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.
Uhryn A.P. FINANCIAL SUPPORT FOR THE DEVELOPMENT OF LOCAL COMMUNITIES IN DEVELOPED COUNTRIES: IMPLEMENTATION IN DOMESTIC PRACTICE Purpose. The aim of the article is to summarise and systematise international experience in financial support for the development of local communities in developed countries and to substantiate the directions for its implementation in domestic practice, taking into account the tasks of strengthening the revenue base of local budgets in Ukraine, increasing the institutional stability of communities and ensuring their sustainable development in the context of post-war recovery and budget decentralization. Methodology of research. The methodological basis of the study is the systemic and institutional approaches, which made it possible to consider local finances as a complex multi-level system in which budgetary, tax, and transfer mechanisms interact within the current institutional environment. In the process of research, comparative analysis methods were used to compare models of local finance organization and mechanisms of fiscal decentralization in different countries, logical generalization to form theoretical conclusions and conceptual provisions, as well as structural and functional analysis to identify the role of individual elements of the budget system in ensuring the financial autonomy of local self-government. Thus, the research methodology is based on a comprehensive combination of modern theoretical and methodological approaches to analysing the functioning of the public finance system in decentralized conditions. The theoretical basis of the work is formed by the provisions of the theory of fiscal federalism, which reveal the patterns of distribution of revenue and expenditure powers between levels of government, the concept of tax autonomy of territorial communities, as well as scientific approaches to inter-budgetary equalization as a tool for ensuring financial capacity and balanced regional development. Findings. It has been established that the effectiveness of financial support for local communities is determined by a balanced combination of tax autonomy, stable own and fixed revenues, as well as effective mechanisms of vertical and horizontal financial equalisation. The institutional features of decentralised, cooperative and centralised models of local finance, their impact on the financial stability of communities and the quality of public services are revealed. It is substantiated that Ukraine's priorities are: strengthening the role of personal income tax and property tax in local budget revenues, improving formula equalisation based on European models, developing municipal investment and project financing instruments, and integrating international aid into the local finance system while maintaining budgetary discipline. The obtained results correspond to the tasks of improving the effectiveness of community’s information and communication resources and strengthening the financial capacity of territories. Originality. International models of financial support for territorial communities have been systematised through the prism of combining tax autonomy and solidarity mechanisms; adaptation guidelines for Ukraine have been substantiated, combining the expansion of communities' own revenue base with the improvement of inter-budgetary relations and the strengthening of the financial responsibility of local self-government bodies. Practical value. The proposed approaches can be used by public authorities and territorial communities of Ukraine to form a sustainable revenue policy, optimise the financial equalisation system, plan development investments and improve the quality of budget management. The research results are relevant to scientific and practical tasks of improving local budget revenue management and introducing strategic risk management into community activities. Key words: financial support for local communities, fiscal decentralization, local budgets, tax autonomy, inter-budgetary relations, financial equalisation, post-war recovery.
Volodymyr Valihura, Oleksandr Odaiskyi, Ivan Vakulich, Mykhailo Soroka
Valihura V.A., Odaiskyi O.B., Vakulich I.P., Soroka M.V. PRAGMATICS OF FISCAL DECENTRALIZATION IN THE CONTEXT OF FORMING LOCAL BUDGET REVENUES IN UKRAINE Purpose. The aim of the article is to identify the prerequisites for the reform of fiscal decentralization in Ukraine, highlight individual stages of its implementation and assess the impact on the formation of local budget revenues. Methodology of research. The research process involved the use of general scientific and special methods of cognition, in particular analysis and synthesis, induction and deduction, systemic, structural and functional approaches. To assess the fiscal effects of the reform, comparative and dynamic analysis methods were used, as well as statistical methods for processing official data from the Ministry of Finance of Ukraine and the state budget web portal for citizens. The phasing of fiscal decentralization was substantiate using an institutional approach and elements of the concept of fiscal federalism. Findings. The article proves that fiscal decentralization reform in Ukraine had an uneven fiscal effect in the short term, but in the long term contributed to the growth of financial independence of local budgets. It has been established that in 2011–2014, the revenue base of local budgets was characterized by high dependence on interbudgetary transfers and the limited role of local taxes. The introduction of the reform in 2015 was accompanied by a temporary decrease in the share of own revenues due to the revision of personal income tax (PIT) crediting standards, but in 2016–2019, there was a gradual strengthening of the tax capacity of communities. It has been substantiated that the sharp reduction in official transfers in 2020 and 2022 was due to the completion of the administrative and territorial reform, the COVID-19 pandemic and the transition of the budget system to functioning under martial law. Originality. A comprehensive analysis of fiscal decentralization was conducted from the perspective of its pragmatic impact on the formation of local budget revenues in the long term. The author proposes an approach to the periodization of fiscal decentralization reform in Ukraine, taking into account institutional changes and crisis factors, and substantiates the relationship between the transformation of interbudgetary relations and the dynamics of tax revenues at the subnational level. Practical value. The obtained results can be used by state authorities and local self-government bodies in the formation of tax and budget policy, the improvement of interbudgetary equalization mechanisms and the development of a post-war strategy for the development of fiscal decentralization. Key words: fiscal decentralization, fiscal federalism, fiscal policy, local budgets, taxes, tax revenues, interbudgetary transfers, territorial communities, personal income tax.
This paper examines factors that influence prices of most common five cryptocurrencies such as Bitcoin, Ethereum, Dash, Litecoin, and Monero over 2010-2018 using weekly data. The study employs ARDL technique and documents several findings. First, cryptomarket-related factors such as market beta, trading volume, and volatility appear to be significant determinant for all five cryptocurrencies both in short- and long-run. Second, attractiveness of cryptocurrencies also matters in terms of their price determination, but only in long-run. This indicates that formation (recognition) of the attractiveness of cryptocurrencies are subjected to time factor. In other words, it travels slowly within the market. Third, SP500 index seems to have weak positive long-run impact on Bitcoin, Ethereum, and Litcoin, while its sign turns to negative losing significance in short-run, except Bitcoin that generates an estimate of -0.20 at 10% significance level. Lastly, error-correction models for Bitcoin, Etherem, Dash, Litcoin, and Monero show that cointegrated series cannot drift too far apart, and converge to a long-run equilibrium at a speed of 23.68%, 12.76%, 10.20%, 22.91%, and 14.27% respectively.
The article explores the theoretical and methodological principles of integrating the organizational and economic potential of Blockchain technologies into the agribusiness system in the context of increasing demands for transparency and sustainability of value chains. The essence of Blockchain is revealed as a tool for forming a trusted information infrastructure that ensures data immutability, transaction automation and business process optimization based on smart contracts. It is substantiated that the use of distributed ledger technologies contributes to the decentralization of management, reduction of transaction costs, digitalization of product quality control and increase of the export potential of agricultural enterprises. Scientific approaches to the development of Blockchain solutions for agri-food supply chains are analyzed. A mechanism for integrating Blockchain into centralized and decentralized agribusiness platforms is proposed, which involves the development of digital competencies, the creation of support infrastructures and indicators for assessing the readiness of enterprises to implement distributed ledger technologies.
We examine the qualifying attributes of decentralized finance (DeFi) as a financial asset class. To achieve this objective, we perform analysis on the relationship (using both level and percentage-change data) between DeFi valuation and selected influencing variables, namely total value locked (TVL), Bitcoin (BTC) value, and market variables. A suite of long-panel data econometric methods is employed on a multi-frequency (daily, weekly, and monthly) panel dataset comprising 16 major DeFi protocols from January 2022 to December 2023. Our empirical design aims to be a comprehensive assessment and triangulation. There are several key findings. First, while there is evidence of cointegration suggesting a possible long-run relationship, this relationship is found to be inconsistent across different variables and time frequencies. However, the impulse response analysis suggests that shocks from the influencing variables do not have a permanent impact. Second, Bitcoin value is found to be the most important influencing factor (positive and highly significant), reflecting strong cryptocurrency market sentiment and aligning with previous research on spillover effects from major cryptocurrencies (Șoiman et al., 2022; Yousaf et al., 2022).
Nov 21, 2025·ФИЛИАЛ ФЕДЕРАЛЬНОГО ГОСУДАРСТВЕННОГО АВТОНОМНОГО ОБРАЗОВАТЕЛЬНОГО УЧРЕЖДЕНИЯ ВЫСШЕГО ОБРАЗОВАНИЯ «КАЗАНСКИЙ (ПРИВОЛЖСКИЙ) ФЕДЕРАЛЬНЫЙ УНИВЕРСИТЕТ» В ГОРОДЕ ДЖИЗАКЕ РЕСПУБЛИКИ УЗБЕКИСТАН
The article considers cryptocurrency not as an "Internet coin", but as a combination oftechnologies, market practices and institutions that change the ways of issuing, circulation and accountingof value. The material is devoted to three topics: demand factor - institutionalization through exchange- traded funds and use in cross-border settlements, main risks - price volatility, operational disruptions, and external environmental impacts, regulatory responses - the EU MiCA system, and the Central Bank'sinterest in digital currencies.
The theses examine the legal and financial aspects of cryptocurrencies, taxation specifics, and transaction monitoring.The advantages of cryptocurrencies in financial inclusion and blockchain implementation are outlined.Challenges of legal regulation and prospects for aligning Ukrainian legislation with EU MiCA standards are highlighted.
The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.
The digitalization of global economic relations has redefined the foundations of consumption, investment, and financial intermediation, positioning e-commerce and digital finance as central pillars of the contemporary economic model. The rapid integration of online trade platforms, fintech ecosystems, and algorithmic payment systems has not only transformed consumer behavior but also reshaped the mechanisms of capital formation and resource distribution. Ecommerce functions as an accelerator of market accessibility and competition, while digital finance provides the structural infrastructure necessary for transactional transparency, financial inclusion, and liquidity circulation in data-driven markets. In emerging economies, these instruments collectively stimulate entrepreneurial activity, reduce transaction costs, and expand cross-border investment flows. The research emphasizes that the synergy between digital trade and financial technologies generates a new consumption–investment paradigm characterized by personalization, real-time decision-making, and decentralized trust mechanisms. At the same time, the sustainability of this paradigm depends on the robustness of digital infrastructure, cybersecurity frameworks, and institutional adaptability to technological disruption. The study concludes that e-commerce and digital finance are not isolated innovations but interdependent drivers of structural modernization that integrate consumer dynamics with investment behavior, forming the analytical nucleus of the digital economy.
This systematic review explores the potential applications of blockchain technology within the financial operations of the UK's National Health Service (NHS), specifically focusing on its impact on general ledgers. The NHS, a complex and vast healthcare system, faces significant financial management challenges, including data fragmentation, inefficiencies in transaction processing, and issues with transparency and auditability. Blockchain, with its inherent characteristics of decentralization, immutability, and cryptographic security, offers a promising paradigm for addressing these issues. This paper systematically reviews the opportunities that blockchain presents for enhancing financial transparency, streamlining payment processes, improving data integrity, and reducing administrative overhead in NHS general ledgers. Concurrently, it critically examines the significant challenges to its adoption, including regulatory hurdles, interoperability concerns, scalability limitations, and the substantial investment required for implementation and training. By synthesizing current literature and identifying key themes, this review aims to provide a comprehensive understanding for policymakers, financial managers, and technology innovators within the NHS regarding the strategic implications of integrating blockchain into healthcare finance.
The rapid development of decentralized technologies and blockchain is transforming the methods of authentication, data management and the implementation of digital human rights, which actualizes the need to form a new identity paradigm based on user autonomy and trustful interaction without intermediaries. The purpose of this article is to substantiate self-sovereign identity as the foundation of trust and digital asset management within the Web3 ecosystem. The research methodology combines comparative legal and formal-dogmatic analysis, structural-functional modeling of the three-way interaction among issuer, holder, and verifier, as well as a problem-oriented review of the technical standards and practices of early platforms (Sovrin, uPort). It is demonstrated that the emergence of self-sovereign identity is a natural response to the shortcomings of centralized and federated identification models in Web 2.0 (OAuth 2.0, OpenID Connect): dependence on providers, concentration of leakage risks, and inability to disclose attributes selectively. The article reveals the mechanism of trust formation in the self-sovereign identity system, which is based on a three-party model of interaction between the issuer, the holder and the verifier; in this model, data authenticity is ensured using cryptographic verifiability through decentralized identifiers and verifiable credentials, which allows minimizing the participation of intermediaries, reducing the surface of possible attacks and guaranteeing the autonomy of the data subject in the process of managing their own digital identity. The key principles of self-sovereign identity (control, availability, transparency, minimization of disclosure, portability, security/resilience, and consent) are systematized, and their applied role in forming a «trust architecture» in Web3 (DAO, DeFi, NFT) is demonstrated. The study revealed a regulatory asymmetry between the technological development of self-sovereign identity systems and the level of their legal regulation. For Ukraine, key regulatory gaps have been specified that hinder the implementation of self-sovereign identity systems and limit the possibility of integrating Ukrainian e-government systems into the international Web3 space: the legislation lacks definitions of the terms «self-sovereign identity» and «decentralized identifier», which is why these concepts have no legal status in Ukraine; the current legal framework for electronic identification and personal data protection is incompatible with the principles of decentralization, self-control, and minimization of information disclosure, which underlie the SSI model. The practical significance of the results lies in the proposed holistic legal and technical framework for developing Web3 trust services, which enables the design of interoperable and secure processes for managing digital assets, prioritizing personal sovereignty over data.
The article explores the potential of blockchain technology and smart contracts in the field of public administration. The emphasis is on the legal challenges that arise in the process of implementing relevant innovations, as well as on the opportunities they open up for increasing transparency, efficiency, and trust in state institutions. The relevance of the topic is due to global digitalization processes, the need to modernize public administration, and the growing demand from society for openness and public control over the work of state authorities. The novelty of the study lies in the study of the legal aspect of integrating decentralized technologies into the public sphere, which has not yet been sufficiently developed in the Ukrainian legal community. The international experience of regulating smart contracts is analyzed, legal gaps in Ukrainian legislation are identified, and proposals for its improvement are formulated. The results obtained may be useful for legislators, representatives of state bodies, and researchers in the field of digitalization of processes in public administration. Furthermore, the research highlights practical applications of blockchain and smart contracts in various public administration sectors, including digital identity management, tax collection, social welfare distribution, and property registration. By examining pilot projects and international case studies, the study demonstrates how these technologies can streamline administrative processes, reduce bureaucracy, and minimize the risk of corruption. The findings suggest that a gradual, regulated integration of blockchain solutions could significantly enhance operational efficiency and citizen satisfaction. Finally, the study addresses the potential risks and limitations associated with blockchain adoption in the public sector, including high implementation costs, technological challenges, and legal uncertainty. It emphasizes the importance of developing comprehensive regulatory frameworks, establishing clear standards for smart contract usage, and ensuring that public sector employees are equipped with the necessary technical skills. The paper concludes that while blockchain offers transformative opportunities, its successful adoption in public administration depends on a balanced approach that combines technological innovation with legal and institutional preparedness.
Open access
Legal, Health, Environmental and COVID-19 Challenges
K. Myrzabekkyzy, G. Lukhmanova, B. Dosanov, A. Bolganbayev · 5 authors
This article, within the context of modern financial technology development, analyzes the impact of decentralized finance (hereafter - DeFi) on the traditional financial system and its criminal-risk aspects. The study aims to describe DeFi operating mechanisms (decentralized architecture and smart contracts), systematize the directions of change in banking, lending, insurance, and investment services, and identify the main types of misconduct and fraud while proposing preventive measures. The paper clarifies DeFi’s operational features, the role of smart contracts, and the nature of decentralization, and examines DeFi’s position across traditional financial service segments. Types of offenses and fraudulent schemes occurring on DeFi platforms are identified, and prevention measures are proposed. A comparison between DeFi and traditional finance is provided, highlighting key advantages and disadvantages and offering recommendations to reduce criminal risks.
ABSTRACT Cryptocurrency, a decentralized digital asset enabled by blockchain technology, has transformed global finance by introducing novel mechanisms for value exchange, security, and governance. This comprehensive academic review synthesizes current knowledge across multiple dimensions: the technical foundations of cryptocurrencies (including distributed ledger technologies, cryptographic primitives, and consensus mechanisms), economic and financial implications (market behavior, monetary policy interactions, speculation, and investment risk), legal and regulatory frameworks (jurisdictional approaches, taxation, anti-money laundering measures, and consumer protection), as well as societal and ethical concerns (environmental impact, privacy, financial inclusion, and potential for illicit use). Drawing on recent empirical studies, case analyses, and theoretical models, the review highlights both the transformative potential of cryptocurrencies to democratize access to financial services and foster innovation, and the significant challenges—such as scalability, volatility, regulatory uncertainty, and energy consumption—that could inhibit or slow their integration. The paper concludes with a discussion of future research directions, including evolving consensus innovations (e.g. proof-of-stake, sharding), central bank digital currencies (CBDCs), and frameworks for balancing innovation with systemic risk mitigation. KEYWORDS Cryptocurrency, probabilistic forecasting, value-at-risk, expected shortfall, volatility, risk management, threat modeling, fintech, blockchain
У період суспільних криз та нестабільності стратегічний фандрайзинг стає важливим практичним інструментом забезпечення фінансової стабільності та соціально-економічного розвитку. Метою роботи є аналіз стратегічних підходів до інноваційного потенціалу фандрайзингу, які можуть бути успішно використані для ефективного залучення фінансування. Методологія. У процесі дослідження було застосовано загальні наукові методи: аналіз і синтез, порівняння, структурно-логічний метод, систематизація, узагальнення та абстракція. Наукова новизна. У дослідженні розглянуто проблематику стратегічного фандрайзингу у контексті інструментарію фінансової підтримки в умовах обмеженого ресурсного забезпечення. Розглянуто різні підходи до фандрайзингу, в тому числі – цифрового, традиційного, інноваційного та партнерського. Проаналізовано особливості конкретних стратегій та інструментів, таких, як краудфандинг, онлайн-платформи, технології non-fungible tokens (NFT). Встановлено, що комплексний підхід до фандрайзингу, який асимілює сучасні та традиційні методи, дозволяє забезпечити максимальну ефективність у досягненні фінансової стабільності. Висновки. У дослідженні обґрунтовано, що краудфандинг, онлайн-платформи та NFT позиціонуються надійними інструментами фандрайзингу, зокрема, на етапі формування стратегії діяльності компанії. Запропоновано ключові підходи до врегулювання ринку краудфандингових інвестицій. Доведено, що розглянуті види альтернативного фінансування та підтримки вбачаються дієвим засобом трансформації підходів до фінансування інноваційних проєктів. Проведена у статті аналітика дозволяє ідентифікувати переваги моделей фандрайзингу, а також виділити дотичні ризики та виклики, що дозволить розробляти та впроваджувати ефективні стратегії їх нівелювання.
As cryptocurrencies began with the launch of Bitcoin in 2009, a technological and financial revolution has created a fundamental menace to worldwide banking infrastructure by its presence. The article is a thorough exposition of the increasing use of cryptocurrencies and its compounding implications to the conventional banking systems. We mention the principles of decentralized finance (DeFi) which explicitly challenge the role between banks, payments, and settlements, lending, and borrowing, and even, the custody of assets. This paper adopts a conceptual and comparative analysis research design to consolidate a number of general layers of scholarly articles, industrial reports and regulation books to develop an overall structure against which to understand this dynamic relationship in a holistic manner. It is analyzed by means of the two-sided impact that semi-protects the traditional bank axiom on one hand, the cryptocurrencies and the DeFi systems are actively disintermediating the traditional banking operations which made delivery of cross-border remittances, P2P lending protocols, and self-custody opportunities faster, cheaper, and more convenient. This is putting competitive pressure on the existing institutions threatening the existence of fee based revenue systems and customer relations. One other, but equally, is that the boarding cryptocurrencies over technological resolutions, namely blockchain and distributed ledger technology (DLT), is borrowed even by the banking sector itself. Banks are learning about DLT to automatize their back-office business, create new digital assets, and the crypto threat establishes their stance through two forms Central Bank Digital Currency (CBDCs) and regulated stablecoins. The implication of this change is evaluated critically depending on the discussion of the potential increase of financial inclusion and financial efficiency in addition to the high level of security risks and the great uncertainty of regulation and the threat of volatility, systemic financial stability. The conclusion of this paper is that crash belongs more to cryptocurrency than to its replacement, and the old banking structures will have to make use of it to be creative, and develop a new value proposal in a more and more decentralized financial system. The future has been defined as requiring a hybrid solution of centralization and decentralization of systems in which they would co exist, compete, and converge.
The aim of the study was to conduct a comprehensive comparison of selected popular cryptocurrencies, such as Bitcoin, Ethereum, XRP, Cardano, and Litecoin. The analysis was carried out in terms of technological categories, scalability, as well as security and privacy. In addition, the development prospects of selected cryptocurrencies were assessed.The research showed that despite its slow transaction speed and scalability issues, Bitcoin is the most widely accepted cryptocurrency as a form of payment, while XRP, which has the fastest transaction speed, is not as widely chosen and supported as a payment method. In terms of everyday applications, Ethereum is the best choice due to its ability to automate many business processes. Most cryptocurrencies are decentralized, which is the foundation of their existence and functioning. Bitcoin, Litecoin, and Cardano place considerable emphasis on this, while there is much debate about the actual decentralization of XRP due to their affiliation with Ripple Labs. An analysis of price stability and volatility has shown that a large proportion of cryptocurrencies are dependent on Bitcoin's market position, which gives an idea of how important it is as a resource. In terms of potential future applications, each of the cryptocurrencies studied can be used as a means of payment, but Bitcoin and Ethereum have the potential to find general use. In addition, they are seen by investors as the safest investment option due to the constant improvements and updates.Analysis in terms of selected factors, including technology, privacy, stability, and price volatility, allowed us to determine the relationship between these factors and the development prospects of the given cryptocurrencies. Bitcoin and Ethereum are the most popular currencies due to their price, and investors often treat them as long-term investments with high growth potential. XRP, Cardano, and Litecoin are less commonly used due to their high dependence on Bitcoin and low growth potential compared to other cryptocurrencies.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
Purpose: to develop a methodological framework for selecting the optimal technology for building cross-border payment infrastructure based on the criterion of decentralization of key financial system actors. Methods: structural analysis of objects, a systems approach, a service approach, a method of structural-matrix analysis of concepts, a research method from general to specific, a comparative analysis method. Results: payment institutions and infrastructure are classified as the main factors influencing the qualitative and quantitative characteristics of cross-border payments. Such characteristics can be improved by forming a cross-border payment infrastructure based on distributed ledger technology, which allows for more equal relations between its users. The features of a cross-border payment infrastructure based on distributed ledger technology include mechanisms for forming, using, maintaining identity and protecting processes, objects and data, which provide it with the required functionality. A comparative analysis with centralized data processing systems shows the advantages of using distributed ledger technology to form a cross-border payment infrastructure. The signs of a payment's cross-border nature are determined by splitting the payment into fragments and identifying pairs of payment subjects located in different jurisdictions. It has been established that a number of cross-border payment subjects may be located outside the payment space and, under certain circumstances, fail to perform their functionality. Numerical indicators of the level of a cross-border payment dependence on the actions of entities outside the payment space are proposed. A model of a decentralized cross-border payment infrastructure is constructed, containing one structural level and an integrated payment token. Conclusions and Relevance: the proposed model can serve as a methodological foundation for the practical implementation of the task of developing cross-border payment infrastructure that ensures a sufficient level of key actors decentralization, meets the needs of economic agents in conducting cross-border payments, and possesses long-term development potential.
The relevance of the topic is due to the need to specify the circle of participants in the virtual asset market, since participants are an important element of legal relations in the virtual asset market. However, a clear circle of them has not yet been formed. With the development of the virtual asset market, new participants emerged, which explains the need to specify their circle at the current stage of market formation. The need for such specification is also due to the fact that the role and importance of the virtual asset market for the economy of Ukraine, including for its post-war recovery, require urgent certainty regarding the legal framework for the market functioning, which, in particular, should concern participants, which will allow to solve a problem of regulation of other legal aspects of the market functioning. The purpose of the article is to specify the circle of the virtual assets marker participants and to substantiate their place and role in this market by means of classification. Based on the provided study, author specifies the circle of virtual assets marker participants, which are proposed to be divided into the following functional groups: 1) the main participants – virtual assets service providers, which, depending on the activities carried out, may be business entities, the range of which is presented in Article 55 of the Commercial Code of Ukraine, business entities established under the laws of foreign states, as well as decentralized autonomous organizations functioning as virtual assets service providers; issuers (including miners); offerors; consumers; and individuals conducting transactions with virtual assets in their own interests; 2) participants with auxiliary functions that provide the necessary conditions for the functioning of the virtual asset market by providing services (banking, insurance, legal, consulting, etc.); 3) participants with special functions related to state regulation of the virtual asset market and self-regulatory organizations. The author suggests that the concept of “virtual asset market participant” should be properly enshrined in national legislation.
Purpose: This study explores the transformative impact of financial technology (fintech) on the global financial services industry, focusing on innovations, regulatory implications, and challenges. The research aims to identify key technological disruptions, examine the regulatory landscape, and highlight opportunities and risks introduced by fintech. Methodology/approach: A Systematic Literature Review (SLR) was conducted using SCOPUS, IEEE Xplore, and ScienceDirect. Following a structured protocol, 153 peer-reviewed articles (2014–2019) were analysed through thematic and meta-analytical approaches. The study adopted an interpretative philosophy and used the PICOC framework to refine search precision and synthesis. Results/findings: The analysis reveals fintech’s disruptive innovations in financing and payment systems, such as peer-to-peer (P2P) lending, crowdfunding, blockchain-enabled transactions, and mobile payments. These services have enhanced financial inclusion, operational efficiency, and customer accessibility. Regulatory frameworks have evolved in parallel, though challenges remain in addressing moral hazard, cybersecurity, and compliance. Geographically, Asia, particularly China and Indonesia, leads fintech research and implementation. Conclusion: Fintech has significantly reshaped financial ecosystems by enabling decentralized financial services, accelerating digital transactions, and fostering inclusivity. However, cybersecurity risks, limited regulatory clarity, and uneven global adoption continue to impede its sustainable integration. Limitations: The study is limited to English-language literature from 2014–2019 and may not capture recent post-pandemic developments or region-specific innovations in Islamic or informal economies. Contribution: This paper contributes a comprehensive synthesis of fintech’s evolution, identifies existing gaps, and offers insights for policymakers, financial institutions, and researchers to foster a balanced, secure, and innovative financial environment.
Strengthening the economy through transformation in the tax system and decreasing the role of auditors and auditor-centric approaches should be among the priorities of the Iranian National Tax Administration.Given the country's urgent need to increase revenue sources to compensate for budget deficits, improving the tax collection system becomes even more crucial.According to clause (b) of article (1) of the "Law on Sales Terminals and Taxpayer Systems," blockchain technology can also be considered a type of sales terminal.One of the key features of blockchain is the enhancement of security, transparency, and efficiency.This study aimed to consider reality as closely as possible.For data collection, a library research method has been employed.It appears that a private consortium blockchain is a suitable option for the tax system.Based on the conducted reviews, there is still no definitive consensus mechanism for a tax system.Therefore, the proposed approach in this study is the use of a hybrid consensus mechanism, combining proof-of-authority and delegated proof-of-stake, which would be ideal for a blockchain-based tax system.One of the main features of this model is the use of multi-layered validation.A blockchain-based tax system designed to record all transactions and events related to invoice-based taxes should fundamentally be established on a multi-party smart contract between the buyer, seller, tax authorities of the origin and destination, the buyer's bank, and the seller's bank.To ensure the successful implementation of blockchain, several key considerations must be taken into account.
Iryna Dashko, Олександр Череп, Любомир Михайліченко
The article comprehensively examines cryptocurrencies as a strategic tool for transforming the investment environment in the context of digitalization of the global economy. The current state of the crypto market is analyzed, key trends in its evolution are identified, and the role of digital assets in the formation of new investment models is characterized. Particular attention is paid to determining the investment potential of cryptocurrencies in the long term, taking into account such advantages as decentralization, market openness, technological innovation and accessibility. The author substantiates the concept of “crypto-horizon” - a new investment paradigm that combines a strategic vision of digital finance development with an understanding of the risks and prospects of cryptocurrencies. The author considers the importance of this concept in the formation of a new type of investor capable of operating in the digital economy, effectively managing risks and using innovative financial instruments. The paper also focuses on the key challenges of the crypto market: high volatility, legal uncertainty, information asymmetry, and limited financial literacy. The SWOT analysis made it possible to identify the strengths and weaknesses of crypto investing, as well as promising areas for the development of digital finance. The importance of state regulation, creation of a regulatory framework, development of digital finance infrastructure and raising public awareness in the field of investment is determined. The author emphasizes the need to form an effective regulatory framework for the integration of cryptocurrencies into the financial system. The role of public policy, educational initiatives, and infrastructure solutions in increasing confidence in digital assets is shown. It is substantiated that successful implementation of the “crypto-horizon” concept is possible only if there is a synergy of technology, regulation and investment culture. As a result, the authors conclude that cryptocurrencies are already playing the role of a digital key to the investment future, and their competent integration into national and international financial systems will be the key to the formation of an innovative, flexible and accessible investment ecosystem for the general population.