In the context of the digital transformation of public administration, one of the key tasks is to create a unified information space that ensures the consolidation of information about the activities of core domestic enterprises in the economy. However, the existing approaches to the disclosure of data from strategic and systemically important budgetary (autonomous) institutions are fragmented, which makes it difficult to use them for analysis. The purpose of the study, based on the methods of systematic and comparative analysis, is to substantiate the choice of data architecture when designing the digital profile of strategic and systemically important budgetary (autonomous) institutions. As a result of the work, a three-level architecture of a digital profile with open and closed access contours is proposed, within which information is collected, processed and published. The choice of technological solutions is justified supporting automated upload with blockchain fixation, multidimensional grouping, extraction of parameters from unstructured documents and visualization in dashboards. The proposed architecture corresponds to the priorities of the national project «Data Economics and Digital Transformation of the State» regarding the implementation of platform solutions and artificial intelligence technologies in public administration. The results of the study are of practical value for economic entities, specialists in the corresponding field, as well as for a wide range of users of financial and non-financial reporting.
The article examines the theoretical and applied aspects of developing a digital financial ecosystem for inclusive territorial development amid digitalization, decentralization, and Ukraine’s post-war recovery. It is substantiated that growing socio-economic challenges, the expanding role of local self-government, and the need to support the social and economic reintegration of war veterans require modernizing approaches to financing territorial development. The study finds that the financial capacity of territorial communities provides the basis for implementing inclusive development policies and delivering quality public services. Despite the adverse effects of the full-scale war, Ukraine’s local finance system has maintained financial resilience, while local budget revenue and expenditure dynamics indicate a strengthening social orientation of fiscal policy. Particular attention is given to expenditures classified as “Social Protection of War and Labor Veterans,” which demonstrate a substantial increase in resources allocated to veterans’ policy and highlight the growing role of communities in veterans’ reintegration. It is argued that expanding financial support requires digital technology, integrated information systems, and performanceoriented public financial management. The role of Open Budget, eData, Prozorro, DREAM, and the Diia ecosystem in enhancing transparency, accountability, efficiency, and citizen participation is substantiated. The integration of financial resources, digital platforms, institutional mechanisms, and analytical tools into a unified digital environment creates conditions for more efficient public spending, stronger financial inclusion, and evidence-based local decision-making. Conceptual approaches to a digital financial ecosystem for inclusive territorial development are proposed based on inclusiveness, digital accessibility, transparency, accountability, adaptability, effectiveness, and participatory governance. Their implementation is expected to strengthen community financial capacity, improve local public financial management, enhance the targeting of social support, facilitate veterans’ reintegration, and support sustainable and inclusive territorial development during Ukraine’s post-war reconstruction.
The article examines the role of FinTech solutions in the transformation of international finance and their impact on the development of the global economy in the context of rapid digitalization and technological change. The study analyzes contemporary trends in the implementation of financial technologies in international settlements, payment systems, investment activities, lending, insurance services, and financial risk management. Particular attention is paid to the development of digital platforms, mobile banking, blockchain technologies, artificial intelligence, big data analytics, cloud computing, and distributed ledger technologies, which significantly influence the efficiency and accessibility of international financial services. The key opportunities created by FinTech for increasing the efficiency of cross-border financial transactions, reducing transaction costs, accelerating payment processing, and improving transparency in financial operations are identified. The study emphasizes the contribution of financial technologies to enhancing financial inclusion by expanding access to financial services for individuals and businesses, especially in developing countries and regions with limited banking infrastructure. The role of FinTech in facilitating the integration of national financial systems into the global financial space and strengthening international economic cooperation is substantiated. The article also outlines the main risks and challenges associated with the rapid expansion of FinTech solutions. These include cyber threats, data privacy concerns, operational vulnerabilities, regulatory fragmentation, technological dependence, money laundering risks, and potential threats to financial stability. The growing influence of global digital platforms and technology companies on international financial markets is considered, highlighting the need to balance innovation and regulatory oversight. The necessity of improving international regulation of the FinTech sector is substantiated in order to minimize systemic risks and prevent negative consequences for the global economy. Particular attention is devoted to the harmonization of approaches to licensing procedures, capital adequacy requirements, auditing standards, reporting obligations, consumer protection mechanisms, and risk management practices. The study highlights the importance of establishing common international standards for stress testing, supervisory cooperation, information exchange, and early warning mechanisms aimed at preventing financial crises and mitigating systemic shocks. Furthermore, the article emphasizes the need for coordinated international regulation of cryptocurrencies, stablecoins, central bank digital currencies, and tokenized assets in order to prevent illegal capital flows, tax evasion, financial fraud, and regulatory arbitrage. It is argued that effective international cooperation among governments, regulatory authorities, financial institutions, and technology providers is essential for ensuring the sustainable development of digital finance. The article concludes that the improvement of international FinTech regulation is a prerequisite for strengthening investor and consumer confidence, enhancing financial resilience, promoting innovation, and ensuring the long-term stability and sustainable development of the global economy.
The article examines the theoretical and practical foundations of tax management transformation in the digital economy. It analyses the impact of digitalisation, platform business models, electronic commerce, digital financial services, and virtual assets on the evolution of tax administration. Particular attention is paid to international digital taxation mechanisms, including the OECD/G20 BEPS Project, the Two-Pillar Solution, Digital Services Tax, and the DAC7 Directive, which are shaping a new architecture of global tax governance. The transformation of the digital economy is considered as a factor that requires a shift from traditional tax administration towards a more adaptive, technology-driven, and internationally coordinated model of tax management. The growing mobility of digital business activities and cross-border financial flows further increases the importance of integrated approaches to tax information, risk management, and fiscal regulation. The study substantiates the growing role of fiscal innovations and advanced digital technologies, including Big Data, Artificial Intelligence, Blockchain, Cloud Technologies, Predictive Analytics, and integrated digital platforms, in improving tax administration, strengthening risk-oriented control, enhancing tax transparency, and supporting data-driven decision-making within the Smart Tax Administration framework. The current stage of digital transformation of Ukraine's tax management system is analysed through the implementation of the taxation mechanism for electronic services supplied by non-residents ("Google Tax"), the development of the Diia City legal regime, and the expansion of digital services provided by the State Tax Service of Ukraine. The paper identifies the main institutional and technological challenges of digital tax management and proposes strategic priorities for its further development based on international tax transparency standards, digital integration, and modern information technologies. Particular emphasis is placed on the need to combine technological modernisation with regulatory adaptation and institutional capacity building in order to ensure the coherence of Ukraine's tax system with the evolving global digital tax environment. The implementation of these approaches will contribute to increasing the efficiency of tax administration, expanding the tax base, strengthening fiscal sustainability, and ensuring the successful integration of Ukraine into the global digital tax environment.
This study examines the short-run effects of U.S. monetary policy shocks on cryptocurrency returns and asks whether digital assets respond to conventional macroeconomic transmission mechanisms. Focusing on the post-2020 period, it evaluates the magnitude, direction, and persistence of Federal Reserve rate shocks across Bitcoin, Ethereum, Solana, Ripple, and TRON. The analysis applies an SVAR-X framework to daily data for January 2020-December 2025. Cryptocurrency log returns are treated as endogenous variables, while the U.S. Dollar Index and VIX are included as exogenous controls; federal funds rate changes are modelled as strictly exogenous policy shocks. Impulse-response results show positive and significant contemporaneous responses for Bitcoin, Ethereum, Solana, and TRON, but no significant reaction for XRP. These effects dissipate within days, indicating modest, short-lived, and heterogeneous monetary-policy transmission rather than persistent effects on cryptocurrency return dynamics over time.
Yurii Koroliuk, Olha Vdovichena, Анатолій Вдовічен
The purpose of the paper is to analyze the relationships between digital skills of participants in the educational process, their readiness for digital transformation, and the barriers to technology integration in economic education in Ukraine, with a particular focus on the implementation of enterprise resource planning (ERP) systems. The study also aims to examine how awareness of digital technologies and perceptions of their benefits influence educational outcomes and professional preparedness. Methodology. The research employs structural equation modeling (SEM) to investigate the relationships between key constructs, including technology awareness, perceived usefulness, educational readiness, digital skills, barriers to implementation, readiness for change, and students’ preparedness for professional activity. The empirical analysis is based on a dataset of 256 respondents (ID 1–256) collected through an online survey conducted between May and August 2025 among individuals involved in economic education in Ukraine. The questionnaire was designed to assess respondents’ awareness, perceptions, and readiness to integrate modern digital technologies (AI, blockchain, ERP, RPA, and digital educational platforms) into the training of economic specialists, as well as the availability of technological resources at the university level. The survey included 33 Likert-scale items covering demographic characteristics, professional experience, digital competencies, attitudes toward emerging technologies, access to infrastructure, alignment of curricula with labour market needs, and barriers to technology integration. The instrument provided both quantitative and qualitative insights into participants’ experiences. Results. The findings demonstrate that digital competencies and perceived usefulness of technologies significantly influence readiness for digital transformation and learning effectiveness. Organizational support and systematic user training are identified as critical success factors for ERP implementation. Furthermore, technology awareness and readiness for change mediate the relationship between digital skills and students’ preparedness. The integration of ERP systems enhances practical competencies in business process management and strengthens analytical thinking. Practical implications. The results provide a foundation for improving economic education through the systematic integration of ERP systems into curricula. The study highlights the importance of investing in digital skills development, academic staff training, and institutional support mechanisms to ensure effective technology adoption and alignment with labour market demands. Value / originality. The paper contributes to the literature by offering an integrated empirical SEM-based model linking digital competencies, ERP adoption, and educational outcomes in the context of Ukraine, providing a scientifically grounded approach to modernising economic education and enhancing graduates’ competitiveness in the global labour market.
Digital assets, a broad term encompassing crypto-currencies, tokens and digital representations of value, have transformed the financial landscape over the past decade. Ghana has transitioned from an unregulated crypto-currency environment to a structured, licensed digital assets space following the passage of the Virtual Asset Service Providers (VASP) Act 2025 Act 1154. Unlike traditional assets, digital assets exist exclusively in electronic form and are secured through cryptographic techniques, most notably blockchain technology. Bitcoin, Ethereum, and other crypto-currencies serve as prominent examples, alongside digital tokens used in decentralized finance (DeFi), security tokens, and stablecoins. They may serve a variety of functions, including use as a medium of exchange, for investment, or as a means of accessing goods, services, or applications within specific ecosystems. These assets include crypto-currencies, tokens, stablecoins, and other blockchain-based instruments. Global digital assets represent any item of value securely stored and managed via distributed ledger or blockchain technology. Encompassing cryptocurrencies, stablecoins, tokenized securities, and non-fungible tokens (NFTs), the sector has rapidly expanded into mainstream finance, revolutionizing global payments, portfolio diversification, and record-keeping. This article discusses the challenges and opportunities of digital currencies and the way forward. This research shows that digital currencies have advantages like making transactions faster, cheaper, and more accessible and also reveals a lot of disadvantages like creating major risks concerning compliance with regulations, cybersecurity, and potential impacts on monetary policy. The review emphasizes the necessity for robust regulatory frameworks for digital assets. It supports both innovation and stability for the digital currencies. It suggests that policymakers and financial institutions should adapt to changes and face the challenges by integrating digital currencies with existing systems. Overall, this review highlights the potential of digital currencies to transform finance. It also stresses the importance of focusing on the challenges they pose to ensure they can coexist successfully with traditional financial systems. As digital currencies evolve, the Ghanaian traditional financial sector faces pressure to adapt, with CBDCs, in particular, being explored as a secure, regulated alternative to volatile crypto-assets. nThe findings revealed that the central bank must adopt robust regulatory and licensing frameworks must align with Virtual Assets Service Providers (VASP) (Act 2025 Act 1154) by enforcing strict licensing for exchanges and custodians while adhering to AML/CFT (Anti-Money Laundering) directives. Also, the Bank of Ghana and the Securities and Exchange Commission must develop a comprehensive public education programme on the digital assets in the financial ecosystem. Given the novelty of the trend of criminality in the digital asset space, the establishment of specialized cybercrime courts to be presided over by judges, proficient in digital law and cybercrime would be of immense benefit. The mandate of such courts could be to expedite trials and ensure thorough adjudication of complex cyber cases. This would have the combined effect of empowering the Ghana Police Service and Cyber-Security Authority to fully invest time, money, and human resources towards the investigation of cybercrime, as well as serve as a deterrent for criminal elements, ultimately protecting our citizens and providing justice for those seeking redress.
Abstract Purpose. This study examines how instant payment systems such as Brazil's PIX, public and permissioned blockchains, and central bank digital currencies (CBDCs) govern the trade-off among security, privacy, and regulatory compliance, including anti-money-laundering requirements. It consolidates the fragmented evidence into a single comparative instrument. Design and methodology. A systematic review compliant with PRISMA 2020 examined eighteen peer-reviewed studies on the three systems from 2014 to 2025. Studies were appraised and positioned within a Digital Payment Governance Framework, DPGF, whose three axes are the locus of control, the privacy spectrum, and the compliance architecture, each scored from 1 to 5, and interpreted against anti-money-laundering standards. Findings. PIX corresponds to a regulatory clarity model, with scores of 1 for locus of control, 4 for privacy spectrum, and 1 for compliance architecture. Public blockchains correspond to an autonomy model with scores of 5, 2, and 5. CBDCs and permissioned blockchains correspond to a hybrid governance model, with scores of 2, 2, and 2. Zero-knowledge proofs and homomorphic encryption are the most widely adopted techniques, and both face scalability and metadata limits. Hybrid architectures recur as the design preferred across the corpus. Originality. The DPGF supports comparing governance arrangements across centralized, decentralized, and hybrid architectures and identifies the security, privacy, and compliance balance of each. Selective disclosure embedded by design at the protocol level, supported by cross-system indicators, is the direction with the most support for next-generation payment governance.
Victoria Kovalenko, Sergii Sheludko, Elena Sergeeva
In the context of the unprecedented pace of digital transformation and the escalation of geopolitical risks, traditional methods of monetary regulation require a fundamental reconsideration. Problem statement. The evolution of cyber threats – from financial fraud to complex operations involving artificial intelligence – poses significant risks to macroeconomic stability. The development of an integrated protection system based on central bank digital currencies (CBDCs) and SupTech instruments constitutes a critical prerequisite for preserving financial sovereignty, particularly for Ukraine in the context of European integration and martial law. Unresolved aspects of the problem. The theoretical substantiation and development of practical recommendations for integrating advanced digital instruments (CBDC, artificial intelligence, distributed ledger technology (DLT), and SupTech) into monetary and prudential policy mechanisms in order to form a comprehensive cybersecurity framework for the financial sector remain insufficiently addressed. Purpose of the article. The purpose of this article is to provide a theoretical substantiation and to develop practical recommendations for integrating modern digital instruments (such as artificial intelligence, blockchain technologies, and SupTech) into monetary and prudential policy mechanisms in order to establish a comprehensive cybersecurity system for the financial sector. The study is grounded in a systemic approach to analysing the coordination of regulatory policies. The methodology includes comparative legal analysis (comparing the models of the e-hryvnia and the Digital Euro), structural and functional modelling (two-tier CBDC architecture), and scenario analysis to identify cyber risks (including DDoS attacks and smart contract vulnerabilities) and methods for their mitigation. Presentation of the main material. A model of hybrid coordination has been developed, in which cybersecurity is integrated directly into the mechanism of monetary transmission. It has been demonstrated that the programmability of the e-hryvnia and the application of Zero-Knowledge Proofs (ZKP) technologies enable the automation of prudential supervision while preserving user privacy. Global case studies (China, the European Union, and the Bahamas) have been analysed, and the specific features of the Ukrainian e-hryvnia project have been identified as instruments for enhancing transparency and cyber resilience. For the first time, it is proposed to consider a central bank digital currency not only as a means of payment but also as an active element of the cyber-prudential system, enabling the dynamic adjustment of liquidity and limits under conditions of real cyberattacks. The concept of convergence between SupTech and RegTech systems based on unified distributed ledgers has been further developed. The proposed architectural model and cyber-risk matrix may be utilised by the National Bank of Ukraine in the finalisation of the e-hryvnia project and in the development of digital operational resilience standards in accordance with the DORA regulation. Conclusions. It has been demonstrated that digitalisation transforms the regulator into an architect of a secure financial environment. Further research will focus on the interoperability of CBDCs across countries and the role of artificial intelligence in preventing manipulation in digital asset markets.
Open access
Digital Transformation in Financial Services
Legal, Health, Environmental and COVID-19 Challenges
Introduction. Modern information technologies form an interconnected ecosystem of financial management. The practical significance lies in the development of an algorithm for overcoming personnel, integration and cyber risks. The development prospects are related to the convergence of predictive analytics, explicable artificial intelligence, and distributed ledgers. Materials and Methods. The research is based on scientific publications, business media and corporate reports. The case study method was applied using methods of systematization and comparative analysis based on the material of five major domestic companies (Sberbank, X5 Group, Lukoil, Magnit, Alfa-Bank). Results. The main technological solutions (enterprise resource planning systems, cloud platforms, artificial intelligence, big data, distributed registries) are systematized, their functional purpose and barriers to integration are determined. The evolution of digitalization has been confirmed: from automation of operations to the intellectualization of analysis. The effects were recorded: reducing transaction operating costs by up to 27 %, reducing fraudulent transactions by 92 %, optimizing inventory, and issuing digital financial assets worth over 600 billion rubles. Conclusion. Modern information technologies form an interconnected ecosystem of financial management. The practical significance lies in the development of an algorithm for overcoming personnel, integration and cyber risks. The development prospects are related to the convergence of predictive analytics, explicable artificial intelligence, and distributed ledgers.
Open access
Digitalization and Economic Development in Agriculture
The expansion of blockchain technology has given rise to a range of new digital assets that are significantly changing the way people behave and invest today. Cryptocurrencies and non-fungible tokens (NFTs) have come to be considered the main elements of digital financial markets, with an ever-increasing involvement of young people. The economic framework of tokenomics that controls the creation, distribution, utility, and governance of tokens is among the key factors influencing how value is perceived and how investors behave today. The paper delves into the relationship between tokenomics and the youth investment decisions within digital ecosystems. Through the analysis of blockchain features, token supply mechanisms, financial literacy level, influence of social media, and the use of inferential statistics, the research reveals the manner in which young investors in Macedonia understand and handle digital assets. Additionally, the paper investigates how technology and behavioral aspects influence their investment choices. Findings contribute to the area of digital economy and platform-based finance by pointing out that economic design, openness, and education are the main factors for the continued involvement of the young generation in the markets through the use of blockchains. The token economy, through its influence on finance, changes the design of the digital ecosystem by channeling digital capital from young people. Young Macedonian investors are far from just speculative players. In fact, they are ecosystem participants who evaluate structural economic design.
In near prospect, it is proposed to supplement the country's official reserves managed by state financial institutions with financial instruments created by private individuals in the form of cryptocurrencies. The purpose for this study was to carry out a comprehensive analysis for the goals, objective prerequisites, accumulated experience, as well as the real potential for further process development of including cryptocurrencies in the list of assets accepted as elements of national financial reserves. In the course of the study, the experience of a number of countries with different levels of socio-economic development was studied – from highly developed, leading in the global economy, to countries belonging to the economic periphery. The author notes the incompleteness and ambiguity of the consequences of the attempts to carry out such a bold monetary and financial transformation. The funding of completing the set of tasks set in the preparation of the presented scientific paper was the conclusion that there is an urgent need for a deep theoretical study of measures to balance central banks with financial assets that are decentralized in origin, such as cryptocurrencies, instead of an experiment that is not prepared scientifically, methodically and organizationally, which is expressed in the partial replacement of official reserves of fiat currencies with cryptocurrencies. At the empirical level, it seems advisable for the state to accumulate initially and use the latter in a specially created investment cryptocurrency fund.
The article investigates the theoretical and practical foundations of financing social protection at the local level under fiscal decentralization, martial law, and escalating socio-economic challenges in Ukraine. The purpose of the study is to develop theoretical and methodological approaches to understanding the pragmatism of local social protection financing and to substantiate practical directions for its improvement under contemporary conditions. The methodological framework combines systemic, comparative, institutional, and statistical analysis to evaluate financial mechanisms and expenditure structures. Empirically, the study analyzes the 2025 budget of the Ternopil City Territorial Community. The findings reveal a highly socially oriented budget prioritizing education, healthcare, and welfare, though capital expenditures remain limited due to wartime uncertainty. Systemic challenges include financial capacity disparities among communities, high state transfer dependence, and displacement-driven demand for social services. To address these issues, the study advocates transitioning from an expenditure-oriented model to results-based financial management focused on measurable outcomes, digitalization, and enhanced targeted assistance. The scientific novelty lies in conceptualizing the pragmatism of social protection financing as an integrated management model that blends budgetary and extra-budgetary sources to boost community resilience. Practically, the findings offer local authorities a concrete framework to optimize budget planning, diversify funding streams, and formulate effective post-war recovery strategies grounded in financial sustainability, transparency, and cross-sector partnerships.
This study empirically aims to analyze the impact of primary monetary policy stance and transmission mechanisms of the European Central Bank (ECB)—such as the total assets of the ECB, long-term interest rate based on the government bond yields, and the EURUSD exchange rate—on major volatile cryptocurrencies like Bitcoin and Ethereum, as well as the leading stablecoin Tether. To this end, the study employs the linear Autoregressive Distributed Lag (ARDL) and the Bootstrap ARDL (BA-ARDL) procedures, robust approaches with limited data in time series analysis. The dataset consists of monthly data over the period from January 2019 to December 2025. We summarize the novel and robust primary empirical results of our study as follows: First, (i) it is revealed that the ECB’s balance sheet expansion has encouraged Bitcoin and Ethereum, yet has also, to a limited extent, suppressed Tether. Secondly, (ii) while the ECB’s long-term interest rate negatively impacts the prices of Bitcoin, Ethereum, and Tether, the negative impact on Tether is relatively weaker. Finally, (iii) the EURUSD exchange rate positively affects Ethereum, while its effect on Bitcoin is not statistically significant. On the other hand, at a 10% significance level, EURUSD has a weak negative effect on Tether. In conclusion, the empirical evidence demonstrates that the primary monetary policy stance and transmission mechanisms of the ECB influence the leading digital assets in distinct ways. Taking our findings into account is crucial for designing the digital euro in terms of financial stability and regulatory framework. Finally, we offer sound policy implications for the ECB based on empirical findings.
This paper provides an overview of privacy-protecting measures that can be used to secure user data and assure the safety and efficiency of digital activities in contactless financial ecosystems. Many people worry about identity theft, data breaches, and spying by unauthorised parties due to the rapid growth of digital wallets, contactless banking, and mobile payments. Modern cryptography includes safe multi-party computation, zero-knowledge proofs, and homomorphic encryption. These approaches verify transactions and safeguard sensitive data. Blockchain and other independent systems are emphasized for their ability to improve openness, reliability, and anonymity. Regulations and compliance challenges related to financial systems using privacy-enhancing technology are examined. The findings emphasize the importance of strong privacy protections to balance data security, safety, and creativity. Contactless technologies become more popular as more people believe in them.
The article examines the economic essence of asset tokenization as a new form of microeconomic relations in the context of financial market digitalization. The existing approaches to interpreting the concept of "asset tokenization" in domestic and foreign scientific literature are generalized, and the author's definition of this economic category is proposed as an institutional-technological mechanism for digitalizing property rights that forms a new architecture of microeconomic relations among market participants. The existing approaches to the classification of tokenized assets are analyzed, in particular the regulatory approach of the U.S. Securities and Exchange Commission (SEC) and the approach of the Financial Stability Board (FSB) based on the reference asset category. On the basis of their critical analysis, the author proposes a multidimensional classification of tokens according to six criteria: functional purpose, role in decentralized finance, method of collateralization, nature of issuance, fungibility, and jurisdictional characteristic. The microeconomic effects of asset tokenization are systematized, encompassing five interrelated groups: structural effects (fractionalization of property rights, disintermediation, formation of new market structures), transactional and price effects (reduction of transaction costs, improvement of asset liquidity), behavioral effects (transformation of incentives and decision-making patterns of economic agents), market equilibrium effects (expansion of supply and demand), and network effects (economies of scale, risks of market fragmentation). It is established that these effects are interconnected and collectively form a new microeconomic environment for the functioning of financial markets.
О. А. Єрмоленко, Н. М. Лисьонкова, О. А. Карвацький
The article explores the evaluates the transformative potential of blockchain technology in modernizing Ukraine’s budgetary processes. Current public finance management faces systemic challenges, including opaque resource allocation, corruption risks, and inefficient oversight, as traditional centralized architectures lack real-time verifiability and remain susceptible to manipulation. As a decentralized distributed ledger technology, blockchain provides a robust framework for immutable record-keeping, cryptographic security, and comprehensive traceability. Specifically, smart contracts enable programmable governance by automating conditional payments in public procurement and social programs upon the verification of specific milestones, significantly reducing human intervention and establishing a tamper-proof single source of truth. International benchmarks, such as Georgia’s land registry and Estonia’s e-governance applications, demonstrate the efficacy of decentralized systems in ensuring data integrity. In the Ukrainian context as of 2026, implementation remains primarily in the pilot stage. While projects like the e-hryvnia and the State Land Cadastre have faced delays due to wartime constraints, humanitarian initiatives have successfully utilized blockchain for transparent donor tracking. The transition to this technology promises a substantial reduction in administrative costs and the restoration of institutional trust essential for post-war recovery and European Union integration. However, structural hurdles persist, ranging from technical scalability and high infrastructure costs to regulatory gaps and institutional resistance. A successful transition requires a phased strategy that prioritizes targeted pilots in high-risk sectors while harmonizing national legislation with international frameworks. By investing in digital infrastructure and comprehensive training, Ukraine can position blockchain as the cornerstone of a resilient, corruption-resistant public finance system.
Yevheniia Malyshko, Pavlo IVAKHNO, Roman KOLONTAIEVSKYI
Abstract. The article examines the theoretical and methodological foundations for assessing the market value of business projects in the decentralized finance (DeFi) sector using a risk-oriented approach. The relevance of the study is driven by the rapid expansion of decentralized financial ecosystems, the increasing capitalization of blockchain-based projects, and the high volatility and uncertainty inherent in DeFi markets. Traditional valuation methods are insufficiently adapted to the specific characteristics of decentralized financial platforms, including tokenomics, smart contract architecture, liquidity instability, governance decentralization, and heightened cyber and regulatory risks. The purpose of the study is to improve methodological approaches to assessing the market value of business projects in the DeFi sector through the integration of risk-oriented analytical tools into the valuation process. The study systematizes key risk factors affecting the market value of decentralized financial projects, including technological, financial, operational, market, liquidity, and regulatory risks. Particular attention is devoted to the influence of Total Value Locked (TVL), token volatility, protocol revenue stability, governance decentralization, and smart contract security on investment attractiveness and capitalization dynamics. The methodological basis of the research includes comparative analysis, systematization, risk-oriented valuation methods, scenario analysis, and elements of financial modeling. The study proposes an integrated approach to business project valuation that combines traditional discounted cash flow methods with DeFi-specific indicators and risk coefficients. A comparative assessment of valuation models used in traditional finance and decentralized finance ecosystems is conducted. The obtained results demonstrate that the implementation of a risk-oriented approach significantly improves the accuracy and adaptability of business project valuation in decentralized financial markets. The proposed methodological framework enables a more objective assessment of project sustainability, investment attractiveness, and market capitalization under conditions of high market turbulence. The scientific novelty of the research lies in the development of a comprehensive valuation model that incorporates decentralized governance parameters, blockchain ecosystem indicators, and dynamic risk factors into the market valuation process. The practical significance of the study is associated with the possibility of applying the proposed methodological approach by investors, financial analysts, venture funds, and DeFi platform developers in the process of evaluating investment decisions and managing financial risks within decentralized digital ecosystems. Keywords: valuation, decentralized finance, market value, risk-oriented approach, smart contract risk, business projects, digital assets.
In the current conditions of digitalization of the economy, the financial sector is undergoing significant transformations under the influence of innovative technologies and FinTech solutions. At the same time, digitalization is accompanied by new challenges, such as cyber risks, the need to adapt the regulatory environment, and ensuring financial stability. Therefore, the study of trends in the financial and digital space is relevant for assessing the state of the FinTech sector, identifying dominant technologies and directions for the development of the digital financial ecosystem. The purpose of the study is to analyze current trends in the development of the financial and digital space and determine the structure of its main segments in order to assess the role of financial technologies in the transformation of the financial sector and the formation of a digital financial ecosystem. A set of general scientific and special methods was used: theoretical generalization and systematization, analysis and synthesis, statistical and comparative analysis, as well as the graphical method. The empirical basis is the NBU's statistical data on the dynamics of the payment infrastructure for 2021–2025 and analytical materials of the Ukrainian FinTech Association and innovative companies on the structure of the FinTech market. As a result, it was found that in 2021–2025, the payment infrastructure of Ukraine demonstrates a steady recovery after the shocks of 2022: the number of POS terminals increased from 368 thousand units (2022) to 605 thousand units (2025), active payment cards - from 46.3 million units to 65.4 million units, and the volume of transactions through POS terminals - from UAH 106 billion to UAH 210 billion. The structure of the Ukrainian FinTech market in 2025 is characterized by the dominance of technological infrastructure (28%), payments and transfers (18%), and personal/consumer lending (10%); smaller shares are accounted for by RegTech (8%), digital banks (7%), and personal finance management (7%). Among the technologies used by FinTech companies, API (71%), artificial intelligence (43%), chatbots (42%), and cloud technologies (39%) are leading, while blockchain (9%), DeFi (4%), and NFT (2%) are in the initial stages of implementation. The results confirm that the key trends in the financial and digital space are the integration of financial services, process automation, and the active use of artificial intelligence, which form the basis of the digital financial ecosystem. At the same time, the modern FinTech market of Ukraine is in the process of formation, and the latest technologies, such as blockchain and decentralized finance, have not yet become widespread.
The article examines the essence of cryptocurrency as one of the key factors for the development of an innovative economy in the context of the digitalization of financial relations. The evolution of approaches to defining the concept of cryptocurrency is considered, the positions of international organizations are analyzed, and the author's interpretation of this category is proposed as a virtual currency that functions on the basis of cryptographic protection methods and is capable of performing the functions of a means of payment, a means of accumulation, and an object of property.Particular attention is paid to the comparative analysis of cryptocurrency and electronic money, as a result of which their common features and fundamental differences are determined, in particular the decentralized nature of cryptocurrencies, the absence of an emission center and financial intermediaries. The mechanisms of functioning of cryptocurrency transactions and the features of using blockchain technology are studied.The article systematizes the advantages and disadvantages of cryptocurrencies. The main advantages include a high level of data protection, impossibility of forgery, low transaction costs, and deflationary nature. At the same time, key risks have been identified, including high volatility, lack of proper legal regulation, and increased fraud threats.The current state of the crypto market has been analyzed, in particular the distribution of cryptocurrencies by capitalization level and the assessment of their risk and profitability. It has been established that the market is characterized by high capital concentration and the dependence between the level of risk and the potential return on assets.Special attention is given to unresolved issues in the field of cryptocurrency research, including the lack of a unified theoretical approach to defining its economic nature, the ambiguity of its legal status, and the challenges of integrating cryptocurrencies into the traditional financial system. The methodological basis of the study includes a systematic approach, a comparative analytical method, as well as methods of generalization and abstraction, which made it possible to comprehensively assess the role of cryptocurrencies in modern economic processes.The practical significance of the obtained results lies in the possibility of using them to improve approaches to the regulation of the cryptocurrency market, risk assessment, and the development of innovative financial instruments. It is substantiated that cryptocurrencies play an important role in the formation of an innovative economy, contributing to the development of new financial instruments, digital platforms, and decentralized models of economic interaction.
Victor James Uko, Sharon Oluwaseun, Amarachi Nelly Charles, Emurode Williams · 5 authors
The rapid proliferation of digital technologies has profoundly reshaped the financial services sector, introducing novel service delivery models, market participants, and transactional infrastructures that challenge the foundational premises of existing regulatory frameworks. This review examines the multidimensional dynamics of digital transformation in financial services, with particular attention to the regulatory and consumer protection implications arising from the emergence of fintech ecosystems, artificial intelligence-driven financial products, decentralized finance platforms, open banking architectures, and embedded financial services. Drawing on a synthesis of contemporary academic literature, regulatory reports, and industry analyses, the review maps the evolution of digital financial services across developed and emerging economies, identifies structural gaps in regulatory capacity, and evaluates the adequacy of prevailing consumer protection mechanisms in the face of accelerating technological change. Key themes include the challenge of regulatory arbitrage, the governance of algorithmic and AI-based financial decision-making, data privacy and cybersecurity risks borne by consumers, the financial inclusion implications of digital transformation, and the emerging paradigms of regulatory technology and supervisory technology as adaptive governance tools. The review concludes by proposing a research agenda oriented toward the development of adaptive, proportionate, and technology-neutral regulatory frameworks capable of fostering innovation while safeguarding systemic stability and consumer welfare.
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.