The article examines the peculiarities of the emergence and development of virtual assets -cryptocurrencies. The history and reasons for the creation of the most famous cryptocurrency -bitcoin -are analysed. The advantages and disadvantages of using cryptocurrencies are presented. The principle of blockchain operation is described. The foreign experience of regulating the circulation of cryptocurrencies is analysed. The possibility of integrating best practices to legalise and minimise the risks of using cryptocurrencies in Ukraine is substantiated.
The significant growth of cryptocurrencies since the emergence of Bitcoin in 2009 has sparked debates in society about the potential replacement of conventional currencies by cryptocurrencies. While cryptocurrencies offer technological advantages, their unique characteristics also pose limitations and challenges. This research aims to present the advantages of cryptocurrencies, their relationship with traditional currencies, and the challenges they pose to the existing financial system. It provides policymakers with valuable information to formulate policies for dealing with cryptocurrencies in the future. Keywords: Cryptocurrency, Financial System, Monetary Policy.
Objective : due to the rapid technological changes, digital economy and contractual relations determine law transformation and legislation development towards adaptation to prospective spreading and application of smart contracts in civil and commercial turnover. In this regard, the study focuses on determining the legal essence of smart contracts as a fundamental step towards the development of their timely and clear regulation. Methods : the research is based on the methodology of formal-legal and comparative legal analysis. It compares the current Bulgarian legislation with supranational legal sources and identifies the characteristic features of smart contracts as demanded instruments necessary for modern law and economy. The article also compares them with the classical understanding of contracts, making it possible to understand and define the nature of smart contracts more accurately. Results : it was determined that a smart contract is a software code in which the parties predetermine conditions under which the contractual relationship between them is created, modified and terminated. The research proved that the contract execution does not depend on the action or inaction of its parties, but rather on the occurrence of a predetermined condition (a certain fact relevant to the parties) under which the contract must self-execute. It was substantiated that the will of the parties cannot be changed or replaced because of the special way in which the smart contract is recorded in a distributed ledger. It is found that the fundamental problem of transferring the will from the legal language to the program code of the smart contract persists: if the will of the parties is incorrectly transferred to the program code, the smart contract may self-execute, but its execution will not be the result that the parties counted on. Scientific novelty : the analysis made it possible to compare the current national (Bulgarian) legislation and supranational (European) law. It revealed the vagueness of smart contracts regulation, both at the national and international level, and identified a number of issues in need of scientific and legal interpretation, which refer to the legal nature of smart contracts in view of the self-executing program code concept. Practical significance : the study can serve as a basis for further development of legislation towards its adaptation to the prospects of smart contracts spreading and application in civil and commercial turnover. It also allows an in-depth analysis of the smart contracts practice referring to such unsolved problems as accurate transference of the parties' will to the program code (translation of specific terms from the legal language into the smart contract program code), electronic identification of subjects - parties to the transaction and many other issues.
Presently, legal circles, both among theorists and practitioners, are particularly concerned about the legalisation of cryptocurrencies and transactions with them according to the current legislation. For this reason, the purpose of this work was to study approaches and methods to legalisation of income derived from cryptocurrency speculation based on the provisions of the tax legislation of Ukraine. A theoretical analysis of the general concepts under study was conducted, which in turn formed the object of this study. The common and distinctive features of the researched concepts were identified, thus establishing the relationship and dependence between them. As for the practical aspects, the study revealed them in the analysis of particular regulations, namely, the specific features of their implementation. Positions and opinions of various scholars on it were compared, which allowed for a qualitative coverage of ways to legalise the income that citizens receive from cryptocurrency speculation. On the basis of the analyzed scientific publications, the most successful and suitable for implementation in Ukraine, the experience of other countries, in particular the USA and Canada, has been determined. It has been proven that the legalization of citizens’ incomes received from cryptocurrency transactions is a necessary process for the economic development of the state.The practical value of the study lies in the fact that it can be used both by scholars, in the context of the primary source for further study of this issue, and by lawyers whose activities are related to cryptocurrencies. The scientific value of this study was covered in the description of effective approaches to transactions with income generated by cryptocurrencies, which have not yet been studied to the required level
Розібрано інвестиційне ДАО, як один з типів децентралізованих автономних організацій. Розглянутомеханізм роботи інвестиційних децентралізованих організацій. Окремо у статті розкрито, позитивні танегативні аспекти ДАО, а також проведена категоризація ДАО. Звернуто увагу на те, що найважливіше вДАО це ком’юніті, а не технології. Визначено, що ДАО є новим форматом онлайн ком’юніті, в якому члениможуть взаємодіяти заради спільних інтересів. ДАО буде чекати велика кількість оновлених версій, дляінтеграції їхніх ідей з реальним світом, а також низка нормативних актів, які будуть створені длярегулювання діяльності ДАО.
 Ключові слова: DAO, Blockchain, decentralized, autonomous, organization, блокчейн, децентралізована,автономна, організація, управління, ДАО, смарт-контракти.
The study addressed the problem of developing a mechanism for introducing blockchain technology into the system of accounting and analytical support for public sector entities. In the course of the research, the volumes and types of financial violations by public sector entities were analyzed. Identified violations were committed by public sector entities, and their significant share fell on the system of accounting and analytical support, in particular, financial reporting, budget execution. Legal restrictions on the introduction of blockchain technology for public sector entities were outlined. The absence of a number of acts in the field of digitization, protection of state secrets, cyber security, international standards, etc. in the legal field was established. The characteristics and mechanisms of blockchain technology were described, the types of blockchains based on permission models (open, closed) were defined. The technological characteristics of the use of blockchain platforms in the system of accounting and analytical support of public sector entities have been determined. The need to use blockchain applications such as smart contracts was indicated. It is noted that the use of smart contracts can be developed on blockchain platforms such as Ethereum, NXT, and Hyperledger; their key characteristics were described. A comparative description of transactions of state funds in the traditional accounting system and with the use of blockchain systems is given. The problem of the materiality of the transaction cost when transferring large volumes of data was outlined using the Ethereum platform as an example; its shortcomings were identified. The development of a mechanism for introducing blockchain technology into the system of accounting and analytical support using the Hyperledger platform, which has an open-source community focused on the development of a set of stable frameworks, tools, and libraries for deploying enterprise-level blockchains, was described. The advantages and disadvantages of introducing blockchain technology into the system of accounting and analytical support have been determined.
Ілля Чіков, Світлана Коляденко, V. A Supryhan, Oksana Tabenska · 6 authors
Purpose. To analyze the process of implementing smart contracts for the automation of business processes, aimed at achieving high reliability and cybersecurity during contract execution, optimizing transaction costs, and maximizing the productivity of the enterprise’s internal operations. Methodology. The research results were obtained using special and general methods of scientific knowledge, namely descriptive, comparative, strategic analysis, abstract-logical and generalization. Findings. The study revealed the potential of smart contracts based on blockchain technology to improve business process efficiency, reduce costs, and ensure innovative development in the Ukrainian business environment. Originality. A comprehensive analysis of the technical aspects of using smart contracts based on blockchain technology to automate business processes has been conducted; their impact on the business environment has been assessed; a comparison of popular programming languages and blockchain platforms for the development and deployment of smart contracts has been made; a SWOT-analysis of the implementation of smart contracts at Ukrainian enterprises has been carried out, which opens up prospects for innovative approaches to business practices and their optimization. Practical value. The results of the study can be used to develop and implement innovative strategies in a business environment based on the integration of smart contracts based on blockchain technology in order to improve the efficiency of business processes.
Mohammad Ahmad Alnaimat, Oleg Kharit, Safar Pürhani, Olena Symonenko · 5 authors
Rapid technological changes cause several challenges for established processes and approaches to the auditing. A special role in this context is assigned to the blockchain as a key driving force in changes in auditing. The aim of the article is to identify the key features of blockchain’s impact on auditing. The research employs economic and statistical methods, namely trend analysis, in-depth semi-structured interviews, assessment of the economic effect to identify the main changes in auditing under the influence of blockchain technologies. The experience of using blockchain was studied through a sample of 27 auditors from Azerbaijan, Israel, and Jordan. The respondents indicated changes in the operational work of auditors (88,9% of respondents) among the main areas of influence of blockchain technologies. The surveyed auditors also consider it necessary to improve auditors’ IT skills under the influence of blockchain (88,9% of respondents). The respondents emphasize the appropriateness to change the audit methodology under the influence of blockchain (77,8% of respondents). The surveyed auditors see the prospect in using real-time auditing (55,6% of respondents) and other higher value-added services (44,4% of respondents). Data from the financial statements of the 4 largest auditing companies were analyzed to determine the economic effect of the impact of blockchain on auditing. It was determined that the average annual growth rate under the basic scenario is 6.9% for 2023-2025, or $72.1 billion on average per company in 2025. The prospects for further research are studying the directions of strategic and operational transformations in auditing because of the influence of blockchain in terms of audit methodology, organizational structure of audit companies.
The article analyzes the dynamics of changes in the exchange rate of cryptocurrencies such as DogeCoin, Bitcoin, BinanceCoin and AaveCoin in recent years (before COVID-19, during the pandemic and the war in Ukraine). At the same time, in the first quarter of 2020, the spread of the COVID-19 pandemic and the related active campaign of the National Bank and banks to support online operations and services was an additional factor contributing to the population’s rejection of cash. The war, among other things, encouraged more people in Ukraine to believe in cryptocurrency.
Introduction. In recent years, the digital economy has become the main driver of economic growth both at the global and national levels. Within this paradigm, a number of socio-economic challenges are being overcome: creating new jobs, ensuring digital inclusion of people around the world. Problem Statement. The national institutional environment in the field of the digital economy is currently under development, in particular in terms of consistency of conceptual apparatus. The purpose of the article is to analyze the conceptual and categorical apparatus used in the regulatory and legal framework for accounting and taxation of objects arising from the activities of business entities in the digital economy, and to determine the directions of its development. Methods: institutional approach; comparative analysis; synthesis; hierarchical classification method. Results. A bibliographic analysis of scientific and professional publications showed that all categories of “non-fungible token”, “virtual asset”, “cryptoasset” are inherently digital assets, i.e. assets that are stored or transmitted in digital format and have economic or cultural value. The global nature of digital assets has led to the need for international coordination on their legal status and resolution mechanisms. Such digital assets as virtual assets, cryptoassets and their subtypes are regulated at different levels: international (FATF, OECD); regional (EU); national (UK, Ukraine). The presented review of the documents defining the concepts of “digital asset”, “cryptoasset” and “virtual asset” at the international and regional levels, as well as in individual countries, demonstrates that there is currently no generally accepted definition of these terms. Conclusions. The conducted study of the features in forming the conceptual and terminological apparatus of accounting and taxation of objects, the appearance of which is determined by the activities of economic entities under the digital economy, in regulatory documents at various levels showed that when developing institutional support for the regulation of the circulation of digital assets and operations with them in Ukraine the approach used by the FATF was chosen. In terms of its content, the category of “virtual assets” corresponds to the interpretation of the category of “cryptoassets” laid down by European legislation. The author identifies terminological inconsistencies in the Ukrainian legal framework that require further resolution through a cross-analysis of legislation to unify approaches to the interpretation of digital economy objects.
The paper examines the major threats and related legal challenges posed by activities based on blockchain technology, such as cryptocurrencies, smart contracts, Decentralised Autonomous Organisations (DAOs), the Decentralised Finance System (DeFi), and Non-Fungible Tokens (NFTs). In the light of practical findings, the provisions of the Lithuanian Law on prevention of money laundering and terrorist financing and MiCA regulation are being analysed. The paper arrives at the conclusion that the new national law should effectively contribute to the prevention of cybercrimes, money laundering, terrorist financing, and violation of international sanctions. Nevertheless, a number of other issues typical for cryptocurrencies and other forms of utilisation of the blockchain technology remain unaddressed. Certain loopholes will be partly filled in by MiCA regulation. However, it will not create the required scope of legal certainty for other than cryptocurrencies forms of technology utilisation. On the basis of these findings, the paper puts forward proposals for the further development of the regulation of activities based on the blockchain technology.
There have been many studies on the blockchain, however blockchain research in the accounting field is scarce. The article outlines the characteristics and steps to apply blockchain in accounting. The article also identifies and measures the factors affecting the application of blockchain in accounting in enterprises, proving that the application of blockchain impacts the quality of the accounting information system of enterprises. The article shows that incorporating blockchain in accounting will help the accounting at businesses optimize the security, safety, and transparency of accounting information. We collected data on 195 manufacturing firms in six sectors. This study’s primary data analysis method is the SEM structural equation modeling method. The article used AMOS software to evaluate and measure the influence of each factor on the application of blockchain and the effect of blockchain on the accounting information system in enterprises. The article analyzed four aspects: the level of information technology of the accountant (IT), Information Security Infrastructure (SI), Training (TR), and Legality and Regulation (LR), affecting the application of blockchain in the business. The independent variables TR (training) and IT (information technology) have an impact on BL (Blockchain). We also find that the independent variable IT (information technology) has the most substantial impact on Blockchain adoption, followed by the independent variable TR (training), which has the second most influential impact on Blockchain adoption. For the accounting information system, the results show that applying blockchain will substantially impact accounting information, along with the safety factor of information infrastructure SI also has an evident influence. The results show that applying blockchain in accounting, information technology, and professional training are core issues with significant influence. The issue of guaranteed infrastructure also determines the effectiveness and efficiency of blockchain applications for accounting information systems. I declare that this is my scientific work; it is my original work. I commit that all data sources and ideas are my research and have never been published anywhere.
Mukhtarov I.Sh. THE IMPACT OF CRYPTOCURRENCY ON TRADITIONAL BANKING SYSTEMS // Universum: экономика и юриспруденция : электрон. научн. журн. 2023. 9-10(108). URL: https://7universum.com/ru/economy/archive/item/16022
In today's environment modern economic technologies are rapidly developing. This process and its impact on the financial system as a whole requires all the details effective consideration. Given that cryptocurrencies are highly dynamic in the market, the article proposes prospects for further use of the new currency. Accordingly, the purpose of the research was to provide a comprehensive analysis of cryptocurrencies as digital currencies in the Ukrainian economic market, trends, and prospects for their introduction. In the article such methods as special scientific methods (methods of collecting information, methods of processing information, methods of conducting analytical work) and general scientific methods (analysis, synthesis and generalization) were used. It allowed carrying out a complex study based on the principles of systematicity, scientificity and specificity. Search engines revealed more than 70 works on the issue of cryptocurrencies. In the course of the study, 40 in-depth studies from 2019 to 2023 were selected. The results provided a strategy for the impact and transformation of cryptocurrencies on the reform of the economic sector in general. It has been established that the introduction of cryptocurrency into the Ukrainian economy will facilitate the digitalisation of the economy. Based on the analysis of market denominations, crypto-exchanges and cryptocurrencies in the world are aimed at people, management, savings, and services. The research analysed the concept of the content of “cryptocurrency”, its features, advantages and disadvantages, and the relationship with the economic world. The international cryptocurrency market, the general state, development factors, and dynamics of adaptation in Ukraine were studied. The main conclusions were reflected in a comprehensive study of cryptocurrencies and their rapid growth as major technological innovations in the global and Ukrainian economy.
In recent years, the cryptocurrency industry has been developing rapidly, creating new opportunities and challenges for investors, entrepreneurs, and policymakers. Ukraine has become a promising destination for investment in cryptocurrencies and blockchain development due to its favorable business environment, highly educated workforce, and growing technology sector. Organizational and economic support for the development of foreign trade activities of Ukrainian businesses in the context of the cryptocurrency industry includes a thorough analysis and development of strategies to use these opportunities.In this article, we have considered some promising areas for the development of the cryptocurrency industry in Ukraine using general scientific and special methods of scientific knowledge, such as analytical methods, comparative analysis, methods of comparison, and generalization. From the potential of blockchain-based e-government services to the possibilities of mining and trading cryptocurrencies, the article examines the country's strengths and opportunities in this area and identifies ways to use them for future growth.To this end, the author analyzes the legal framework, the state and degree of development of the blockchain, the peculiarities and pace of mining, the degree of acceptance of cryptocurrencies in society, and the state and peculiarities of the development of cryptocurrency exchanges. Understanding the potential of the cryptocurrency industry in Ukraine, we believe that the strategic directions for promoting economic growth and technological innovation in the country are: a clear regulatory framework, a skilled workforce, abundant energy resources, and a growing number of cryptocurrency changes.These elements of organizational and economic support will help Ukrainian businesses to develop their foreign trade activities in the context of the growing influence of the cryptocurrency sphere, providing greater opportunities for investment and trade, as well as promoting the introduction of innovative technologies and increasing international competitiveness.
The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of the level of adoption of cryptocurrencies in the context of national policy. The meaning and characteristics of cryptocurrencies are revealed. Attention is focused on the problems of forming regulatory and normative needs in Ukrainian legislation. Systematized principles of legal support for taxation of transactions with cryptocurrency and prevention of the use of cryptocurrency for the purpose of legalizing income (money laundering). The trends of threats of cybercriminal content in cryptocurrency transactions are summarized and the main provisions of the government's plan to resolve the situation with cryptocurrency for 2023‒2024 are defined. Ways to improve the legal support of the cryptocurrency industry in Ukraine are outlined. The reasons and significance of the popularization of cryptocurrencies in Ukraine are determined. In particular, it was determined that one of the main elements of financial support for the circulation of cryptocurrencies is the legal framework that regulates the interaction between the participants of the cryptocurrency market. Legislation should define rules and norms of conduct, requirements for security and confidentiality of personal data, liability for violations of rules and other aspects of cryptocurrency circulation. Planned ways of further development of the Ukrainian crypto industry and improvement of its regulatory and legal regulation. It is substantiated that the financial and legal support of cryptocurrency circulation should include mechanisms for the protection of consumer rights, such as mechanisms for insurance, dispute resolution, and conflict resolution between market participants. Such mechanisms can help ensure interaction between market participants, increase the level of trust and ensure market stability.
Розвинені демократичні країни стрімко удосконалюють інфраструктуру систем електораль-ного волевиявлення. Технологія блокчейн швидко заполонила дефіцит інновацій в різноманітних сферах людської діяльності. У системи підтримки виборчого процесу також поступово впроваджуються концепції децентралізованого реєстру зберігання голосів та виключення із парадигми голосування третіх зацікавлених осіб. Від третіх осіб, які зазвичай є фальсифікаторами голосів, ніяк не можна було позбутись. Із появою блокчейнів така можливість стає реальністю. Об’єктом дослідження є процес електронного голосування. Предметом дослідження є системи електронного голосування на децентралізованих реєстрах типу блокчейн. Метою роботи є проведення оглядового дослідження існуючих систем електронного голосування на найбільш вживаних, поширених і надійних блокчейнах Bitcoin та Ethereum. Серед досліджених блокчейн-рішень електронного голосування, нажаль, жодне не впроваджено на загальнонаціональному рівні. У майбутніх дослідженнях планується пошук систем електронного голосування на новітніх блокчейнах, зокрема на блокчейні Near Protocol.
The economic essence of cryptocurrencies and digital technologies were substantiated in the article. Also the article defines their role and significance in global economic processes. It has been established that the reason for the rapid growth in the popularity of cryptocurrencies lies in their advantages over traditional money, in particular, in decentralization, speed and ease of transactions, a high level of security through the use of cryptographic technologies, etc. At the same time, it has been established that the use of cryptocurrencies poses threats associated with the risk of stability of the global financial and economic system, significant volatility in the value of cryptocurrencies, the uncertainty of their legal status, insufficient controllability of transactions, etc. It is substantiated that the widespread use of cryptocurrencies in business processes and their use as an investment object requires proper legal regulation of operations with digital assets. The current state of the regulatory framework for the circulation of cryptocurrency and approaches to its recognition as an object of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) are analyzed. It has been established that the enterprises, when recognizing cryptocurrency as an object of accounting, assessing its value and subsequently displaying information in the system of accounting accounts and financial statements, are guided by various accounting standards that are currently available, and therefore there are threats of inconsistencies or distortions of information about the financial condition of the enterprise, its liquidity and solvency, net asset value, etc. To solve this problem, the expediency of developing the special accounting standards by the regulatory authorities that define the generally accepted methodological foundations for displaying information about cryptocurrencies in the accounting system of enterprises is substantiated. Taking into account the specific properties and characteristics of cryptocurrencies, it is recommended to introduce a separate category of assets for cryptocurrencies and disclose information about them in the company’s balance sheet before the item «Cash and its equivalents» in order to maintain the order of liquidity of asset allocation.
The purpose of the article is to study the theoretical and applied aspects of identifying the problems of normative and legal regulation of the process of applying blockchain technology in the financial system of Ukraine. The results of the conducted research allow us to assert that blockchain technology is a qualitatively new tool for carrying out financial transactions and strengthening the financial system of Ukraine, the essence of which is the creation of a decentralized database consisting of blockchains capable of preventing deliberate actions, the subject of which is data falsification and their chronological records for the purpose of tracking and controlling transactions. The important role of blockchain technology in the financial system of Ukraine has been established, which is manifested in the modernization of the processes of moving funds, making cross-border payments, and the functioning of cryptocurrency. The excessive weakness of the legislative and normative and legal regulation of the process of applying blockchain technology in the financial system of Ukraine was revealed, which is situational and fragmentary in nature and cannot fully regulate the organizational and legal mechanisms of its effective application in the implementation of financial transactions. Detailed studies made it possible to substantiate the need for the formation of a national system of normative and legal regulation of the process of applying blockchain technology in the financial system of Ukraine, as a number of its problems were identified, in particular, the low level of the country's provision of digital technologies and the absence of high-speed Internet, as well as the high cost of using technologies and energy for maintenance of financial transactions in the blockchain system. On the basis of comparative studies of the USA, Great Britain and Ukraine, it has been proved that the development of blockchain technology is significantly dependent on the level of socio-economic development of the country and its ability to regulate problematic aspects arising under the influence of modern challenges and dangers at the legislative level. The need to adopt the Law of Ukraine "On Virtual Assets" is proposed, which will partially solve the most acute problems by unifying norms and creating an organizational and legal mechanism for regulating the process of applying blockchain technology in the financial system.
Introduction. The application of blockchain technology has a significant potential to increase the efficiency of accounting compared to the traditional system and will ensure the digital transformation of the accounting process. Problem Statement. The introduction of blockchain technology into the accounting system is at an initial stage and requires significant refinement due to existing limitations. Purpose. To carry out a comparative analysis of the advantages and limitations of using blockchain technology in accounting in comparison with traditional accounting. Methods. The main research methods were general and special scientific approaches to theoretical generalization and grouping, systematization, comparative analysis, logical generalization. Results. Substantiated that the relationship and functionality of the blockchain are perfectly combined with the basic logic of accounting systems. The immutability of the transactions recorded in the blockchain process, the strong ongoing control of the procedures and compliance guaranteed in each phase meet the cardinal principles of accounting summarized in terms of informative data reliability and transparency. Conducted a comparison between pre- and postblockchain accounting characteristics. This established the advantages of blockchaintechnology compared to traditional accounting. The study defines confidentiality issues, scalability and interoperability as important significant constraints for adoption and deployment of blockchain based accounting. Procedural automation of blockchain technology always requires support and monitoring of the correctness of the interpretation of accounting phenomena that require professional judgment. Identified groups of asset transactions that reflect a high probability of outcome uncertainty and measurement uncertainty. Conclusions. Blockchain integration in accounting at enterprises supports consistent with Ukraine's digital transformation strategy. Accounting from this technology perspective would significantly reduce the amount of time and effort used by accountants for traditional and repetitive daily accounting records and constant control over their reliability. The introduction of blockchain in accounting requires overcoming limitations, the main one is the need to make changes to transactions, which require adjustments due to uncertainty and require accounting judgment.
The article examines the procedure for accounting transactions with cryptocurrency as a special type of asset. Circulation of cryptocurrency in Ukraine currently does not have proper legislative regulation, and the Law of Ukraine "On Virtual Assets" adopted in 2022 has not yet entered into force. There is no proper legal provision for accounting and taxation of transactions with cryptocurrency carried out by business entities taking into account the advantages of using a decentralized means of circulation. Solving the issue of proper accounting of cryptocurrency and operations with it will contribute to the unshadowing the economy and the receipt of taxes to the state budget. It has been established that cryptocurrency can exhibit characteristics of goods, cash and their equivalents, financial instruments, investment real estate, intangible assets, shares, etc. With this in mind, the article analyzes permissible options for classifying cryptocurrency and operations with it to specific classes of accounting accounts based on international and national accounting regulations (standards). The European practice of accounting for operations with cryptoassets is analyzed, which is based on two options for accounting for cryptocurrencies: as an intangible asset or as stocks. It was concluded that in the absence of a single methodical approach to the issues of proper accounting of cryptocurrency and operations with it, it is necessary to use international accounting standards and recommendations for accounting of cryptocurrency developed on their basis as an intangible assets (if it is held for sale in the everyday economic activity) or stocks (if held for the purpose of obtaining an investment profit from resale). The purpose of its use by the business entity should be the basis for selecting the recommended accounting options for cryptocurrency as a virtual asset.
Background: An investigation was conducted into the 2020 campaign to declare the incomes of civil servants in Ukraine. On June 23, 2022, the country became a candidate for full accession to the European Union, subject to increased efforts to combat corruption. During the study period, it was found that 652 Ukrainian officials declared 46,351 bitcoins, which as of 04/01/2021 was the equivalent of 2 billion 564 million US dollars or 2 billion 348 million euros. Against this background, the existing anti-corruption legislation and the state anti-corruption apparatus are characterised . Methods: To achieve objective scientific results, the author used methods such as analysis and synthesis to understand and build a logical chain of ideas. The author used the statistical method to emphasise their positions with real data regarding the situation that developed in practice. Results and Conclusions: The study revealed a potential threat of money laundering by civil servants through the declaration of cryptocurrencies before their legalisation, against the background of a complete absence or imperfection of current laws. It was established that this factor was the most acute form on the evening of the planned state legalisation of cryptocurrencies. This highlights the need for states to take preventive measures to eliminate such risks before legalising cryptocurrencies and preventing “silent amnesties” regarding illegal capital transferred to cryptocurrencies or to “whitewash” future illegal proceeds in advance through the declaration of non-existent cryptocurrency.
Вступ. Криптовалюти, такі як Bitcoin, Ethereum та інші, з’явилися на світовому фінансовому ринку близько десяти років тому і з тих пір стали предметом великої уваги. Ці цифрові валюти привернули увагу не лише інвесторів, а й фахівців з фінансів та економіки, які досліджують їх вплив на міжнародні фінансові ринки. Мета. Аналіз впливу криптовалюти на міжнародні фінансові ринки. Наукова новизна. Полягає у всебічному аналізі впливу криптовалюти на міжнародні фінансові ринки в контексті регулювання та регуляторної політики урядів та міжнародних організацій. Робота містить нові результати, які були отримані завдяки аналізу останніх досліджень та статистичних даних, що забезпечує її важливість у розумінні взаємозв’язку криптовалюти та міжнародних фінансових ринків. Результати дослідження. В результаті дослідження було встановлено, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки. З одного боку, регулювання може забезпечити більшу стабільність на ринку криптовалюти та знизити ризики для інвесторів, що може позитивно вплинути на загальний фінансовий ринок. З іншого боку, неправильне регулювання може призвести до великих коливань цін на криптовалюту та зростання ризиків для інвесторів, що може негативно вплинути на міжнародний фінансовий ринок. Дослідження також показало, що регулювання криптовалютного ринку відрізняється в різних країнах та може мати різний вплив на міжнародний фінансовий ринок. Деякі країни активно регулюють криптовалютний ринок та намагаються забезпечити більшу стабільність на ньому, тоді як інші країни намагаються заборонити криптовалюту або дозволяють торгівлю на незареєстрованих біржах, що може призвести до збільшення ризиків для інвесторів. Також було виявлено, що криптовалюти можуть мати значний вплив на загальний міжнародний фінансовий ринок, зокрема на біржові курси валют та інші фінансові інструменти. Водночас, криптовалюта також може використовуватись як інструмент для захисту від інфляції та інших ризиків на міжнародному фінансовому ринку. Отже, результати дослідження показують, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки.