The article presents a comprehensive analysis of the legal framework for public procurement in Ukraine and the European Union through the lens of balancing transparency requirements with the protection of confidential commercial information. The key principles of the Law of Ukraine “On Public Procurement” and Directive 2014/24/EU, which establish the foundations of equal treatment, non-discrimination, proportionality, and procedural openness, are examined. The practical outcomes of the Prozorro electronic procurement system are analyzed; since its launch, the system has saved over USD 8.7 billion in public funds and increased the number of bidding participants from 14,000 to 140,000. The main corruption risks at various stages of the procurement cycle are systematized – from planning and needs formulation to tender evaluation and contract execution. Based on an analysis of international studies using the Analytic Hierarchy Process (AHP) and principal-agent theory, it is established that tender evaluation is the most corruption-prone stage, with information asymmetry being the key factor. It is shown that under martial law conditions, simplified procurement mechanisms necessary for operational efficiency simultaneously expand the space for abuse. The feasibility of applying zero-knowledge proof (ZKP) protocols as a cryptographic instrument that enables combining public verification of participants’ compliance with qualification requirements while preserving the confidentiality of their commercial data is substantiated. The main classes of ZKP – interactive protocols, zk-SNARKs, zk-STARKs, and Bulletproofs – their properties, trade-offs, and practical applications in financial compliance, identity verification, and anonymous whistleblowing systems are examined in detail. Specific scenarios for integrating ZKP into public procurement procedures are considered: proof of financial capacity without disclosing reporting details, confirmation of the absence of conflicts of interest based on encrypted registry data, verification of the correctness of electronic auction results, and authentication of the supply chain. Key implementation barriers are identified: regulatory recognition of cryptographic proofs as equivalents to traditional documents, technical complexity and institutional capacity, performance and scalability concerns, legal liability for protocol errors, and compliance with GDPR requirements. A phased model for integrating ZKP into the Prozorro infrastructure is proposed, and recommendations for necessary legislative and institutional changes are formulated, including updating the Public Procurement Reform Strategy for 2024–2026, establishing independent cryptographic audit mechanisms, and developing methodological guidelines for contracting authorities.
The article presents a comprehensive analysis of the legal framework for public procurement in Ukraine and the European Union through the lens of balancing transparency requirements with the protection of confidential commercial information. The key principles of the Law of Ukraine “On Public Procurement” and Directive 2014/24/EU, which establish the foundations of equal treatment, non-discrimination, proportionality, and procedural openness, are examined. The practical outcomes of the Prozorro electronic procurement system are analyzed; since its launch, the system has saved over USD 8.7 billion in public funds and increased the number of bidding participants from 14,000 to 140,000. The main corruption risks at various stages of the procurement cycle are systematized – from planning and needs formulation to tender evaluation and contract execution. Based on an analysis of international studies using the Analytic Hierarchy Process (AHP) and principal-agent theory, it is established that tender evaluation is the most corruption-prone stage, with information asymmetry being the key factor. It is shown that under martial law conditions, simplified procurement mechanisms necessary for operational efficiency simultaneously expand the space for abuse. The feasibility of applying zero-knowledge proof (ZKP) protocols as a cryptographic instrument that enables combining public verification of participants’ compliance with qualification requirements while preserving the confidentiality of their commercial data is substantiated. The main classes of ZKP – interactive protocols, zk-SNARKs, zk-STARKs, and Bulletproofs – their properties, trade-offs, and practical applications in financial compliance, identity verification, and anonymous whistleblowing systems are examined in detail. Specific scenarios for integrating ZKP into public procurement procedures are considered: proof of financial capacity without disclosing reporting details, confirmation of the absence of conflicts of interest based on encrypted registry data, verification of the correctness of electronic auction results, and authentication of the supply chain. Key implementation barriers are identified: regulatory recognition of cryptographic proofs as equivalents to traditional documents, technical complexity and institutional capacity, performance and scalability concerns, legal liability for protocol errors, and compliance with GDPR requirements. A phased model for integrating ZKP into the Prozorro infrastructure is proposed, and recommendations for necessary legislative and institutional changes are formulated, including updating the Public Procurement Reform Strategy for 2024–2026, establishing independent cryptographic audit mechanisms, and developing methodological guidelines for contracting authorities.
Information and Communication Technologies such as blockchain can significantly contribute to achieving the Sustainable Development Goals (SDGs). Without a doubt, blockchain, as one of the most valuable technological advancements, has been introduced over the past decade and has played a significant role in the industrial revolution. Blockchain technology is progressively taking over the business world. Blockchain as a disruptive technology and a driver for social change has exhibited great potential to promote sustainable practices and help organizations and governments achieve the United Nations’ Sustainable Development Goals (SDGs). The emergence of other technologies derived from blockchain, such as decentralized finance (DeFi) and the Metaverse, has fundamentally transformed people’s daily lives and profoundly impacted future versions of digital businesses. The Blockchain technology revamped several industries, including Real Estate, Healthcare, Education, and Legal industry to name a few. It opened new doors of opportunities and profit for the entrepreneurs and established brands. The paper's main contribution is to advance knowledge about the role of blockchain for economic and sustainable development in countries of the world. Grounded in the innovation forecasting literature, this paper explores blockchain-based innovations and research in the context of economic and sustainable development.
This study substantiates blockchain analytics as a specialized expert tool for detecting the legalization of criminal proceeds under wartime conditions. The purpose is to systematize the methodological foundations of distributed ledger forensics and develop a conceptual model for its integration into Ukraine’s financial monitoring system. The implementation involves a comparative analysis of scholarly sources and a review of international regulatory standards in the field of anti-money laundering. Graph neural networks ensure an accuracy of 91 to 96 percent in detecting illicit transactions, and the dominant schemes for laundering wartime proceeds are sanctions arbitrage through stablecoins, fund mixing, and DeFi-based legalization through decentralized protocols. The immutability of records in the distributed ledger creates a unique evidentiary environment that enables retrospective analysis of transaction chains even after laundering operations have been completed. The findings confirm the necessity of fully implementing FATF Recommendation 15 and establishing specialized crypto-forensics units within the structure of domestic law enforcement agencies. The proposed four-level model, encompassing data collection, graph analysis, scheme identification, and evidence formation, defines a practical path toward standardizing crypto-forensics in domestic forensic expert practice and improving the effectiveness of financial investigations.
Open access
Business and Economic Development
Legal, Health, Environmental and COVID-19 Challenges
Global environmental and geopolitical challenges, compounded by Ukraine’s wartime infrastructure destruction and heightened investment risks, heavily disrupt corporate operations. Under these conditions, green financing shifts from a mere ecological tool into a vital strategic mechanism ensuring long-term enterprise resilience, market competitiveness, and security-oriented development. This study aims to substantiate strategic vectors of green financing for domestic corporate security and identify practical integration approaches into corporate financial strategies. Methodologically, the research relies on systemic, comparative, structural-functional, and logical generalization analytical approaches. Examining green finance within sustainable development and ESG frameworks, the paper demonstrates its capacity to strengthen corporate financial, energy, regulatory, and reputational security. It specifically highlights Ukraine’s evolving institutional frameworks, national climate policies, and green bond regulations. The study categorizes key domestic green instruments–including green loans, bonds, grants, and ESG investments–substantiating their practical role in mitigating operational risks, maximizing resource efficiency, and expanding access to long-term capital. Key strategic vectors center on energy efficiency, decentralized renewable energy deployment, industrial decarbonization, and circular economy practices. However, market development remains restricted by significant wartime risks, limited capital access, and fragmented implementation mechanisms. Ultimately, green financing must be treated as a strategic priority within corporate management systems. Integrating these financial tools enhances enterprise resilience against external shocks, strengthens economic security, and actively supports post-war recovery and European integration.
In the context of developments in the field of financial technology, cryptocurrencies, emerging as a new asset class, have garnered significant attention in financial markets in recent years, attracting investors, researchers, and regulators, and leading to numerous publications. Bibliometric studies evaluate these publications based on criteria such as the number of publications, their quality, the countries of publication, authors, and journals. This study aims to perform a bibliometric analysis of the academic literature available in the Web of Science (WoS) database, focusing on the volatility of cryptocurrency prices. It analyzes the magnitude and development of academic interest in this field, along with key words, the most cited works, and research trends, in an effort to determine the density of studies, their impact areas, and the academic networks that have emerged in this field. Based on the general findings, it is observed that the number of studies has been on an increasing trend over the years, and that the publications are predominantly in the field of Business Economics. Moreover, it has been found that publications are mainly in finance journals. In terms of network maps, the findings suggest a moderate level of collaboration among authors, with the United Kingdom and the People's Republic of China occupying central positions in international collaboration. In terms of citations, authors such as Lucey, and Katsiampa, Paraskevi, have emerged as prominent figures in the fields of cryptocurrencies and volatility. Regarding key words, terms like 'cryptocurrency', 'cryptocurrencies', 'volatility', and 'bitcoin' are predominantly used in these studies." Keywords: cryptocurrencies, bitcoin, volatility, bibliometric analysis
Ulugmurodov Farkhod Fakhriddinovich, Hasanov Anvar Erkinovich, Abduvakhobov Feruzbek Abdurakhmonovich
This article comprehensively analyzes the formation, stages of development and the impact of cryptocurrencies on the modern economy. In particular, the transformation processes that have occurred in the financial system with the emergence of digital assets such as Bitcoin and Ethereum are studied. The study highlights the role of blockchain technology in transparency, security and reducing transaction costs. It also assesses the role of cryptocurrencies as an investment tool, their impact on monetary policy, and their impact on stability and risk factors in global financial markets. The article also examines the mechanisms for regulating cryptocurrencies based on the experience of different countries, and substantiates their positive and negative effects on economic development. The results of the study serve to draw scientific conclusions on the effective use of cryptocurrencies in the digital economy.
У статті досліджено економічний потенціал блокчейн-технологій як інструменту протидії глобальним змінам клімату. Проаналізовано реальний екологічний вплив криптовалют, зокрема порівняно енергоспоживання мереж Bitcoin та Ethereum після переходу на Proof-of-Stake. Розглянуто механізми токенізації вуглецевих кредитів, роль децентралізованих фінансів (DeFi) та децентралізованих автономних організацій (DAO) у кліматичному фінансуванні. Висвітлено практичні кейси застосування блокчейну в секторі відновлюваної енергетики та ризики грінвошингу. Окремо проаналізовано внесок вітчизняних науковців у дослідження впливу блокчейну на екологічну стійкість та формування «зеленої» цифрової економіки в Україні. Визначено перспективи інтеграції штучного інтелекту та Web3-технологій у кліматичні ініціативи до 2030 року.
The article examines the role of digital transformation as a key factor in strengthening the economic and legal resilience of Ukrainian cities in the context of global competition, governance decentralization, and unprecedented geopolitical challenges. It is substantiated that the digitalization of municipal governance is becoming an important tool for increasing the adaptability of local economic systems, ensuring the continuity of public services, and creating a transparent legal environment for business activities. Particular attention is paid o the concept of “digital legal immunity,” which is defined as an integrated system of technological, organizational, and regulatory mechanisms aimed at ensuring the protection, autonomy, and stability of critical municipal data and information infrastructure. The study analyzes the impact of modern digital instruments, including cloud-based registries, automated electronic document management systems, blockchain solutions in property and land relations, and digital platforms for interaction between public authorities, businesses, and citizens. It is demonstrated that the implementation of such tools contributes to reducing transaction costs, lowering administrative barriers, increasing transparency in governance procedures, and minimizing corruption risks. The paper argues that the integration of digital technologies into local regulatory development programs, particularly within initiatives such as “Digital City” and “Digital Community,” helps create a predictable regulatory environment, stimulates capital circulation, and enhances the investment attractiveness of territories. Based on the analysis of digitalization practices in leading Ukrainian cities (Kryvyi Rih, Dnipro, Ternopil, Uzhhorod, Vinnytsia, Lviv, and Kharkiv), the study systematizes strategies for the capitalization of digital assets and identifies their impact on the economic and legal sustainability of urban systems. Three key levels of institutional support for digital transformation are distinguished: strategic planning and regulatory legitimization of digital initiatives; the creation of local regulatory sandboxes for testing innovative technological solutions; and the regulation of digital interaction between local authorities, residents, and business entities. It is proven that under decentralization conditions, digitalization gradually transforms the city into an autonomous digital governance entity capable of responding promptly to external challenges, mitigating the risks associated with centralized management systems, and ensuring the uninterrupted functioning of municipal services even during crisis or wartime conditions. The obtained results highlight the systemic role of digital transformation in strengthening the economic and legal resilience of Ukrainian cities and outline promising directions for further research related to the quantitative assessment of the impact of digital platforms on governance risks, investment attractiveness, and the stability of local economies.
The rapid development of financial technologies and the spread of blockchain infrastructure have contributed to the emergence of new digital financial assets, among which stablecoins hold an important place. Unlike traditional cryptocurrencies, they are characterized by relative price stability, which is ensured by pegging to fiat currencies, commodity assets, or the use of algorithmic mechanisms for regulating token supply, creating conditions for their use in payment systems, international settlements, and decentralized financial services. The aim of the article is to study the economic essence of stablecoins, determine their role in modern payment systems, and analyze trends in the development of the stable digital asset market based on an assessment of their market capitalization. In the course of the research, general scientific and specialized methods of scientific knowledge were used, in particular methods of system analysis, generalization, comparative analysis, and structural study of the crypto-asset market. The article examines approaches to the classification of stablecoins depending on the type of their backing, in particular fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins. The main directions of the use of stablecoins in the modern financial infrastructure are identified, including cryptocurrency exchanges, decentralized finance platforms, and cross-border payments. A comparative analysis of traditional payment systems and payment systems based on stablecoins was carried out, which made it possible to determine their advantages in transaction speed, global accessibility, and reduction of transaction costs. Special attention is paid to the analysis of the market structure of stablecoins. It was found that at the beginning of 2026, the total capitalization of this segment exceeds USD 300 billion, which indicates its rapid growth. At the same time, the market is characterized by a high level of capital concentration, as more than 80% of its volume is concentrated in the two largest stablecoins, namely USDT and USDC. As a result of the study, it was concluded that stablecoins are gradually transforming from an auxiliary tool of cryptocurrency trading into an important element of the global payment infrastructure. A further development of this segment will depend on the improvement of regulatory mechanisms, increased transparency of reserve backing, and the integration of stablecoins into the traditional financial system.
Type of the article: Research ArticleAbstractThe freelance economy opens new ways for direct interaction between freelancers and customers without intermediaries. This study aims to systematize the forms of the freelance economy in the context of Industry 5.0. A structured review methodology focusing on technological progress and human-centric solutions of the freelance economy is used. Freelancing and Industry 5.0 are closely intertwined and complement each other, forming new economic models and work processes. Their relationship lies in the combination of technological development and human creativity, which allows for the formation of efficient and flexible economic structures. Personalization and customization of consumption within Industry 5.0 promote the freelancing (individualization) of the production sphere, building a win-win strategy both for consumers and producers. Freelancing economy focuses on information processing of work, enables remote communications, promotes creativity of work, provides opportunities for the synergistic combination of human cognitive abilities with AI, ensures the development of personalization and customization of consumption, and contributes to the social development of workers. The structure of the forms of the freelance economy is characterized by the integration of decentralized financial systems, the use of artificial intelligence and blockchain, and the transition to new forms of labor organization based on global digital platforms and self-regulated organizations. One of the key barriers to the freelance economy is the lack of legal regulation of cryptocurrencies and decentralized autonomous organizations (DAOs), as well as the associated cybersecurity risks. To summarize, the significance lies in creating a more adaptive, flexible, and decentralized labor market that meets the challenges of today’s digital world.AcknowledgmentsThis research was funded by a grant “Fundamental grounds for Ukraine’s transition to a digital economy based on the implementation of Industries 3.0; 4.0; 5.0” (No. 0124U000576) and “Digital transformations to ensure civil protection and post-war economic recovery in the face of environmental and social challenges” (No. 0124U000549). 
This paper investigates the resilience and dynamic behavior of energy-conserving cryptocurrencies (ECCs) during two major global crises: the COVID-19 pandemic and the Russia–Ukraine conflict. Unlike traditional proof-of-work (PoW) assets, ECCs—primarily proof-of-stake (PoS) and low-energy blockchain tokens—are increasingly promoted as sustainable digital alternatives. Using a balanced panel of major ECCs across 10 countries with cryptocurrency markets from January 2019 to December 2023, we apply a panel ARDL–PMG model combined with panel causality tests and structural break analysis to examine the long- and short-run effects of global uncertainty on ECC returns and volatility. Our findings show that ECCs exhibit stronger crisis resilience compared with high-energy cryptocurrencies, with limited long-run exposure to pandemic shocks but moderate sensitivity to geopolitical tensions following the Russia–Ukraine conflict. COVID-19 uncertainty has a short-run negative pressure on ECC markets, whereas geopolitical risk (GPR) driven by the conflict generates asymmetric responses. Cross-country results reveal that ECC markets in technologically advanced, energy-transition economies (EU, Singapore, UAE) exhibit greater stability than those in emerging markets. These findings highlight the potential role of ECCs in sustainable finance, offering policymakers, investors, and regulators insights into the feasibility of promoting energy-efficient digital assets amid extreme global uncertainty.
The article is devoted to the development of a hybrid strategy for the innovative growth of the Ukrainian neobank Monobank through the integration of cryptocurrency services in the context of the draft law on cryptocurrency legalization under consideration in the Verkhovna Rada. The relevance of the study is determined by the need to diversify neobanks’ income sources amid market saturation and regulatory changes in the field of digital assets. The classification of Monobank as a neobank is substantiated according to the criteria of the European Banking Authority: a fully digital model without physical branches, a client-centric business model, its own technological platform, and a methodology for rapid product development. A SWOT analysis of the bank’s competitive position revealed an imbalance between opportunities and threats under martial law, cyber risks, and regulatory uncertainty. A comparative analysis of the crypto-strategies of international neobanks Revolut and Nubank confirmed the advantages of the intermediary role over issuing a proprietary token. Revolut’s success is based on phased integration and obtaining regulatory licenses, while Nubank’s failure with its own token demonstrates the risks of hasty decisions without a clear regulatory strategy. The concept of the Monobank Crypto Hub has been developed with a three-phase implementation: the first stage focuses on basic functionality with mandatory transaction limits and an educational module to minimize reputational risks; the second stage provides for expanded functionality through staking and premium subscription; the third stage includes a full ecosystem with crypto-deposits and integrations with decentralized finance protocols. Financial modeling demonstrates a gradual achievement of break-even with emphasis on managing operational and reputational risks. The practical value of the study lies in the formation of a concrete roadmap for crypto-integration for Ukrainian fintech companies.
The article examines financial monitoring in the field of virtual asset circulation, including cryptocurrencies, tokenized assets, and decentralized financial platforms. The rapid expansion of the virtual asset market creates new economic opportunities while simultaneously generating heightened risks related to money laundering, terrorist financing, and sanctions evasion, which necessitates effective regulatory and supervisory responses. Problem statement. The core problem lies in the insufficient alignment of national financial monitoring mechanisms for virtual assets with international FATF standards and European regulatory approaches, as well as the fragmented enforcement practices in Ukraine amid the rapid evolution of the crypto market. Unresolved aspects. Despite ongoing regulatory efforts, significant gaps remain in the effective implementation of FATF Recommendation 15, the operationalization of the Travel Rule, coordination among national supervisory authorities, and oversight of decentralized finance services and cross-border virtual asset transactions. Purpose of the article. The purpose of the study is to conduct a comprehensive analysis of international financial monitoring standards applicable to virtual assets, assess current money laundering and terrorist financing risks, and substantiate directions for improving Ukraine’s regulatory framework in line with FATF requirements and EU practices. Main content. The article analyzes the legal nature of virtual assets, FATF requirements for Virtual Asset Service Providers (VASPs), the application of the Travel Rule, and empirical data on illicit crypto transactions based on Chainalysis reports. Particular attention is paid to the European regulatory model established by the Markets in Crypto-Assets Regulation (MiCA), as well as to the comparative analysis of the concepts of VASP and Crypto-Asset Service Provider (CASP). The current state of legal regulation and financial monitoring of virtual assets in Ukraine is also assessed. Conclusions. The study demonstrates that effective financial monitoring of virtual assets can be achieved only through a comprehensive approach combining FATF international standards, harmonization with EU law, advanced analytical technologies, and strengthened institutional capacity of national regulators. The practical value of the research lies in developing recommendations aimed at enhancing Ukraine’s financial security and reducing money laundering and terrorist financing risks in the virtual asset market.
The development of network-type organizations is accompanied by the transformation of traditional management approaches, particularly the shift from centralized to distributed responsibility within business processes. Such transformation necessitates a reconsideration of management architecture, integrating responsibility into interconnected processes, roles, and digital environments. The study’s relevance stems from the need to enhance organizational flexibility, adaptability, and resilience in dynamic, uncertain environments. The purpose of the study is to identify mechanisms for implementing distributed responsibility in the architecture of business processes in modern network-type organizations, substantiate approaches to integrating it, and analyze its impact on the effectiveness of managerial decision-making and on interaction among process participants. The study applies systemic and process-based approaches, structural-functional analysis, business process modeling, comparative analysis of modern management practices, and the generalization of theoretical provisions on organizational design and decentralized management. It has been established that implementing distributed responsibility involves decomposing business processes into autonomous yet interconnected elements with clearly defined roles and areas of responsibility. The effectiveness of such a model is ensured through the use of digital platforms, horizontal coordination mechanisms, and transparent tools for monitoring task execution. It is substantiated that integrating decentralization principles leads to faster decision-making, greater employee engagement, and reduced managerial risk. The implementation of distributed responsibility in the architecture of business processes forms a new management paradigm focused on flexibility, adaptability, and collaborative interaction. The combination of a process-based approach with network principles of organizational activity enhances the efficiency of modern organizations and lays the groundwork for their sustainable development in the context of digital transformation.
The article provides a comprehensive study of the systemic transformation of corporate governance in the context of global digitalization, characterized by the transition from hierarchical models to decentralized structures. It is substantiated that blockchain technology emerges as a new institutional foundation, where traditional bureaucratic verification mechanisms are replaced by algorithms based on cryptographic protocols. A particular emphasis is placed on the distinctions between public (permissionless) and private (permissioned) blockchain networks regarding the immutability of records. The study examines the concept of decentralized governance and the functional specifics of Decentralized Autonomous Organizations (DAOs), where operational logic and management regulations are implemented directly into the software code of smart contracts. This minimizes the influence of traditional administrative management and mitigates "single point of failure" risks. The theoretical framework of the work builds upon classical theories, such as Oliver Williamson’s "Transaction Cost Theory," Michael Jensen and William Meckling’s "Principal-Agent Theory," and the scholarly works of Harold Demsetz. Blockchain is analyzed as a tool that renders market exchange more economically viable than hierarchy. The author proposes an original interpretation of a multi-tier blockchain model for enterprise management, encompassing the infrastructure, network, consensus, data, and application layers. The essence of consensus algorithms (PoW, PoS, DPoS) is disclosed through the prism of management. Special attention is devoted to international experience in legal regulation and the processes of implementing these standards within the legislative framework of Ukraine. The economic effect and practical aspects of the study are analyzed through successful case studies of global corporations (IBM, Amazon, Oracle, Walmart, Nestlé) and Ukrainian business initiatives (TASCOMBANK, SETAM, Agroxy, Softengi). These cases demonstrate a significant reduction in verification costs, lower operating expenses, and increased transparency in supply chains. The transition to an innovative "Management-as-a-Service" paradigm is justified, where blockchain serves not merely as software but as a new firm architecture. Conclusions are drawn regarding a shift in the management ontology – moving from "governance by humans" to algorithmic "governance by code," which ensures data immutability, cyber resilience, and the possibility of real-time preventive risk monitoring. References: 1. Kuzmina, T. O., Berezovskyi, Yu., Kalinskyi, Ye., Arliukova, Yu., & Trofymchuk, A. (2024). 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Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Relevance of the research topic. The relevance of studying fiscal decentralization as a factor in strengthening the financial capacity of Ukraine's regions stems from the limited opportunities for optimizing budgetary policy amid significant financial constraints caused by priority expenditures on defense and the social sphere. The traditional centralized model of the budgetary system, despite its historical justification, demonstrates inefficiency due to regions' dependence on interbudgetary transfers and limited adaptability to local needs. At the same time, decentralization, while offering prospects for enhancing autonomy and more efficient resource utilization, is accompanied by risks of regional disparities and requires balanced control to maintain the macroeconomic stability of the state.The purpose of the article is to examine fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions.Research objectives are to analyze the impact of decentralization on the revenue base structure of local budgets, to identify the advantages and risks of this process under contemporary conditions, and to substantiate directions for improving interbudgetary relations mechanisms in order to ensure the stability and autonomy of subnational finances.Research methods: analysis, synthesis, statistical assessments, graphical evaluations, induction, deduction, scientific abstraction.Main research findings. The article examines the role of fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions, and analyzes the transformation of the revenue base structure of local budgets as well as interbudgetary relations mechanisms under contemporary conditions. It is substantiated that the reform contributes to enhancing the autonomy of subnational levels of government, more efficient satisfaction of local needs, and reduction of dependence on central transfers, although it is accompanied by risks of deepening regional disparities and fiscal asymmetry. Directions are proposed for improving financial equalization instruments, revising the distribution of revenue sources, and strengthening monitoring to ensure a balance between the financial independence of communities and the macroeconomic stability of the state.Field of application of the results: The findings of the study can be applied in the process of shaping and improving the state's budgetary policy, developing normative–legal acts in the sphere of interbudgetary relations, as well as in preparing recommendations for local self–government bodies aimed at enhancing the financial capacity of territorial communities. In addition, the materials of the article hold practical value for research activities in the fields of public finance, regional economics, and decentralized governance.
Inna P. Chaika, Oleksandr V. Khursa, Ivan O. Kaspir
The article examines the transformation of the paradigm of social and environmental responsibility in Ukraine’s energy sector amid the unprecedented challenges of martial law and the need to align with European standards of sustainable development. The relevance of the study is driven by the critical need to combine energy security with corporate social responsibility, urgent decarbonization, and the transition to a decentralized generation model. The aim of the article is to theoretically substantiate strategic directions and develop a practical set of tools for improving the management of environmental logistics in an energy holding (using the example of DTEK Group) through the integration of best European practices and the adaptation of logistical processes to the unique challenges of martial law. Special attention is given to the analysis of the company’s social initiatives, such as support for veterans, internally displaced persons, and local communities, as well as the formation of a corporate culture of sustainable development. The methodological basis of the research is a system approach to managing the environmental and social footprint of the enterprise. The study employs: the comparative analysis method – to examine the experience of European energy leaders; the systematization and classification method – in developing the strategic architecture of social and environmental management; the logical generalization method – to form a strategy for optimizing logistics flows. As a result of the study, a «resilience paradox» was identified, where military threats become a catalyst for the accelerated transition to renewable energy sources. A comprehensive benchmarking of the strategies of global energy companies was conducted, allowing for the adaptation of European experience to domestic realities. The authors have developed and structured an applied system of key performance indicators (KPI) for green logistics, covering three strategic areas: decarbonization of supply chains, operational energy efficiency of infrastructure, and social responsibility within the circular economy. The feasibility of implementing the Green Supply Chain Management (GSCM) conception has been substantiated, which involves integrating social and environmental criteria into supplier selection, inventory management, and the disposal of renewable energy components. It has been demonstrated that the implementation of GSCM is an indispensable condition for compliance with modern international standards, enhancing social trust, and attracting green financing. Prospects for further research have been identified in the area of digital integration of Ukrainian and European energy hubs, taking into account the social aspects of sustainable development.
The article explores one of the main trends in modern financial transformation, namely the impact of decentralized finance (DeFi) on the banking sector. The author goes beyond conventional discussions about banks’ responses to DeFi and proposes a different vision for their role and function in the digital economy and Web 3.0. The aim of the study is to identify and analyze changes brought about by the rise of DeFi, as well as to propose possible strategies for banks to adopt in light of technological advancements. Unlike traditional approaches that focus on the conflict between banks and DeFi platforms, this work emphasizes the analysis of future models of financial intermediation. Concepts such as «5.0 banks», «metabanks», and autonomous digital ecosystems are explored, where banking functions are implemented in a more programmable manner. The research methods include a comparative analysis of the structural and functional differences between the traditional banking system and decentralized finance (DeFi), an analytical review of recent scientific publications, and an assessment of potential future developments for banks in the face of decentralized technology. Based on this research, we found that banks remain an important part of the financial system, despite increasing pressure from decentralized finance. However, banks must adapt to technological change in order to maintain their relevance. We identified three possible paths for the future of banking: the integration of DeFi features into existing banking products, the creation of hybrid models that combine DeFi and traditional banking, and the transition to fully autonomous algorithmic systems powered by smart contracts and artificial intelligence. While all three scenarios are possible, we believe that the hybrid model that combines DeFi innovation with customer protection and regulation is the most likely to succeed in the long term. The novelty of this work lies in its conceptual approach to how banks can adapt to decentralized technologies and forecast their future evolution within the context of Web3. Its practical significance lies in the potential for using these findings to develop digital transformation strategies for banks.
Nurgul Bakytbekovna Aiupova, Md Tota Miah, Krisztina Taralik
ABSTRACT Blockchain technology has emerged as a potential disruptor in non‐financial reporting practices for firms to publicly report their social and environmental impact with its promise of immutability and decentralization. In this context, this study employs a bibliometric analysis to explore the scientific advancements of blockchain applications in CSR reporting from 2015 to 2025. VOSviewer and Biblioshiny in Rstudio applications were employed to perform the required analysis. Drawing data from Scopus and Web of Science (153 articles), the results reveal a significant shift in focus from traditional corporate social responsibility (CSR) reporting mechanisms toward technology‐enabled sustainability reporting. The thematic analysis presents five significant areas for further exploration, including corporate governance and sustainability strategy, technology‐driven sustainable finance, CSR reporting and credibility, ESG performance and digital innovation, and blockchain for accountability and responsibility. The proposed conceptual framework suggests integration of technology‐organization‐environment (TOE) elements when introducing new technology within the organization. Future researchers can empirically test the framework's antecedents to assess the socio‐economic context of different types of non‐financial reporting.
The paper investigates tax risks arising in the taxation of cryptocurrency transactions in Ukraine and in the broader international context. It substantiates that the absence of a unified legal qualification of cryptocurrencies significantly complicates the identification of the taxable object, the determination of the tax base, and the establishment of the moment at which tax liabilities arise. The paper highlights key challenges associated with the high volatility of digital assets, the insufficient transparency of transaction recording mechanisms, the complexity of verifying the origin of crypto assets, and the increased risks of tax evasion. Particular attention is devoted to the transnational nature of cryptocurrency circulation, which creates favorable conditions for tax arbitrage, regulatory fragmentation, and manipulation of tax residency. These phenomena weaken the effectiveness of national tax systems and generate additional threats to fiscal stability. It is argued that existing regulatory approaches in many jurisdictions remain fragmented and inadequately adapted to the specific features of decentralized digital technologies. The paper identifies priority directions for mitigating tax risks, including the harmonization of national legislation with international standards, the development of a coherent and unified model for the taxation of digital assets, the improvement of financial monitoring mechanisms, and the enhancement of transparency in cryptocurrency-related transactions. The paper concludes that only a systematic, balanced, and coordinated approach to the legal regulation of the cryptocurrency market is capable of ensuring tax certainty, strengthening compliance, and reducing risks both for the state and for market participants.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.