The article explores the evolution of marketing innovations in the retail sector through the lens of technological development and the transformation of consumer expectations. Five key stages of innovation development are identified—traditional, network based, digital, omnichannel, and innovation-technological—each characterized by specific challenges, opportunities, and influencing factors. The traditional stage was marked by a focus on product policy and individual promotions within the physical store. The network-based stage introduced the integration of IT solutions into logistics, CRM systems, and initial customer segmentation. The digital stage was distinguished by the emergence of online stores, mobile marketing, and personalized communication. The omnichannel stage involved the full synchronization of online and offline channels to ensure a holistic customer experience. The innovation-technological stage includes the extensive implementation of artificial intelligence, AR/VR, blockchain, and emotional analytics. The study draws conclusions about the patterns of transition between stages and the role of innovation in transforming business models in retail. Key directions for further development of marketing innovations are identified, including the technologization of customer experience, intelligent marketing automation, a sustainable approach, Web3 integration, the growth of social commerce, and the use of emotional analytics. However, the implementation of these directions is accompanied by a number of challenges related to the rapid pace of technological change, increasing consumer expectations, and the need to adapt business models to new ethical and environmental standards. In Ukraine, these challenges are further intensified by martial law conditions, market instability, limited resources, and the urgent need for rapid transformation of the retail sector to fit the new realities. It is noted that the development vectors of marketing innovations in retail form a complex yet high-potential system of change that requires strategic thinking, flexibility, and readiness to implement new formats of customer interaction. The article has practical significance for marketing professionals, retail business managers, and researchers working on adapting business practices to the evolving digital economy.
The article is devoted to the study of the problem of harmonization of Ukrainian legislation in the field of crypto-asset market regulation in the context of the implementation of the provisions of the new European Regulation 2023/1114 of May 31, 2023. Given Ukraine’s status as a candidate for membership in the European Union, the task of unifying legal approaches to the definition and classification of digital assets is becoming increasingly relevant. The article provides a comparative analysis of the evolution of the conceptual and categorical apparatus in the European Union, using the provisions of Directive 2018/843, which focuses mainly on combating money laundering, and Regulation 2023/1114, and examines the transition from the term “virtual currency” to the systematic, expanded, and functionally oriented concept of “crypto-asset,” which includes both digital value and digital rights. Particular attention is also paid to the analysis of Ukrainian legislation and recent legislative initiatives, in particular the Law of Ukraine “On Virtual Assets” No. 2074-IX and draft laws No. 10225 and No. 10225-1. In the context of these documents, a detailed comparison of the definitions of “virtual asset” used is carried out and attempts to gradually adapt the Ukrainian conceptual framework to European standards are revealed, including by referring to the technological criterion (use of distributed ledger technology) and expanding the functional content of assets. Discrepancies between the Ukrainian and European approaches have been identified in both the basic terminology and the classification system for crypto-assets. A comparison of classification models has been carried out: the basic three-level structure enshrined in Regulation 2023/1114, which includes asset- referenced tokens, electronic money tokens, and other tokens, and the options proposed in Ukrainian draft laws, which attempt to adapt European categories to national specifics. Attempts to directly transpose the classification model of Regulation 2023/1114 into the Ukrainian legal system and the challenges associated with adapting certain categories of crypto-assets, taking into account the existing legal regime in Ukraine, are analyzed. Proposals are made on the advisability of revising the terminology and further work on the development of a national classification of crypto assets in line with European Union legislation.
Introduction. The rapid development of technology is significantly transforming all spheres of human activity, and the financial industry is no exception. Recent decades have been marked by the emergence and rapid spread of blockchain technologies, which promise to revolutionize traditional approaches to doing business. From decentralized finance (DeFi) to smart contracts and asset tokenization, blockchain opens up unprecedented opportunities to increase transparency, security, efficiency, and reduce operational costs. Purpose: a comprehensive analysis of the prospects and challenges of applying blockchain technologies in the financial activities of enterprises, as well as substantiation of their role in increasing the efficiency, transparency, and security of corporate finances in the modern digital economy. Methods. To achieve the goal, our research will be based on the integrated application of a number of scientific methods. Analysis and synthesis will become the foundation for an in-depth study of existing scientific papers, reports and analytical materials related to the implementation of blockchain technologies in the financial sphere. Through analysis, we can break down complex concepts into components, and synthesis will help to combine the data into a single, holistic picture. A systems approach will allow us to consider the financial activities of enterprises integrating blockchain as a complex interconnected system, assessing the impact of the technology on various aspects of business operations and identifying potential synergies and risks. Results. In this scientific article, the conducted research deeply delves into the scope of application of blockchain technologies in the financial activities of enterprises, revealing both their significant transformational potential and significant challenges on the path to implementation. Conclusions: The application of blockchain technologies in the financial activities of enterprises has enormous potential for the transformation and optimization of many processes. From increased transparency and security to automation and access to new sources of funding, the benefits are clear. However, successful blockchain integration requires careful analysis, overcoming regulatory and technical challenges, and significant investment in skills development.
This article explores changes and trends in volatility pricing of Bitcoin (BTC), and analyzes its historical performance, key drivers, market dynamics and future prospects. By studying macroeconomic and technical indicators, we can fully understand Bitcoin's market behavior patterns and volatility patterns, and explore the impact of regulatory policies, market sentiment and institutional intervention on Bitcoin price.
Оксана Гладченко, T. V. Ratushnyak, І. Д. Погорєловська, А. Р. Коротун · 5 authors
У статті розглянуто вплив комп’ютерних технологій, зокрема блокчейн-рішень, ІТ-інфраструктури та суміжних цифрових інструментів, на формування й розвиток криптовалют. Висвітлено історичну еволюцію ІТ-технологій у контексті ключових етапів розвитку криптовалютного середовища – від перших концепцій цифрових гро- шей у 1970-х роках до сучасної високотехнологічної екосистеми. Окреслено, як розвиток персональних комп’ютерів, глобального інтернету, криптографії, peer-to-peer мереж, хмарних обчислень, смартконтрактів і Web3-платформ сприяв можливості створення, функціонування та масштабування цифрових активів. На основі історичного та статистичного аналізу показано, що зростання інвестицій у блокчейн-технології тісно пов’язане з динамікою капіталізації криптовалютного ринку. Проведений регресійний аналіз продемонстрував високий рівень кореляції між ринками блокчейну та криптовалют, а також між ІТ-сектором і криптовалютами, що вказує на їхнє визначальне значення у цифровій економіці. У статті схарактеризовано модель формування криптовалюти, починаючи з концептуального етапу та завершуючи її інтеграцією в платформи обміну, зберігання та реального використання. Особливу увагу приділено ролі смартконтрактів, мережевих архітектур, тестових середовищ, безпекових протоколів та адаптації до регуляторних вимог. Зазначено, що комп’ютерні технології є системоутворюючим елементом сучасної криптовалютної економіки, а блокчейн відіграє роль ядра довіри, прозорості та безпеки в цифровому середовищі. У результаті визначено, що комп’ютерні технології є базовим структурним елементом у побудові функціональної криптовалютної екосистеми, а блокчейн виступає не просто інструментом обліку, а технологічним ядром для забезпечення довіри, децентралізації та безпеки. Таким чином, криптовалюта не є ізольованим цифровим активом, а є результатом системної взаємодії програмного забезпечення, мережевих інфраструктур, безпеки, ринкового середовища та технологічної інноваційності.
The initial driving force behind the development of the cryptocurrency market is the Bitcoin currency. The emergence and expansion of specialized exchanges were essential for trading this cryptocurrency. Consequently, experts in the field recognized the necessity of developing econometric models to forecast Bitcoin’s exchange rate. Proposals presented by econometricians at scientific conferences demonstrated that such models could help minimize risks and potential losses during the stages of investing in Bitcoin and selecting financial instruments, as well as forecast future returns. In this article, we attempt to present methods for constructing predictive econometric models to automate cryptocurrency trading and analyze Bitcoin’s price fluctuations using econometric modeling techniques. The economic development of the cryptocurrency market, the technological architecture of Bitcoin, and the principles of econometric modeling have been systematically examined, and the data were analyzed based on real statistical information. The article is structured in logical order, and the conclusions and recommendations are presented with scientific justification. The statistical methods, analytical charts, and forecasting models used in the study were selected according to the research topic, and the results are expressed clearly and in a scientific manner. The article’s plagiarism index is below 5%, which confirms its status as a fully original scientific work.
Abstract. This study investigates the transformative potential of blockchain technology in optimizing business processes, digital marketing, and achieving sustainable development goals within the context of global digitalization and increasing consumer demands for transparency. The research employs dialectical methods of cognition, systematic approaches, and analysis-synthesis methodologies to examine blockchain's key advantages including transparency, data security, and automation through smart contracts. The investigation reveals that blockchain technology addresses critical challenges in digital marketing, particularly advertising fraud, which cost the industry approximately $84-140 billion globally in 2024. Invalid traffic (IVT) reached 23% of all mobile advertising impressions, with Ukraine experiencing fraud rates as high as 50.31%. The study demonstrates how blockchain's immutable ledger system can verify ad views and clicks, eliminating fraudulent activities while ensuring transparent budget allocation. Key findings highlight blockchain's capacity to revolutionize supply chain management through real-time product tracking from origin to consumer. Case studies include Walmart's product tracking system, H&M's collaboration with VeChain platform for clothing authenticity verification, and De Beers' diamond supply chain transparency initiative. The research identifies IBM Food Trust as exemplifying blockchain's role in reducing food waste and ensuring safety through transparent record-keeping. The study proposes strategic frameworks for integrating blockchain into business and marketing practices aligned with sustainable development principles. Smart contracts enable automated insurance payouts, peer-to-peer energy trading, and decentralized loyalty programs through tokenization. Environmental applications include carbon credit markets, green financing transparency, and anti-greenwashing certification systems. Despite significant advantages including decentralization, transparency, security, and intermediary elimination, implementation challenges persist: energy consumption, scalability limitations, technical complexity, and regulatory uncertainty. The research concludes that blockchain fosters trust, optimizes resource management, and supports ethical practices, enabling enterprises to achieve long-term competitiveness while contributing to sustainable development objectives.
The article deals with the theoretical basics of digital asset valuation and substantiates the need for their integration into modern financial analysis and corporate finance. It concludes that traditional methods—discounted cash flow (DCF), the capital asset pricing model (CAPM), and comparative multiple analysis—have proven effective in valuing stocks, bonds, and other traditional instruments, but are limited in the digital economy. Cryptocurrencies, utility tokens, digital rights, and non-fungible tokens (NFTs) possess unique features: intangible nature, lack of guaranteed cash flows, high price volatility, dependence on network effects, and decentralization. The article looks into the latest adaptation of valuation methods, including network metrics (market capitalization to transaction volume ratio (NVT), Metcalfe's law), modified fee discounting models, and scenario-based venture approaches. It also explores the using the MV=PQ equation for tokenomics analysis and the determining of a "price floor" by means of mining or staking cost. Particular attention is paid to the role of Big Data and on-chain analytics, which enable applying open blockchain data on transactions and users' activity, as well as using artificial intelligence and machine learning algorithms for price forecasting, identifying fundamental value, and separating it from speculative factors. It emphasizes the need to expand the conceptual framework, to consider legal definitions, and develop specialized models for various token types (utility, security, stablecoins, NFTs) that take into account the technological characteristics of networks, incentive economics, and behavioral factors. It is concluded that integrating digital assets into financial valuation theory requires an interdisciplinary approach that compraises finance, network economics, legal regulation, data-driven analytics, and tokenomics engineering design.
The paper explores the complex issue of accounting and taxation related to digital means of payment, with a particular focus on cryptocurrency. The growing importance of the topic is evident from two main factors: firstly, the rapid increase in cryptocurrency trading volumes worldwide, and secondly, the insufficient technical capabilities of tax authorities to effectively monitor and regulate such transactions. Despite the growing global interest in cryptocurrencies, the taxation and accounting of these digital assets remain a significant challenge, primarily due to the absence of universally recognized and established approaches to their regulation. The study highlights a critical gap in understanding the nature of cryptocurrency. It is unclear whether cryptocurrency should be considered a currency, a commodity, or a form of payment or exchange. This ambiguity contributes to the challenges faced in both legal enforcement and taxation. Without a clear legal definition or status for cryptocurrencies, it becomes extremely difficult to implement consistent taxation policies that can be applied universally. The paper emphasizes that the current regulatory framework for cryptocurrency transactions is fragmented. While a range of legal and regulatory acts exists, they fail to provide a cohesive, standardized approach to governing these digital currencies. In addition to addressing these theoretical issues, the paper systematically analyzes the experiences of various countries in the field of cryptocurrency tax regulation. This comparison reveals certain global trends in the taxation of digital currencies, showcasing both successful models and ongoing challenges. The study also delves into the specific characteristics of cryptocurrency taxation in Ukraine, drawing attention to the unique challenges faced by the country in aligning its tax policies with global standards. The paper identifies several key problems in the taxation of cryptocurrency transactions, such as the lack of comprehensive tax guidelines, the difficulty of tracking transactions, and the challenges in categorizing cryptocurrency for tax purposes. It also discusses the potential future developments in cryptocurrency taxation, both in Ukraine and internationally. The study assesses the prospects of creating a more effective and unified tax system for digital currencies, emphasizing the importance of international collaboration and the need for updated legal frameworks to address the growing role of cryptocurrencies in the global economy.
The article explores the integration of digital payment systems into e-commerce as a key factor in strengthening enterprise economic security. It emphasises the strategic role that digital payments play in ensuring financial stability, reducing operational risks, and enhancing customer trust, especially for small and medium-sized enterprises (SMEs). The study synthesises current academic discourse and industry reports, focusing on the advantages of real-time transaction processing, transparency, compliance with regulatory standards, and operational efficiency. It highlights the risks associated with cybersecurity threats, platform interoperability, and legal non-compliance. Empirical insights are drawn from the integration experiences of Eastern European SMEs using platforms such as PayPal, LiqPay, and Fondy. In addition, the article examines the transformative potential of blockchain-based systems, artificial intelligence, and decentralized finance technologies in reshaping payment infrastructures. It concludes that the integration of secure and innovative digital payment systems is not merely a technological upgrade, but a strategic necessity that directly supports economic resilience and long-term competitiveness in the digital economy.
Crypto assets initially appeared as “virtual currencies”, but it became clear that they had limitations in terms of their function as a currency, particularly in terms of their practical use. Although the speculative aspect is often emphasized, in reality, there are cases where they are adopted as legal tender in emerging countries, suggesting that they are not necessarily limited to being a speculative product. The IMF is calling for stricter regulations due to the rapid growth of the crypto asset market and concerns about systemic risk. In addition, the bankruptcy of FTX has confirmed that the price of cryptocurrencies fluctuates according to the expectations of market participants, and the introduction of financial products undermines price stability. Stablecoins have been developed as a means of supplementing the limitations of cryptocurrencies, and their use is expanding, but financial authorities are calling for stricter regulations. The chain reaction of the crypto asset market crash was caused by excessive expectations, and was the result of rapid growth and delayed regulation. Crypto assets, which were created with the aim of being a decentralized system, are now strengthening their centralized elements, and as the risks are becoming more apparent, it has been concluded that strengthening monitoring systems and regulations is essential.
This article presents a comprehensive analysis of contemporary cyber threats to the financial sector, emphasizing their impact on the stability of financial institutions and payment systems. The study addresses the primary vectors of cyberattacks—phishing, DDoS, malware, targeted APT attacks, and insider threats. Drawing on the experiences of Ukrainian and international financial institutions, the paper identifies key principles for constructing cybersecurity systems, encompassing multi-layered protection, vulnerability management, proper authentication, and incident response planning. Special attention is devoted to artificial intelligence and machine learning as instruments for enhancing cyber resilience. The article also examines the potential for implementing blockchain and decentralized finance (DeFi) within the global financial landscape and the associated information security challenges. The significance of integrated cyber risk management within financial institutions' broader operational risk management framework is underscored. Finally, practical recommendations are offered on optimizing security frameworks, adopting international standards, and bolstering intergovernmental coordination to ensure the financial sector’s long-term resilience in the face of digital transformation.
Heike Joebges, Hansjörg Herr, Christian Kellermann
Abstract Crypto assets’ partial money-like use promotes toxic developments in the financial system. Even though crypto assets might be regarded as close substitutes to traditional money, we show that they lack important functions of money. Traditional fiat money requires several interacting institutions to stabilize its value and regulate its use. In our analysis, we elaborate on the risks associated with the difficulty of setting up regulatory institutions in the crypto sphere and the likelihood of periods of high volatility as well as their repercussions on the traditional financial system due to reciprocal integration. The shift of banking functions into the unregulated area of decentralized finance triggers a new quality of instability in the global financial system with an increasing probability of effects on the real economy. Regulation of crypto assets remains an urgent issue.
М. А. Абрамова, С. В. Криворучко, Oleg V. Lunyakov, Алим Борисович Фиапшев
Existing studies of the problem of the emergence and development of decentralized finance (DeFi) are largely limited to non-principled clarification of certain positions and formulations, with emphasis on technical and technological innovations, far from the level of fundamental research. The authors set the task of theoretical understanding of the ongoing transformation processes in the financial sphere. The purpose of the study was to identify the conditions, driving forces and nature of the process of development of decentralized finance; to define DeFi and identify its sustainable features; and to substantiate the possibilities of considering DeFi as a separate economic category and institution. Setting the goal determined the sequence of its solution in two stages. The first stage implied a higher level of abstraction, an appeal to the theory of money and its modern achievements. The second stage —“movement to the surface”, inclusion in the analysis of specifications accompanying the development of DeFi. The authors used systematic and logical methods , induction and deduction as the main methods, which allowed them to generalize and systematize the ideas about the essence of decentralized finance, identify problems in the modern scientific discourse. As a result, the causes are revealed, and the nature of the process of emergence and development of the sphere of decentralized finance is substantiated, the definition of DeFi is given, the principles of their functioning are highlighted and recommendations on structuring the conceptual apparatus of DeFi are developed. It is concluded that the process of formation and development of decentralized finance is objective and driven by changes in the monetary sphere, technological advances, and problems of traditional finance. At the same time, the stable features of DeFi determine the potential of reproduction of financial relations on a decentralized basis, but at the same time do not allow us to qualify DeFi as an independent category and institution. The results of the study can be used both in elaborating the concept of DeFi development and taken into account as part of the regulatory response to DeFi.
The article considers financial literacy as an important factor of sustainable socio-economic development in the context of global digital transformation. The rapid development of financial technologies, platform economy, artificial intelligence, blockchain technologies, and decentralized finance (DeFi) has significantly changed the architecture of financial markets and consumer financial behavior models. In these circumstances, the ability of the population to effectively and safely use digital financial instruments is becoming a key condition for the financial stability of households and the stability of the financial system. According to the OECD/INFE (2023), only about 29% of the adult population achieve a minimum level of digital financial literacy, which indicates that there is a significant gap between the technological development of the financial sector and the level of financial competence of users. The study systematizes modern theoretical approaches to understanding financial literacy and analyzes its evolution under the influence of fintech innovations, artificial intelligence technologies and digital assets. Special attention is paid to new competencies necessary for secure interaction with cryptocurrencies, robo-consultants, embedded finance systems and open banking tools. It is proved that the development of digital financial literacy helps to reduce the financial vulnerability of the population, expand access to financial services and form an inclusive digital economy. The results of the study show that investments in the development of digital financial competencies of the population form a multiplier effect for economic growth and improving the financial well-being of society.
Nianko L.Yu., Dovbush A.V. DEVELOPMENT OF BANKING SERVICES IN THE CONDITIONS OF DIGITALIZATION: CHALLENGES, TRENDS AND PROSPECTS Purpose. The aim of the study is to conduct a comprehensive analysis of the transformation processes of banking services in the context of digitalization, in particular to identify key trends and outline the prospects for further development of the banking sector based on the implementation of digital technologies and FinTech solutions. Methodology of research. The methodological basis of the study is the dialectical method of scientific knowledge and a systematic approach. In the course of the study, a set of scientific methods was used to analyse the development of the banking system and its digitalization, in particular: analysis and synthesis, analytical – when processing literature sources; statistical analysis – to assess the dynamics of the banking system's development and its digitalization, evaluate global trends, and identify key areas for digitalization implementation. The use of trend analysis made it possible to identify the main factors influencing the development of the banking system and its digitalization. The graphical method was used to visualize statistical data and trends, which provides a more visual representation of the dynamics of the banking system and simplifies the interpretation of the obtained results. Findings. The issues of digitalization of the banking system are studied. The level of penetration of online banking, the dynamics of launching new banks in the world, the number of digital banks in the world, and the number of clients of the world's leading digital banks are determined and estimated. The list of promising and newest financial technologies in the banking sector is specified. Originality. The study proves that the prospects for the introduction of such digital financial technologies as artificial intelligence (AI), open banking, central bank digital currencies (CBDCs), biometric identification services, and green banking are directly related not only to their technological convenience but also to the level of government support and promotion of financial inclusion. This, unlike existing approaches, makes it possible to comprehensively assess not only the innovative potential of technologies but also their systemic integration into the banking model. It is established that DeFi (decentralized finance), despite the limited regulatory environment and high risk, can be further developed through gradual integration with traditional banking instruments, in particular through models of sharing APIs and smart contracts within hybrid financial systems. The study also improves the classification of the main risks that accompany the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and infrastructure threats. This allows for a more effective risk management model for the digital transformation of the bank. Practical value. The substantiated results of the study can be used to assess the trends in the implementation of FinTech solutions in the banking sector, to understand the role of FinTech in the strategic management of the bank, which allows considering digital innovations not only as tools for improving efficiency, but also as factors in the formation of long-term competitiveness. The study also improved the classification of the main risks accompanying the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and This allows for a more effective risk management model for the digital transformation of the bank. Key words: bank, banking services, digitalization, online banking, blockchain, Open Banking, digital transformation, FinTech.
У статті досліджено теоретичні та практичні аспекти впровадження smart contracts у процеси розрахунків із постачальниками та кредиторами. Акцент зроблено на аналізі ключових характеристик смарт-контрактів, зокрема автономності, самовиконання та незмінності, що визначають їхню ефективність та надійність у сучасних фінансово-господарських відносинах. Розкрито технологічну основу функціонування смарт-контрактів, підкреслено визначальну роль блокчейну та децентралізованих систем у забезпеченні прозорості, безпеки та стійкості транзакцій. Проаналізовано ключові виклики та ризики, що перешкоджають широкомасштабному впровадженню смарт-контрактів, серед яких виділено правові бар’єри через відсутність уніфікованого законодавства, технологічні ризики, пов’язані з можливими помилками у коді та питаннями масштабованості блокчейн-мереж, складність інтеграції смарт-контрактів у традиційні бізнес-процеси, а також соціально-етичні аспекти, що стосуються впливу на ринок праці та необхідності розвитку нових цифрових компетенцій.
The article explores the tax aspects of investing in cryptocurrencies, specifically the legal approaches to taxing digital assets in Ukraine and globally. The rapid expansion of cryptocurrencies and the growing interest in them from investors pose new challenges for states in regulating this area, particularly regarding the taxation of income from such investments. The author analyzes the current Ukrainian legislation on cryptocurrencies and tax obligations, comparing it with regulatory approaches in developed countries such as the United States, Germany, and Switzerland, which have already developed detailed mechanisms for taxing cryptocurrency transactions. The primary focus is on defining the legal status of cryptocurrencies as assets, addressing their taxation as income from sales or exchanges, and examining the possibility of applying standard capital gains tax schemes. The article highlights the issues of legal uncertainty in national legislation, particularly the lack of clear classification of cryptocurrencies as taxable objects, and the risks this uncertainty poses for both investors and the state. Special attention is given to the significance of tax regulation as a tool for either stimulating or hindering the development of the cryptocurrency market. The article proposes potential ways to improve cryptocurrency tax regulation in Ukraine based on advanced international practices. Specifically, it emphasizes the need to harmonize national legislation with the tax norms of the EU and other countries that have already developed comprehensive models for taxing digital assets. The study is highly relevant in the context of the rapid development of the digital economy, global market integration, and the need to adapt the tax system to the realities of the digital asset market. The author stress the importance of establishing transparent and comprehensible tax norms that will encourage investment in the digital sector of the economy and ensure the financial stability of the state.
The report substantiates that cryptocurrencies are a unique financial phenomenon that continues to evolve and change the global economic landscape. They provide users with new opportunities to conduct financial transactions, increasing speed, transparency and reducing transaction costs. At the same time, their decentralized nature contributes to reducing dependence on traditional financial institutions, which makes cryptocurrencies especially attractive in conditions of economic instability.
З. В. Квасній, Marta Olikhovska, Володимир Ярославович Оліховський, Юрій Володимирович Даниленко
The article deals with modern instruments of financial support for the development of territorial communities in the conditions of decentralization and strengthening the role of local self -government. The purpose of the article is to analyze modern instruments of financial support for the development of territorial communities, to determine their effectiveness and potential for the use in conditions of decentralization, as well as to substantiate directions of improvement of financial policy in order to strengthen economic capacity and improve the financial independence of local self-government. Classification of sources of financial support for internal (local taxes and fees, income from communal property management, payment for the provision of administrative services) and external (transfers from the state budget, international technical assistance, investment resources, grants). Innovative financial instruments that can be used by communities are identified: local trust funds, municipal bonds, public-private partnership, crowdfunding and social investment. Particular attention is paid to the assessment of the efficiency of the existing financial base of territorial communities and outlines the main problems: limited own income, uneven community development, dependence on state subsidies. The directions of improvement of financial policy at the local level, including expanding the possibilities of attracting investments, optimization of expenditures of local budgets, development of partnership forms of financing are proposed. The practical importance of the study is to identify tools that can ensure the financial sustainability and competitiveness of territorial communities in the long run.
The article examines the problem of entrepreneurial risks in the conditions of institutional uncertainty and analyzes the possibilities of applying blockchain technologies and strategic management to minimize them. Institutional uncertainty, manifested in the instability of regulatory requirements, unpredictability of regulatory decisions and lack of transparency, creates significant obstacles to business development, and traditional risk management methods demonstrate limited effectiveness in such conditions and forms a certain management philosophy and culture. It is substantiated that blockchain technologies, thanks to decentralization, transparency and security, offer an alternative approach to ensuring trust and reducing risks. Practical examples of blockchain application in various industries are studied: from finance to logistics, healthcare, real estate and energy. Strategies for introducing blockchain into business are systematized, including the use of smart contracts, decentralization of operations, partnerships with blockchain startups , creation of consortia, and personnel training. At the same time, blockchain limitations are also noted : technical complexity, regulatory risks, high implementation costs, cyberthreats and scalability issues. The research results show that the combination of strategic management and blockchain technology forms an effective toolkit for minimizing business risks in an unstable institutional environment. Such an approach allows companies to create sustainable business models, reduce dependence on unreliable institutions and increase competitiveness, which is especially relevant for regions with insufficiently developed institutional infrastructure.
The article aims to analyze the legal framework for cashless payments in cryptocurrency and provide proposals to overcome the problem of their legitimization by acts of Ukrainian legislation. The state's long-standing reluctance to legitimize non-cash payments in cryptocurrency is indicated. The state, represented by the National Bank of Ukraine and other central executive bodies, tried to protect the national currency, the hryvnia. Because of this, the state did not legitimize the circulation of cryptocurrencies. It is summarized that in times of war, the state needs a significant number of various resources. Cryptocurrency is also one of the strategic resources that can be used by the state. Legitimization of cryptocurrency transactions and amendments to the Tax Code of Ukraine will increase revenues to the state budget. It is noted that the legal regime of martial law in Ukraine is not a warning against the active legitimization of cryptocurrencies.It is predicted that after the legitimization of cryptocurrencies, the state budget will be able to replenish itself with additional revenues through tax collection, and thanks to the anonymity and irreversibility of cryptocurrency transactions, the volume of Ukrainian exports and imports will increase, and the parties to the agreements will be encouraged to properly, timely and fully fulfill their contractual obligations. Thanks to anonymity, third parties will not know the subject matter of the agreements, and therefore the structure of the means of waging war may unexpectedly change for the better. The methods of waging war may also unexpectedly improve. It is concluded that in the post-war period and with the restoration and development of the Ukrainian economy, the European economy, and the world economy in general, the importance of non- cash payments in cryptocurrency will increase. Therefore, the legitimization of such calculations will be continued in other regulatory acts of Ukraine. The acts mentioned in the article, in particular the Tax Code of Ukraine, will be permanently supplemented.
Вступ. Активний розвиток цифрових технологій сприяв появі нових форм фінансових активів, серед яких особливе місце посідають криптовалюти. Їх децентралізований характер та високий рівень анонімності створюють як значні можливості для розвитку цифрової економіки, так і виклики для системи оподаткування. В Україні поки що відсутня чітка та всеосяжна система податкового регулювання операцій із криптовалютами, що ускладнює визначення правового статусу цих активів, бази та механізмів їх оподаткування. Отож, особливої актуальності набуває аналіз міжнародного досвіду у сфері оподаткування цифрових активів та адаптація ефективних моделей до українських умов. Мета – проаналізувати сучасний стан оподаткування криптовалют в Україні, визначити основні проблеми податкового регулювання цифрових активів та узагальнити міжнародний досвід для формування ефективної системи їх оподаткування. Результати. Визначено відсутність спеціального податкового законодавства щодо оподаткування цифрових активів в Україні, що створює правову невизначеність. Проведено систематизацію криптовалют за основними ознаками, розглянуто підходи до їхнього бухгалтерського обліку та оподаткування. Узагальнено міжнародну практику, яка свідчить про різноманітність підходів – від повного визнання криптоактивів як майна до їх часткової заборони. Висновки. Для ефективного оподаткування криптовалют в Україні необхідно розробити комплексну законодавчу базу, яка забезпечить прозорість фінансових операцій, визначить порядок обліку доходів і створить умови для належного оподаткування цифрових активів. Врахування міжнародного досвіду дасть змогу сформувати збалансовану систему податкового регулювання, що сприятиме розвитку цифрової економіки держави. Introduction. The active development of digital technologies has led to the emergence of new forms of financial assets, among which cryptocurrencies occupy a special place. Their decentralized nature and high level of anonymity create both significant opportunities for the development of the digital economy and challenges for the taxation system. In Ukraine, there is still no clear and comprehensive framework for the taxation of cryptocurrency transactions, which complicates the determination of their legal status, tax base, and taxation mechanisms. In this context, analyzing international experience in the taxation of digital assets and adapting effective models to Ukrainian conditions becomes particularly relevant. The purpose of the article is to analyze the current state of taxation of cryptocurrencies in Ukraine, develop the main problems of tax regulation of digital assets and summarize international experience to form an effective system of their taxation. Results. Violations of special tax legislation on the taxation of digital assets in Ukraine were identified, which creates legal uncertainty. Cryptocurrencies were systematized according to the main features suitable for their accounting and taxation. General international practice, which has a choice of a variety of approaches – from full recognition of cryptoassets as property to their partial ban. Conclusions. For effective taxation of cryptocurrencies in Ukraine, it is necessary to develop a comprehensive legislative framework that ensures the transparency of financial transactions, determine the procedure for accounting for income and create conditions for proper taxation of digital assets. Taking into account international experience will allow to form a balanced system of tax regulation, which will contribute to the development of the state’s digital economy.
The article reveals key aspects of the use of cryptocurrencies in the modern financial market, in particular in the context of the digital transformation of the economy and the development of innovative financial instruments. The author substantiates the relevance of the research topic in view of the exponential growth of the cryptocurrency market capitalization, its institutionalization, the introduction of blockchain technology into the financial sector and the strengthening of the integration of cryptocurrencies with traditional markets. It is established that in Ukraine cryptocurrencies are considered not only as an investment tool, but also as an alternative to traditional mechanisms for preserving value in conditions of macroeconomic instability. The dynamics of Ukraine's positions in the global crypto-asset adaptation rating are analyzed, and the main trends in the development of the cryptocurrency sector at the national level are identified. Particular attention is paid to the institutional environment and regulatory barriers, in particular the problems of legal uncertainty, tax regime, limited access to banking services and weak integration with the payment infrastructure. The need to complete the implementation of the Law of Ukraine «On Virtual Assets», create an effective regulatory system with a clear division of powers between the NBU and the NSSMC, as well as introduce effective mechanisms for financial monitoring of cryptocurrency transactions was emphasized. It was concluded that the development of the cryptocurrency market should be accompanied by increasing the level of financial literacy of the population, strengthening cybersecurity and stimulating energy-efficient technologies in the field of mining. The paper outlines strategic directions of state policy for harmonizing cryptocurrency regulation with international standards, which will ensure sustainable development of the national financial sector, promote financial inclusion and integrate the Ukrainian economy into global digital processes.