Historical Context and Problem Statement The digital revolution has created two parallel challenges that have resisted comprehensive solutions: Internet Data Transfer Limitations: Despite decades of progress, internet download speeds remain constrained by inefficient protocols that don't adapt to network topology dynamics. Traditional download managers like IDM operate with static segmentation strategies that ignore the quantum-inspired probabilistic nature of network paths. Web3 Liquidity Fragmentation: Decentralized finance (DeFi) suffers from fragmented liquidity across multiple venues, resulting in significant MEV exploitation. As documented by Qin et al. (2021), MEV extraction has cost users over $680 million in 2021 alone, with no comprehensive solution addressing the root cause. These seemingly disconnected problems share a common underlying structure: both involve the transfer of "value" (data or financial assets) across complex networks where efficiency is hampered by non-resonant transmission strategies.
This paper analyzes the role, structure, and challenges of central budget transfers namely block grants and earmarked transfers in financing primary and secondary education at the municipal level in the Republic of North Macedonia. In light of the country's ongoing fiscal decentralization, municipalities have assumed core responsibilities for delivering public education services. To fulfill these obligations, the central government supports local budgets primarily through block grants, which offer limited flexibility, and earmarked transfers designated for specific projects. Through a mixed-method approach combining legal analysis, comparative municipal data, and case-based evidence, the study evaluates the effectiveness, equity, and efficiency of the current intergovernmental transfer mechanisms. Special attention is given to disparities in per-student funding, differences in administrative capacity, and the extent to which formula-based allocations reflect local socio-economic conditions. Findings reveal substantial variation in municipalities’ capacity to ensure quality education, driven in part by weaknesses in funding formulas, late disbursements, and institutional constraints. The paper concludes with policy recommendations aimed at improving allocation methods, enhancing transparency, and building local administrative capacity to ensure fair, efficient, and sustainable education financing under a decentralized governance framework.
Africa's monetary and financial system, which is currently developing dynamically after a prolonged period of neocolonial dependence on transnational financial groups and international capital, is following its own unique path of development, one that differs significantly from the financial trajectories of other global regions. Sub-Saharan Africa, in particular, showcases a unique experience in the evolution of its monetary system, characterized by the world's highest growth dynamics in fintech and electronic non-bank payments. The active, extensive development of Pan-African financial groups and the trend of them displacing foreign and transnational financial corporations from the African continent are intensifying each year. Africa is one of the global leaders in the development of decentralized finance and cryptocurrency mining. At the same time, the continent remains burdened with high levels of external public debt, accumulated primarily in the post-colonial period of its history. This debt hinders the economic development of African nations and their achievement of the Sustainable Development Goals. Concurrently, the scientific and political discourse on reforming the global financial architecture is becoming increasingly acute, as the current system in its present form is incapable of effectively countering new challenges, which have further exacerbated the problems accumulated over recent decades. Africa stands to be a primary beneficiary of a reform of the global monetary and financial system, within which it must assume an adequate position commensurate with its growing international role that reflects its deserving status in geopolitical and geo-economic terms. Sub-Saharan Africa has the potential to become the trigger that accelerates the reform of the global financial architecture and to serve as a unique testing ground for corresponding pilot projects.
Amid the rapid evolution of digital currencies and the decentralized finance (DeFi) ecosystem, technology-driven, anonymous, and cross-border financial crimes pose systemic challenges to traditional regulatory frameworks. Grounded in three core theories of criminal psychology—Rational Choice Theory, Routine Activity Theory, and Techniques of Neutralization—and integrating the “technology–society co-construction” perspective from the sociology of technology, this study constructs a three-dimensional analytical framework encompassing “technological ecology, social cognition, and individual psychology.” It systematically elucidates the psychological formation logic and evolutionary pathways of financial crimes within the DeFi domain. The research reveals that the technical features of DeFi—anonymity, decentralization, and code autonomy—collectively create a “structural opportunity space” characterized by low accountability costs and weakened moral constraints. Subcultural communities further supply “morally neutralizing scripts” through narratives of crypto-libertarianism and the myth of “code as law.” Under these dual influences, individual psychology undergoes transformation, manifesting as complex motivations, distorted risk perceptions, and heightened moral disengagement, ultimately leading to a rationalization mechanism for criminal acts veiled behind “technological neutrality.”
The digital economy is rapidly transforming the global landscape by integrating technology, entrepreneurship, and innovation across every sector. Startups have become the key drivers of this transformation, enabling new models of production, finance, and governance. By 2047, the digital economy is expected to evolve into a deeply interconnected system powered by artificial intelligence, blockchain, decentralized finance, and sustainable technologies. These advancements will reshape industries, empower small enterprises, and foster inclusive growth. This paper explores how startups will act as engines of innovation, leveraging digital tools to solve complex social and economic challenges. It highlights emerging trends such as AI-driven decision-making, edge computing, green technologies, and decentralized governance models that will redefine the global business environment. At the same time, the paper acknowledges the challenges of data privacy, cybersecurity, skill development, and environmental sustainability. Through policy analysis and strategic recommendations, the study emphasizes the importance of strong digital infrastructure, ethical data practices, and inclusive innovation ecosystems to ensure balanced growth. By 2047, success in the digital economy will depend not only on technological advancement but also on human creativity, collaboration, and sustainable practices.
This study examines budget management in the Decentralized Autonomous Governments (GADs) at the parish level, emphasizing the importance of transparency in public resource administration as a mechanism to promote accountability and prevent corruption. The main objective was to apply budgetary indicators to the Tacamoros Parish GAD, located in Sozoranga, Loja Province, during the fiscal periods 2021–2022, in order to evaluate the efficiency and effectiveness of budget allocations. A quantitative and descriptive approach was adopted, employing data collection and analysis tools based on the guidelines of the Organic Code of Territorial Organization, Autonomy, and Decentralization (COOTAD) and the Organic Code of Planning and Public Finance (COPFP). The results reveal that the budget cycle achieved a confidence level of 82.93%, with an associated risk of 17.07%. Likewise, revenue execution compared to the programmed figures reached 49.13% in 2021 and 69.15% in 2022, while expenditure execution was 59.47% in 2021 and 50.33% in 2022. The study concludes that strengthening long-term strategic planning and promoting greater financial autonomy in parish-level GADs are essential to ensure more efficient budget management for the benefit of the community.
Materi Crypto Assets dalam Decentralized Finance (DeFi) ini disampaikan dalam Rapat Pleno Majelis Tarjih dan Tajdid Pimpinan Pusat Muhammadiyah yang diselenggarakan di Yogyakarta pada 14 Desember 2025. Paparan ini bertujuan memberikan landasan konseptual dan analitis yang jernih mengenai aset kripto dalam perspektif teknologi, ekonomi, dan hukum, sebagai bahan pertimbangan ilmiah dalam proses tarjih dan ijtihad institusional. Pembahasan difokuskan pada klarifikasi kedudukan aset kripto sebagai aset digital, bukan sebagai alat pembayaran yang diterbitkan negara, serta penjelasan mengenai mekanisme kerja blockchain dan smart contract sebagai fondasi utama ekosistem DeFi. Materi ini menyoroti bagaimana aset kripto memperoleh nilai dari fungsi, manfaat, kelangkaan, dan kepercayaan pengguna, sekaligus membedakannya dari praktik spekulatif murni yang tidak memiliki underlying value. Selain itu, disampaikan pula pemetaan jenis-jenis aset kripto—termasuk cryptocurrency, stablecoin, utility token, security token, governance token, NFT, dan Real World Asset (RWA) token—beserta contoh penerapan nyatanya dalam sektor keuangan, industri kreatif, dan layanan publik. Paparan ini juga mengkaji risiko inheren aset kripto, seperti volatilitas, risiko teknologi, dan potensi penyalahgunaan, sehingga menegaskan pentingnya prinsip kehati-hatian, literasi, dan tata kelola. Materi ini mengaitkan perkembangan aset kripto dengan kerangka regulasi nasional, khususnya Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2024, untuk menunjukkan bahwa aset kripto telah berada dalam rezim pengaturan resmi. Dengan demikian, materi ini diharapkan menjadi rujukan objektif dan proporsional bagi Majelis Tarjih dan Tajdid dalam merumuskan sikap, pandangan keagamaan, dan rekomendasi kebijakan yang berbasis ilmu pengetahuan serta kemaslahatan umat.
This research undertakes a comparative analysis of Thailand’s anti-money laundering (“AML”) regulatory framework in relation to the most recent recommendations issued by the Financial Action Task Force (“FATF”) concerning money laundering risks associated with Security Token Offerings (“STOs”) conducted via blockchain technology. The objective is to identify potential regulatory gaps and areas for improvement in Thailand’s existing AML measures, particularly in the areas of regulatory oversight, licensing requirements, customer due diligence (“CDD”), recordkeeping obligations, and the reporting of suspicious transactions by virtual asset service providers (“VASPs”). The methodological basis of the research is the comparative analysis method, examining Thailand’s applicable AML laws and regulations alongside FATF guidelines, relevant literature, and case law. The research found that Thailand’s applicable AML laws, including the relevant regulations, are inadequacies and inefficiencies in the regulatory oversight of securities offerings that utilize emerging technologies. Specifically, the current regulatory framework is insufficient in effectively preventing or mitigating risks related to money laundering and the financing of terrorism for investors. As a result, it does not adequately ensure the security and integrity of investments in decentralized systems, therefore, it fails to provide sufficient safeguards to protect investors from inadvertently becoming involved in unlawful activities. These shortcomings indicate a lack of alignment with international standards issued by the FATF. This research is useful to legislative authorities, lawyers, law students, and regulatory bodies, especially in Thailand, and only limited to the regulation of money laundering in Thailand and does not provide empirical research.
This study examines the relationship between market efficiency and digital financial innovation in the context of global financial transformation over the past decade, when fintech, cryptocurrency, and Decentralized Finance (DeFi) have significantly altered price formation and information dissemination mechanisms. The main issue raised is whether the Efficient Market Hypothesis (EMH) theory remains relevant in the face of digital market dynamics characterized by high volatility, speculative behavior, and regulatory uncertainty. The objective of this study is to assess the impact of digital innovation on information efficiency, price transparency, and the stability of modern financial markets. The study used the Systematic Literature Review (SLR) method, examining 15 scientific articles published between 2015 and 2025 from various academic databases. The findings indicate that digital technology increases access and speed of information distribution, but does not always result in consistently efficient markets. Crypto and DeFi markets have been shown to exhibit fluctuating efficiency due to price anomalies, information asymmetry, and weak regulation. Overall, the literature synthesis confirms that market efficiency in the digital era is dynamic and influenced by the interaction between technology, investor behavior, and governance quality. This study concludes that the EMH remains relevant as a basic framework, but needs reinterpretation to suit the complex and rapidly changing characteristics of digital markets.
<p>The rapid evolution of decentralized finance (DeFi) has brought revolutionary innovations to global financial systems; however, it has also revealed some major security vulnerabilities, especially of smart contracts. Traditional auditing methods and static analysis tools are prone to fail in identifying sophisticated threats, including reentrancy attacks, front-running, oracle manipulation, and honeypots. This review discusses the growing role of machine learning (ML) in enhancing the security of DeFi systems. It provides a comprehensive overview of modern ML-based methods related to the detection of smart contract vulnerabilities, transaction-level fraud detection, and oracle trust assessment. The paper also provides publicly available datasets, necessary toolkits, and architectural designs used for developing and testing these models. Additionally, it provides future directions like federated learning, explainable AI, real-time mempool inspection, and cross-chain intelligence sharing. While it is full of promise, the application of ML in DeFi security is plagued by issues like data scarcity, interoperability, and explainability. This paper concludes by highlighting the need for standardised benchmarks, shared data initiatives, and the integration of ML into development pipelines to deliver secure, scalable, and reliable DeFi ecosystems.</p>
With the increasing maturity of blockchain technology, its characteristics such as decentralization, data immutability, and consensus mechanisms can effectively address issues in supply chain finance, including high risk control costs, difficulties in credit endorsement for small and medium-sized enterprises, and cumbersome operational processes. By synthesizing research on the integration of blockchain technology into supply chain financial services and analyzing a case study of JD.com’s application of blockchain technology in supply chain finance ABS business, this paper proposes future development prospects for “blockchain technology + financial services”. The aim is to provide decision-making references for the modern financial services industry to expand operations, improve service performance, and reduce financial risks.
The increasing use of decentralized finance (DeFi) accelerates the demand for trustless, secure mechanisms for crosschain token exchange. This paper outlines a complete model for atomic token swaps based on the Hashed Timelock Contract (HTLC) scheme, allowing for intermediary-free token exchanges across disparate blockchain systems. The system makes use of the local blockchain simulation framework, Ganache, to design and test cross-chain interactions in a sandbox environment. To improve the decision-making capabilities for users, a real-time cryptocurrency price forecasting subsystem is added which utilizes machine learning models to analyze and predict the market and its volatility. Additionally, the system harnesses Generative AI capabilities through prompt engineering to tailor investment advice for individual users by analyzing the market, their preferred risk level, expected returns, and provide investment strategies aligned with users' preferences. Apart from sophisticated trading algorithms, the solution also offers a simple dashboard for market price monitoring and performs rapid token swaps at the user's command. Smart contracts are implemented using Solidity, token and price feeds are ports to Web3.js, predictive analytics is done in Python, while the frontend and backend are structured in Next.js alongside Node.js. System testing validates hypotheses on the provision of secure cross-chain swaps within one transaction without compromising.
Health system resilience (HSR) is essential to sustaining equitable essential functions under acute and chronic stressors in decentralized systems. We developed and validated a Brazil-tailored HSR framework that distinguishes steady-state performance from resilience-specific capacities and assigns responsibilities across federal, state, regional, and municipal levels. Using a three-phase qualitative deductive-inductive approach with 48 international and national experts, we identified nine dimensions, 18 subdimensions, and 65 indicators that prioritise governance coherence, surge workforce strategies, emergency regulation, real-time monitoring, and access to critical technologies. The framework clarifies boundaries between general health system performance and adaptive, absorptive, and transformative functions, and specifies how managers can apply it in practice through structured scoping, mapping, scoring, prioritisation, planning, and monitoring steps. Although designed for Brazil's Unified Health System (SUS), the development logic generalises to other decentralised contexts with appropriate re-allocation of responsibilities and calibration to national financing rules. This policy-facing tool supports actionable resilience strengthening in complex, multi-level systems.
Abstract Decentralized finance (DeFi) is rapidly transforming financial systems, yet its environmental, social, and economic sustainability implications remain underexplored. To address this gap, we conducted a structured review of peer-reviewed literature published between 2022 and 2025, drawing on 239 records retrieved from Scopus and Web of Science and screened through the PRISMA 2020 protocol in Covidence. The review combined bibliometric analysis, thematic mapping, and a systematic review to synthesize patterns, clusters, and critical insights. Bibliometric results show a sharp post-2023 rise in outputs, with China leading in publication volume and Switzerland achieving the highest citation impact, although collaboration networks remain fragmented and weakly connected. Thematic analysis reveals three dominant clusters: blockchain-driven financial innovation, AI and fintech applications for sustainability, and green economy transitions, highlighting DeFi’s dual role as a driver of transparency and inclusion but also a source of energy inefficiency and systemic risk. The systematic review further identifies regulatory gaps, particularly around Maximal Extractable Value (MEV), and emphasizes the need for energy-efficient consensus mechanisms, standardized ESG metrics for tokenized assets, and inclusive platform designs to bridge digital divides. By aligning DeFi’s disruptive potential with sustainability objectives, the study proposes hybrid governance models and interdisciplinary collaboration to foster a resilient, equitable, and low-carbon financial ecosystem, underscoring the urgency of balancing technological innovation with planetary boundaries to realize DeFi’s promise as a catalyst for sustainable development.
Topicality. Fraudulent activities on the Ethereum blockchain pose a substantial risk to decentralized finance and require capable models not only to respond to already detected abuses but also to identify suspicious accounts proactively before losses escalate. The subject of study is the application of graph and temporal neural models to the task of classifying Ethereum accounts as benign or fraudulent, considering the structural relationships between addresses and the temporal dynamics of transactions. The purpose of this article is to develop and experimentally evaluate a neural architecture based on a multilayer perceptron as a baseline component for the subsequent integration of graph and temporal mechanisms, and to analyze its performance on the open Ethereum Fraud Detection dataset, which features a high-class imbalance. The following results were obtained. A baseline deep model for binary account classification was constructed using feature preprocessing, stratified data splitting, class weight balancing, L2 regularization, Dropout, and early stopping, which enabled the achievement of an ROC AUC value of approximately 0.98 under conditions of a pronounced dominance of the safe class. A detailed analysis of the confusion matrix and the precision, recall, and F1 metrics demonstrated an acceptable trade-off between reducing false positives and minimizing the proportion of missed fraudulent accounts, which is critical for real-world financial scenarios. Conclusion. The results indicate that a properly designed baseline neural model on tabular features can ensure high-quality proactive identification of fraudulent Ethereum accounts and serve as a starting point for further integration of graph and temporal architectures aimed at improving interpretability and robustness to the evolution of malicious behavior patterns.
Vladyslav Prosolov, Oleksandr Kushnerov, Vladyslav Sokol, Ruslan Trofymenko
Topicality. Fraudulent activities on the Ethereum blockchain pose a substantial risk to decentralized finance and require capable models not only to respond to already detected abuses but also to identify suspicious accounts proactively before losses escalate. The subject of study is the application of graph and temporal neural models to the task of classifying Ethereum accounts as benign or fraudulent, considering the structural relationships between addresses and the temporal dynamics of transactions. The purpose of this article is to develop and experimentally evaluate a neural architecture based on a multilayer perceptron as a baseline component for the subsequent integration of graph and temporal mechanisms, and to analyze its performance on the open Ethereum Fraud Detection dataset, which features a high-class imbalance. The following results were obtained. A baseline deep model for binary account classification was constructed using feature preprocessing, stratified data splitting, class weight balancing, L2 regularization, Dropout, and early stopping, which enabled the achievement of an ROC AUC value of approximately 0.98 under conditions of a pronounced dominance of the safe class. A detailed analysis of the confusion matrix and the precision, recall, and F1 metrics demonstrated an acceptable trade-off between reducing false positives and minimizing the proportion of missed fraudulent accounts, which is critical for real-world financial scenarios. Conclusion. The results indicate that a properly designed baseline neural model on tabular features can ensure high-quality proactive identification of fraudulent Ethereum accounts and serve as a starting point for further integration of graph and temporal architectures aimed at improving interpretability and robustness to the evolution of malicious behavior patterns.
Deepika Dash, Bipin Raj C., B Jnyanadeep, Anala M R
The proliferation of decentralized finance (DeFi) has highlighted critical challenges in cross- chain oracle reliability and performance assessment. Traditional blockchain networks remain isolated from external data sources, creating the fundamental Oracle Problem that hinders institutional adoption of DeFi protocols. This paper presents DeFiLens, a comprehensive benchmarking framework that provides standard- ized performance metrics and real-time analytics across multiple blockchain ecosystems including Ethereum, Binance Smart Chain, Polygon, and Avalanche. Our framework addresses the gap between traditional finance’s seamless market data access and blockchain’s data isolation through systematic oracle assessment. DeFiLens implements a six-layer security scoring system encompassing cryptographic verification, attack detection, and network health monitoring. Through extensive evaluation of major oracle providers including Chainlink, Band Protocol, and Tellor, we demonstrate significant performance variations across chains, with response times ranging from 2.1 seconds to 8.7 seconds and reliability scores varying between 72% and 95%. Our statistical analysis reveals critical arbitrage opportunities with price discrepancies up to 2.3% across chains. The framework serves as a ‘‘Bloomberg Terminal’’ for oracle data, enabling financial institutions, DeFi protocols, and researchers to make data-driven decisions for oracle integration and risk management.
Financial innovations have emerged as one of the most influential forces shaping contemporary commerce, redefining the mechanisms through which businesses operate, transact, and compete. As global markets become increasingly interconnected and digitalized, the demand for more efficient, secure, inclusive, and scalable financial systems continues to grow. This research article investigates the multi-dimensional role of financial innovations—spanning digital payments, block chain technologies, neobanking, artificial intelligence in finance, and alternative lending models—and examines how these advancements are reshaping commercial practices, market structures, and customer experiences. The study draws from established literature, recent empirical findings, and theoretical frameworks to provide a comprehensive understanding of how financial innovations contribute to transactional efficiency, risk management, cost reduction, and value creation within commerce. The article further explores how financial innovations facilitate business expansion, enhance consumer accessibility, and support regulatory compliance through technologies such as RegTech and Insur Tech. Special emphasis is placed on the convergence of financial services with digital commerce platforms, leading to embedded finance models and the democratization of financial access for micro, small, and medium enterprises (MSMEs). Additionally, the study highlights emerging trends including decentralized finance (DeFi), tokenization of assets, real-time data analytics, and the growth of digital currencies—each of which represents a new frontier in commercial transformation. The findings suggest that while financial innovations bring unprecedented opportunities for growth, they also introduce challenges related to cyber security, regulatory uncertainty, data privacy, and operational risks. The paper concludes by identifying key future prospects and research directions, emphasizing the need for stronger governance models, global regulatory harmonization, and interdisciplinary research to unlock the full potential of financial innovations in commerce. The study contributes to ongoing scholarly discourse by offering a holistic and forward-looking perspective that can guide policymakers, businesses, researchers, and financial institutions.
Adama Sarr, Aldo Bischi, Umberto Desideri, Cheikh Mouhamed Fadel Kébé
Achieving universal electricity access in Senegal by 2030 remains a major policy challenge due to persistent spatial disparities in infrastructure, population density, and resource availability. This study conducts a nationwide, spatially explicit assessment of least-cost electrification pathways using OnSSET. The analysis develops context-specific scenarios to plan optimal technology mixes across rural and peri‑urban areas, based on differentiated tiers of electricity access. By integrating high-resolution geospatial, demographic, and techno-economic data, the model identifies the most economically viable solutions for achieving universal access. Results indicate that grid extension is the least-cost option for approximately 93.7 % of the population, largely concentrated in peri‑urban areas with high population density and proximity to existing grid infrastructure. In contrast, solar PV mini-grids (MG PV) and stand-alone PV (SA PV) systems are optimal for 0.7 % and 5.6 % of the population, respectively, mainly in remote, sparsely populated rural settlements. The total investment required to achieve universal electricity access by 2030 is estimated at USD 269.8 million, corresponding to 116.1 MW of additional installed capacity. Beyond quantifying cost-optimal solutions, the study demonstrates the potential of open-source geospatial models like OnSSET to support transparent, data-driven planning in developing country contexts. It also highlights key policy implications, emphasizing the need for integrated national electrification strategies that combine centralized and decentralized systems to address regional disparities. Limitations of the study include uncertainties in input data quality, static demand assumptions, and the exclusion of non-technical barriers such as institutional capacity and financing constraints. Nonetheless, the findings provide a valuable decision-support basis for Senegal’s ongoing energy transition and broader Sustainable Development Goal 7 (SDG7) objectives.
Nepal’s health policy landscape has shifted from a centralized, curative model to a more preventive, equitable, and decentralized system. Since the first National Health Policy in 1991, subsequent reforms in 1997, 2014, and 2019 have aimed to expand access, strengthen institutional capacity, and align the health sector with global commitments such as the Sustainable Development Goals (SDGs) and Universal Health Coverage (UHC). The National Health Policy 2019 (NHP 2019) represents the most recent and comprehensive effort to advance Primary Health Care (PHC) within a federal governance structure and further reinforce these national and global priorities. This review critically examines NHP 2019 through document analysis of government policies, implementation reports, and peer-reviewed literature; comparative policy review against earlier national policies and regional standards; and evaluation using the WHO health system building blocks framework. NHP 2019 strengthens PHC by expanding health insurance, integrating federal-provincial-local roles, and promoting digital health and essential public health services. Implementation evidence shows progress in decentralization and community-level service delivery. However, major gaps persist, including inequitable financing, rural workforce shortages, weak health information systems, inadequate coordination across government tiers, and limited inclusion of marginalized groups and traditional health practices. NHP 2019 is conceptually strong but faces operational challenges. Its success depends on sustained financing, evidence-driven governance, improved intergovernmental coordination, and equitable workforce and resource allocation. Strengthening monitoring systems and integrating community and traditional health practices are critical for achieving the policy’s vision of healthier and more informed citizens and for guiding decision-makers in advancing PHC-oriented reforms.
The article presents an in-depth analysis of international approaches to the taxation of virtual assets, covering cryptocurrencies, decentralized finance instruments, non-fungible tokens, airdrops, and hard forks. The research is based on a comparative study of tax regimes in the United States, Germany, Switzerland, Estonia, Singapore, Portugal, and Australia. The analysis addresses differences in legal definitions, rules of income and capital gains taxation, valuation methods, and the application of value-added or goods and services tax. Attention is paid to compliance mechanisms and administrative practices that influence taxpayer behavior and shape levels of adoption. To complement the legal comparison, the study incorporates empirical data from the Global Crypto Adoption Index, allowing for an evaluation of the link between regulatory clarity, tax burden, and the spread of digital assets in different countries. A special focus is placed on Ukraine, which has legally recognized virtual assets through the Law “On Virtual Assets” while awaiting the implementation of Draft Law No. 10225-д to introduce taxation rules. These reforms are assessed in the context of international standards developed by the Organisation for Economic Co-operation and Development, the Financial Action Task Force, and the European Union. The article emphasizes the risks associated with gaps between formal legislative alignment and actual enforcement capacity in transition economies. Excessive or unclear taxation is shown to contribute to capital outflow, informal practices, and regulatory arbitrage. The article further explores underregulated areas such as staking, token swaps, and the creation and trade of non-fungible tokens. It argues that updated tax guidance and coordinated cross-border measures are necessary to provide legal certainty and prevent systemic risks. The role of blockchain analytics, identity verification, and international information-exchange regimes is highlighted as a foundation for more effective oversight. The novelty of the study lies in combining doctrinal legal analysis with fiscal assessment and comparative empirical indicators, which makes it possible to identify both universal patterns and national specificities. The conclusions stress that sustainable taxation of virtual assets requires transparent, balanced, and enforceable rules supported by international coordination. Such an approach not only ensures stable public revenues but also fosters responsible financial innovation and strengthens the integration of Ukraine into the global digital economy.
Saudi Arabia’s rapid urbanization driven by Vision 2030 demands sustainable municipal finance systems. Using a mixed-methods analysis, this study analyzes 360 expert perspectives and identifies the key challenges of fiscal centralization (β = –0.14), governance deficits (20.2% variance), and overreliance on centralized funding (31.8% variance). However, decentralization (β = 0.31), policy alignment with Vision 2030, and green finance tools emerge as transformative pathways. Regression and correlation analyses reveal that municipal autonomy and legal frameworks are crucial in promoting sustainability integration. This study advocates for fiscal decentralization, Sharia-compliant green bonds, and institutional reforms and offers useful insights for policymakers.
Martin Christy ABIAYA'A, Tati Gaelle TIMBA, Jean Hugues NLOM, Marcellin NDONG NTAH
Abstract The objective of this article is to analyze the effect of fiscal decentralization on early childhood education in Cameroon. Using a methodological framework based on econometric modeling by ordinary least squares (OLS), generalized least squares (GLS), and the generalized method of moments (GMM), it emerges that fiscal decentralization positively and significantly affects early childhood education in Cameroon. The results obtained by OLS and GLS reveal that Fiscal decentralization has a significant and positive effect on the number of desks per student. The Global Monitoring Mechanisms (GMM) demonstrate that fiscal decentralization leads to a significant and positive increase in both the number of classrooms per student and the number of desks per student. The investigations revealed that fiscal decentralization has a positive effect on early childhood education in Cameroon.These results suggest implementing financing mechanisms for local authorities to stimulate local development through the provision of sustainable socioeconomic infrastructure that can ensure equal and equitable access to education for children. Keywords: Cameroon, schooling, early childhood, fiscal decentralization