS, all with no more than a 5% throughput overhead. By linking consensus influence to verifiably trustworthy conduct, PoB offers a scalable, regulation-friendly foundation for secure and fair blockchain governance in financial applications.
Yosua Pepris Karbeka, Umbu Lily Pekuwali, Detji K. E. R. Nuban
The Blockchain Ombudsman of the Republic of Indonesia is an independent state institution established by post-reform legislation as a public service supervisor for decentralized systems. It holds immunity rights, shielding it from arrest, detention, interrogation, prosecution, or litigation. In practice, however, the Blockchain Ombudsman faces lawsuits from the public in court. This undermines legal certainty and disrupts the separation of powers in Indonesia’s digital governance. This study employs normative legal research with statutory, historical, and conceptual approaches. Findings reveal that the Blockchain Ombudsman emerged in Indonesia to protect user rights and address the need for power separation in modern blockchain-based governance. Its immunity rights originate from universal Ombudsman practices codified in law but require tailored regulatory frameworks. The execution of the Blockchain Ombudsman’s functions, duties, and authorities is intrinsically linked to functional immunity. Consequently, it cannot be sued or reported to other enforcement entities (e.g., regulatory agencies or decentralized autonomous organizations). Objections to maladministration audit outcomes may be raised internally via complaint mechanisms or externally by contesting the underlying issue in court.
Komang Sutriani, Johannes Ibrahim Kosasih, I Made Aditya Mantara Putra
Rapid advances in information technology have fuelled the emergence of digital currencies such as Bitcoin as an increasingly popular means of transaction in Indonesia. However, behind the convenience and speed offered, the use of Bitcoin also poses a high risk of fraud in online transactions. The main objective of this research is to analyse the nature of legal protection for Bitcoin users in Indonesia. This research applies normative juridical method with statutory approach, conceptual approach, case study analysis, and refers to legal protection theory, online transaction theory, and legal economic theory. One of the case studies studied is the High Court Decision 1240/Pid.Sus/2022/PN Tng which reflects the existence of a vacuum and vagueness of legal norms in the protection of Bitcoin users. The analysis shows that although Bitcoin has been regulated under the legal framework of digital asset trading, there are still inefficiencies in the application of legal protection in a comprehensive and effective manner. This research emphasises the need for more progressive regulatory reforms, as well as strengthening the role of law enforcement agencies and financial technology supervisors to ensure fair, certain and comprehensive protection for Bitcoin users in the territory of Indonesia. It is hoped that the results of this research can strengthen theoretical contributions in enriching the development of digital economy law and become a practical reference for policy makers.
The primary focus of this study is to monitor significant changes compared to the author's previous articles, with the objective of identifying alterations in the legality of cryptocurrency; the extent of its volatility; its profitability; and its use as a medium of exchange. The author asserts that, in 2025, the legality of cryptocurrencies underwent significant changes on a global scale. The regulatory approach to digital assets varies across nations, with some adopting a regulatory framework that encompasses these assets, while others have opted for a prohibitionist stance. The profitability of mining has been observed to decrease in consequence of rising time and energy costs, whilst the volatility index has been noted to decrease due to the entry of institutional investors and the adoption of merchant strategies. In summary, the profitability of crypto asset acquisition has reached a state of maturity. The focus has shifted from the initial hype to the development of effective strategies, the optimal timing of transactions, and the conducting of thorough research.
The integration of blockchain technology introduced smart contracts, which revolutionized the automation and security of executing transactions. This article focuses on using smart contracts to manage information service subscriptions where reliability, transparency, and efficiency are required. Subscription management suffers from payment delays, trust issues, errors, and many other problems. Through automation and smart contracts, the self-executing nature of these agreements helps organizations streamline subscriptions, enforce terms with less risk, and greatly reduce operational blunders. Blunders. In this paper, I thoroughly review smart contracts, explore current gaps within subscription management, and explain how integrating blockchain can fill them. Some successful implementations are presented as case studies. Others discuss technical and organizational hurdles for practical adoption. Future scope widens by providing insight into blockchain-based decentralized solutions' role in contemporary subscription-centered business models. The research ends by recommending information service providers adopt smart contracts for better operational efficiency, reduced costs, and stronger customer relations.
Ilham Ardhiyansyah, Ahmad Furqon, Mashilal Mashilal
Zakat is a fundamental component of Islamic social finance, intended to reduce inequality and strengthen community welfare. However, traditional zakat systems face recurring issues, including inefficiency, lack of transparency, and low public trust. This study aims to optimize zakat management using Ethereum blockchain technology, particularly the Layer 2 (Base) network, with a focus on its impact on cost efficiency and system transparency. Using a qualitative-descriptive approach, the research designs and simulates a blockchain-based zakat distribution model that incorporates smart contracts for automated fund allocation to eight categories of ashnaf, along with off-chain verification for Sharia compliance. A simulation of USDC 1,000 zakat fund distribution demonstrates that the blockchain system ensures accurate, traceable, and tamper-proof transactions, while reducing transaction costs by over 98% compared to conventional methods. Smart contracts automate the disbursement process, while all transaction records are stored on a public ledger, which supports real-time auditing and enhances institutional accountability. These results demonstrate that the integration of blockchain technology not only improves operational efficiency and transparency but also supports Islamic legal and ethical governance. In conclusion, this model provides a practical and scalable framework for modernizing zakat management with a strong emphasis on cost efficiency, public trust, and Sharia compliance.
Purpose Cryptocurrency’s novelty and volatility—combined with the absence of standardized reporting prior to 2023—created an opaque information environment. This study explores whether such conditions enabled assertive impression management in corporate reporting. We examine how firms not only varied the volume of cryptocurrency disclosures over time, but also strategically manipulated their readability . Additionally, we use this context to demonstrate the utility of machine learning and natural language processing tools for consistent analysis of complex financial narratives. Study design We analyze full-text annual reports, MD&A sections, and proxy statements from five publicly traded U.S. firms with diverse cryptocurrency involvements. Our methodology includes machine learning-based topic modeling, readability assessment using standardized indices, and visualization tools. Findings (i) Information Demand: Google search trends for target firms are strongly associated with Bitcoin price movements, reflecting external attention cycles. (ii) Impression Management: Firms increase both the frequency and readability of crypto disclosures in favorable markets and reduce or obscure them in downturns, consistent with strategic impression management. (iii) Readability: Crypto-related disclosures are significantly more readable than non-crypto sections from the same reports suggesting deliberate simplification. Contributions This study advances the limited literature on cryptocurrency disclosure by offering a textual and behavioral lens on corporate impression management. A key contribution is the integration of readability metrics, public attention signals, and NLP tools into disclosure analysis. We highlight how firms use both narrative framing and readability engineering as tools to influence perception—especially in periods of regulatory uncertainty. Implications Our findings have direct implications for policy and practice: (i) Policymakers should consider not only disclosure quantity but also its linguistic clarity and comparability, especially for volatile assets. (ii) Investors and analysts can use automated text analysis to detect subtle impression management tactics and to interpret the strategic use of clarity in disclosure narratives.
Dmitry Mikhaylov, Andrei Kutin, Joseph Anderson, Maxim Falaleev · 6 authors
Purpose - given the increased international efforts to prevent illicit financial activity related to cryptocurrencies, the study intends to thoroughly examine the complex field of cryptocurrency laundering. The core of our study project is the complex relationships that exist between cutting-edge technologies and strong security protocols in the cryptocurrency space, a dandruff attack. This paper aims to disentangle the process of bitcoin laundering by exploring the intricate webs of deceit. Method - This is a case study applying observational and experimental methods. Result - we have discovered a pattern of cryptocurrency laundering. The first one saw the primary repository start a cyclical fund movement pattern that involved several new addresses. Equal sums are then systematically transferred over a network of new addresses. The criminal then distributed the stolen money among several new addresses after combining it with an equal quantity of money. It then split and merged, and one saw the resultant sum being transmitted to the BitTorrent blockchain. The cyclical trajectory and engagement with extra money were part of the follow-up return to the Tron blockchain. Observation of the ultimate combination of pilfered money with additional monies sent to the cryptocurrency service "JustLend.org" Originality – no research has been done on using a dandruff attack to launder cryptocurrency. Thus, it is essential to acknowledge the offender's activities to raise awareness in general.