The purpose of the study is to comprehensively assess the legal and economic prerequisites for integrating prediction markets into the US financial system, taking into account the regulation of derivative financial instruments, gambling legislation, and the characteristics of decentralized management models, as well as to determine the impact of legalization on the informational efficiency of markets and the stability of the financial system. The study uses formal legal analysis of regulatory acts and law enforcement practices of federal authorities, a comparative legal approach to the distinction between financial and gambling regulation, economic and mathematical modeling using autoregressive models with external variables and rational expectations theory, as well as elements of agent-based modeling to assess the risks of price manipulation. The source base consists of relevant scientific publications from 2022 to 2026, analytical materials, and regulatory documents. It has been established that the main barrier to integrating decentralized prediction markets into the US legal framework is the dual legal nature of event contracts, which creates competition between the regulatory regimes governing derivatives markets and the gambling sector. It has been proven that the absence of a centralized issuer in decentralized autonomous organizations complicates state supervision and the identification of the responsible entity. Economic analysis confirmed the ability of binary contracts to aggregate scattered information and form market expectations more efficiently than individual traditional indicators, while also revealing the risks of short-term price distortions. The need to introduce a mixed legal support model, combining distributed registries with a licensed organizational form of activity, is justified. Legalization of prediction markets, provided that there is a clear distinction between financial and gambling regulation, can increase the transparency of market expectations and expand the range of risk management tools without creating excessive systemic threats.
Strengthening the economy through transformation in the tax system and decreasing the role of auditors and auditor-centric approaches should be among the priorities of the Iranian National Tax Administration.Given the country's urgent need to increase revenue sources to compensate for budget deficits, improving the tax collection system becomes even more crucial.According to clause (b) of article (1) of the "Law on Sales Terminals and Taxpayer Systems," blockchain technology can also be considered a type of sales terminal.One of the key features of blockchain is the enhancement of security, transparency, and efficiency.This study aimed to consider reality as closely as possible.For data collection, a library research method has been employed.It appears that a private consortium blockchain is a suitable option for the tax system.Based on the conducted reviews, there is still no definitive consensus mechanism for a tax system.Therefore, the proposed approach in this study is the use of a hybrid consensus mechanism, combining proof-of-authority and delegated proof-of-stake, which would be ideal for a blockchain-based tax system.One of the main features of this model is the use of multi-layered validation.A blockchain-based tax system designed to record all transactions and events related to invoice-based taxes should fundamentally be established on a multi-party smart contract between the buyer, seller, tax authorities of the origin and destination, the buyer's bank, and the seller's bank.To ensure the successful implementation of blockchain, several key considerations must be taken into account.
This study provides a comprehensive analysis of the institutional and technological dimensions of anti-money laundering (AML) measures within the cryptocurrency space. The focus is on Financial Action Task Force (FATF) Recommendation 15 and its implementation in the Russian legal framework, as well as the regulation of digital financial assets and the digital ruble in the context of tightening international standards. A key issue addressed is the inherent contradiction between the fundamental properties of cryptocurrencies – namely, anonymity and decentralization – and the imperative to ensure transparency of financial transactions in accordance with AML/CFT (Countering Financing of Terrorism) requirements. The study systematizes modern approaches to minimizing this conflict, including customer identification mechanisms, transaction monitoring systems, and technological solutions to enhance operational transparency. Additionally, it examines the positions of Russian regulators concerning AML/CFT compliance in relation to virtual assets. Based on the conducted research, the study identifies emerging trends in the development of regulatory and legal frameworks and discusses prospects for adapting national legislation to meet global regulatory challenges.
Open access
Economic and Technological Developments in Russia
Economic Systems and Logistics Management
Economic, Social, and Public Health Issues in Russia and Globally
Oleh Harmash, Наталія Трушкіна, Kyryl Yevtushenko, Yu. Shkrygun
Currently, smart contracts are recognized as an effective mechanism for managing logistics activities and an innovative technology for managing relationships between a company and consumers based on blockchain. This technology is widely used in various sectors of the economy, including logistics and transport. Many transport companies in different countries of the world are turning to the use of smart contracts in their logistics activities. This is due to the fact that smart contracts simplify the management and processing of documents, contribute to improving the quality and level of service to customers and various groups of stakeholders, transforming the customer relationship management system, and also provide reliable data protection and help transport companies save time on routine operations, which ultimately reduces operating costs. In view of the above, the purpose of the article is to substantiate the need to use smart contacts as a tool to improve the efficiency of logistics management of transport companies in the era of digitalization. As part of the study, a bibliometric analysis of the database of scientific publications was conducted to identify the most cited works and authors. The results of the study will provide a holistic view of the current state and prospects for the development of research on reengineering logistics processes in the activities of transport companies when implementing smart contract technology. The article studies and summarizes scientific approaches to defining the essence and content of the concept of “smart contract”. The features of the use of smart contract technology in the USA, the European Union and Singapore are studied. The main indicators of the development of the smart contract system in the world are analyzed. The sequence of development of the smart contract system in the transport services sector is determined. A matrix of interests and goals of participants in the transport services market, which are provided using smart contract technology, is proposed. C The factors and conditions for the successful implementation of smart contract technology in the logistics activities of a transport company are determined. Alternative scenarios for the transition to smart contract technology as a mechanism for managing the logistics activities of transport companies are proposed.
The current state of financial law is primarily defined by its subject matter. In contemporary conditions, the subject of financial law has evolved significantly, driven by the active development of its structure and, most notably, the emergence of new financial and legal institutions within decentralized finance. These institutions include state and municipal unitary enterprises, state and municipal institutions, state corporations, and public law companies. The growth of decentralized finance has been a prominent trend in the modern era, with considerable potential for further expansion. Financial and legal regulations, in general, serve to safeguard the public interests of the state and municipalities. However, it is important to acknowledge that, with the expansion of decentralized finance, the subject of financial law, considered the most fundamental indicator of the current state of this legal branch, should be understood not only in terms of the financial activities of the state and municipalities but also concerning the financial activities of entities, including non-state actors, that are tasked with executing public functions.
The article examines the current problems of the financial law system. It highlights that currently legal institutions are not distinguished in the system of the industry. Regulating decentralized finance. Meanwhile, the financial and legal institutes of the state and municipal unitary enterprises have existed in the system of science since Soviet times. However, at present, new financial and legal institutions regulate centralized finance. Nevertheless, in the system of the branch of law, they stand out very rarely. The latter include the Institute of Finance of State Corporations and the Institute of Finance of Public Law Companies. The author underlines a critical difference between these legal institutions, which is crucial for financial law because it affects the characteristics of financial legal relations.
The article considers the possibility of optional implementation of financial and educational decentralization approaches in Ukraine. The strategic role of CMU Order No. 333-r dated April 1, 2014 on the approval of the Concept of Reforming Local Self-Government and Territorial Organization of Power in Ukraine as a conceptual measure of financial and educational transformations is outlined. The legal status and legal options of educational self-government at the level of OTG are defined in accordance with the national "normative basis of decentralization": the Law of Ukraine "On the Voluntary Association of Territorial Communities" No. 157-VIII, the Law of Ukraine "On the Principles of State Regional Policy" No. 156-VIII, etc., as well as relevant legislation (the Law of Ukraine "On Education" No. 2145- VIII of the Law of Ukraine "On Higher Education" No. 1556-VII, etc.).
 A terminological distinction between the concepts of "power decentralization" and "financial decentralization of the region" is proposed. The problem of budgetary and educational provision of scientific and educational facilities is conceptualized spheres in Ukraine through the prism of the Budget Code of Ukraine No. 2456-VI.
 Examples of foreign decentralization-educational (management and financial) support are presented and implementation methods of its application in Ukraine are proposed.
 The ideological problem is that the decentralization of power presupposes, among other things, the financial independence of the region (one of the principles of decentralization is the transfer of resources from the ODF to the OMS), and the issue of its provision is problematic for a country that is used to building financial and economic relations by the "vertical" principle, i.e. "from top to bottom".
 Taking into account the dependent connection of the educational sphere in Ukraine on the accompanying and sectoral legislation, such trends, without having a direct impact on the volume and expenditure mechanisms of scientific and educational support from the State Budget of Ukraine, create a precedent of institutional and jurisdictional inconsistency.
 The issue of financial support for higher education and directly – institutions of higher education (HEIs) has several problems, among which “financing of expenses for the maintenance of HEIs, not the actual cost of the educational process” stands out; calculation of budget transfers only in the amount of "educational needs" (without cultural and sports and social assistance initiatives of the development and education self-government); inadequate financial and logistical support of vocational education as a subcomponent and pregenerator of higher education in Ukraine.
This article examines the peculiarities of legal egulation of electronic trade documents circulation in Ukraine and internationally (in particular, theUnited Kingdom of Great Britain and Northern Ireland (hereinafter – the UK)). It is assessed to what extent the national legislation on the relevant issues is suitable for the transfer of such documents by electronic means, and the aspects in which it does not meet the requirements. The authors prove the insufficiency of the norms of the national legislation regulating the circulation of trade documents (bills of lading, bills of exchange, etc.) and the basic laws that define the basic organizational and legal principles of electronic document management and the use of electronic documents (the Law of Ukraine «On Electronic Documents and Electronic Document Circulation»), organizational and legal principles of activities in the field of electronic commerce in Ukraine (the Law of Ukraine «On Electronic Commerce»), legal and organizational principles of electronic trust services (the Law of Ukraine «On Electronic Trust Services») for transition to electronic document circulation of trade documents. With this in mind, and taking into account the obligation of the G7+ countries to promote the use and recognition of electronic transferable records (model laws of the United Nations Commission on International Trade Law (UNCITRAL), in particular in developing countries, and the experience of the United Kingdom, the development and adoption of a separate law «On Electronic Trade Documents» (taking into account the norms of existing national legislation and national interests), which would contain a clear concept of trade documents and their classification is substantiated.
 The feasibility of developing and recognizing uniform standards at the international level for the transfer of electronic trade documents (in particular, the introduction of new systems and their integration with internal systems by all carriers, customs authorities, etc.), which will ensure such transfer, as well as uniform terms for their implementation, is being determined. It is proved that distributed ledger technologies, in particular blockchain, have significant potential for ensuring the circulation of electronic trade documents.
Tax is a financing tool that is collected in order to meet the needs of society and has the largest share in public revenues. While there are more than one element that constitutes the subject of taxes, one of them related to income tax is the wage earned in return for labor. In this context, one of the absolute wages in the GVK is the income earned by the athletes in return for their labor. The taxes levied on the incomes of the athletes are also recorded in the budget revenues like other taxes, but their allocation to certain expenditures is restricted in accordance with the principle of decentralization in Article 13/g of the Public Financial Management Control Law No. 5018. However, with the Regulation on the Transfer of the Share Determined from the Income Tax Collected by Withholding from the Athletes' Wages through Withholding, published in the Official Gazette dated 31.12.2020 and numbered 31351, regarding the income tax obtained from the athlete's wages, it is seen that there is a deviation from the principle of decentralization.
The article explores the organizational and methodological aspects of the assessment of financing of secondary education institutions in conditions of decentralization. The purpose of the article is to provide a scientific substantiation of directions for improving the methodology for assessing the level and effectiveness of funding of secondary education institutions in conditions of decentralization. It has been established that one of the main problematic aspects of such an assessment is that standard approaches of financial analysis cannot be applied in this case. After all, the result of secondary education does not have an obvious financial dimension. An important prerequisite for the stability and development of general secondary education is the improvement of the financing system. Optimizing the financing system of Ukrainian schools directly depends on the formation of a scientifically based methodology for assessing the level and effectiveness of financing of general secondary education institutions. Therefore, the article proposes to apply the approaches used to evaluate social projects to evaluate the financing of secondary education institutions. Such approaches are innovative and are used in the practice of evaluating the effectiveness of social projects in economically developed countries. This foreign experience needs to be studied and used, taking into account the specifics of the use of funds in secondary education institutions. Accordingly, the article proposes the following: to develop programs of development of secondary education institutions, which will become the basis for conducting an objective assessment of the effectiveness of their financing; combine the method of assessing the level of funding (by comparing the funding of different periods and different schools) with the method of assessing the quality of education; to develop an integrated universal methodology for evaluating the financing of secondary education institutions, which can be adapted to the different conditions of different schools.
Smart contracts offer a unique method of contracting that differs from the methods used for a long time in this regard; Because the agreement between the contracting parties appears in the form of a code that is run and executed by members of the Blockchain network or the nodes, without one of the parties being able to stop it; so that when a certain condition is met and the members of the network verify that, the related or the corresponding condition is executed automatically; therefore it's a contracting method that guarantees the process of contracts performance in the manner agreed upon, without the need to have a confidence in the other party or resort to a trusted body to verify the truth of that party or the object of contract; so we thought about studying the topic of the conclusion of those contracts in order to highlight their features and clarify the extent to which general rules accommodate the specificities of their formation; and we divided our research into an introductory section entitled "the fundamentals of block chain technology", and two main sections; the first entitled "the idea of smart contracts as a blockchain application", and the second entitled" specificity of smart contracts formation. Keywords: smart contracts, blockchain, DApps, Ethereum.
Cryptocurrency has attracted more attention recently. With the rapid increase in popularity of cryptocurrencies´ transactions it is necessary to adopt a unified approach to this novel, 21st century phenomenon. Since 2009, when the first cryptocurrency Bitcoin was created, thousands of other cryptocurrencies have appeared. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Multinational jurisdictions and professional institutions differ in their opinions about cryptocurrencies. There are opinions considering cryptocurrency a financial asset, a financial instrument, cash, cash equivalents, inventories or intangible asset. As there is no accounting standard within IFRS specifically addressing cryptocurrency, it is necessary to look at the existing IFRS and apply a principles-based approach. The aim of the paper is to compare the accounting of cryptocurrencies in Slovakia with the requirements and/or recommendations by other standards setters and authorities. Slovakia is selected as it is one of the first countries launching accounting regulation for cryptocurrency. The analysis and comparison are used as the main scientific methods in this study. The IFRS IC in June 2019 concluded that IAS 2 applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, holdings of cryptocurrencies should be accounted for under IAS 38. The Slovak Republic is applying different approach to holdings of cryptocurrency, the cryptocurrency is considered the short-term financial asset. Difference between Slovak and multinational solution is even in questions of cryptocurrency´s measurement.
Today, everything in the world is changing rapidly; businesses that ten years ago may not have existed at all now exist and bring with them a significant income. Change in almost every field has one key feature: it is digitalisation. There are innovations in payment methods as well; the most high-profile issue in recent years in this regard is the emergence of cryptocurrencies. Within a few years of its appearance, it has become popular not even locally but worldwide. The method of data processing and analysis, quantitative and qualitative research methods, statistical-economic analysis methods are mainly used when working on the paper. The research aims to identify the main directions of cryptocurrency development in globalisation threats and challenges. Most cryptocurrencies are built on blockchain technology. The technology of the future is designed to securely store information, expedite transactions, reduce international transaction costs, replace cb-money with e-money and eliminate intermediary circles.
The transition to market relations increases the relevance of the study of decentralized finance. As P. A. Levchaev rightly remarked, due to the historical specifics, the peculiarity of Russia's financial science was a detailed study of the state finances of the planned economy of socialism. In contrast, the functioning of the finances of business entities often remained insufficiently studied. So, the subject of financial law is a state and municipal finance. Private decentralized finance is not studied by legal financial science, which gives rise to a fragmentary regulation of these relations by civil law.
In India, the urban local bodies do not have decentralization in various functions. Therefore, municipal corporations find various issues in functioning and revenue generation. It has resulted into either shortfall or low quality infrastructure services to people. The Navi Mumbai Municipal Corporation is developed as modern municipal corporation. Municipal corporation invested financial resources in development for civic infrastructure. Therefore, population, industries, educational institutions, markets, transport and other facilities are expanding very fast. The ordinary least square regression results shows that the municipal corporation has positive co-relation with revenue receipts from LBT, property tax and town planning. The revenue expenditure is positively co-related with municipal estate, public health and hospitals, primary and secondary education. The engineering work for poor is negatively correlated with revenue expenditure. The capital receipts are positively co-related with fire brigade, auditorium, sports and cultural programs and security deposits and water supply. The capital expenditure is positively co-related to women and child welfare schemes, primary education, environment monitoring. It is negatively co-related with dumping grounds. The municipal corporation must raise funds from capital market through municipal bonds. More investment must be made in civic infrastructure. Similarly, corporation must spend more funds on poor, welfare of women and children. Municipal corporation must monitor and protect environment. It must give more priorities for processing of solid and e-waste, protect local culture, primary and secondary education, health care for all and technology in provision of civic services. It must develop human resource and create best place to live in metropolitan region.
The research is aimed at substantiating, defining and systematizing the theoretical and methodological basis for the formation of the fiscal space for the local self-government in the conditions of decentralization of public finance. The interrelation of principles of decentralization of the State power and the provision of fiscal independence of local self-government is defined. The article determines the desirability of supplementing the system of basic and key provisions presented in the studies on the redistribution of authorities in the financial sphere and the expansion of fiscal space in the context of of decentralization of the State power and the provision of fiscal independence of local self-government. The author’s own hypothesis concerning formation of the theoretical and methodological basis for the expansion of the fiscal space for the local self-government in conditions of financial decentralization is formulated. The main elements of the theoretical and methodological basis for the expansion of the fiscal space for the local self-government, characterizing the key issues and contradictions, which are manifested in the context of the implemented process of expansion of the fiscal space, the solution of which requires scientific substantiation and practical elaboration, are defined.
The problems of formation of revenues of local budgets are investigated in the article. It has been established that significant centralization has affected the reduction of financial independence of local selfgovernment bodies. Changes in the management of local budgets caused by the introduction of a decentralized model encourage local self-government bodies to attract additional financial resources and form a certain economic potential. The feasibility of introducing a public-private partnership through the application ofdifferent methods and tools based on the form of interaction of project participants is substantiated. Suchcooperation requires the organization of complex, mixed private-public structures that can provide largescale infrastructure projects with resources. The advantages of project financing of economic development ofterritories in the framework of public-private partnership (PPP) are revealed.In order to ensure the financial attractiveness of projects implemented on the basis of public privatepartnership and aimed at ensuring the sustainable economic development of regions, it is recommended touse organizational models such as DBFO (Design, Build, Finance, Operate) and DBO (Design, Build, Operate).
The article is aimed at improving and further developing the methodical provisions on the use of program-target approach in the formation of local budgets in the context of decentralization of the State finances. The article defines advantages and limitations on the use of the program-target approach in the sphere of development of programs and projects of regional socio-economic development, financing of which are supposed to be realized at the expense of local budget. The sequence of stages of strategic planning of socio-economic development of the region is generalized. The approach to development and implementation of target projects and programs of regional socio-economic development, based on the integration of provisions of the program-target approach and the concept of fiscal space, is proposed. It is proved that in distribution of budget financing the potential of expansion of fiscal space should be considered as one of the key criteria of structuring and ranking of target programs, display of ability of local budget to mobilize additional sources of funding and raise funds to meet the requirements of maintaining financial stability.
The aim of the article is to identify the structural features of the local finance system as an aggregate of socio-economic relations under conditions of decentralization. The features of formation and development of the local finance system are analyzed. It is noted that the main place in the system belongs to local budgets as an important tool for the development of the socio-economic sphere. The importance of local finance in the formation of financial resources of local authorities under conditions of decentralization is studied. The shortcomings of the national budgetary policy at the local level are revealed. It is substantiated that the budgetary policy at the local level should be aimed at achieving an optimal balance between its economic and social aspects. Recommendations for improving the regulatory framework for the development of the finance system of the local self-government in Ukraine under conditions of decentralization are proposed. The need for providing access of the public to information and to participation in solving these issues is grounded.
Russian Abstract: Стремительные изменения, происходящие в настоящее время, имеют не только техническую составляющую, по и политэкономическую. Создание технологических платформ, использование технологии блокчейна дают возможность переходить от «централизованного реестра» к «распределенному». На этом фоне наблюдается трансформация во взаимоотношениях основных экономических субъектов, которая проявляется в новых формах взаимодействия. Цель данной статьи – рассмотрение многоуровневого характера сетевого взаимодействия.
English Abstract: Drastic changes taking place currently have not only a technical, but also a political-economic component. Creation of technology platforms and use of blockchain offer an opportunity to move beyond centralized to distributed ledgers. On this background one can observe transformation in relationship between main economic actors which manifests itself as new forms of cooperation. The purpose of the present article is to consider the multilevel character of network cooperation.