Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Relevance of the research topic. The relevance of studying fiscal decentralization as a factor in strengthening the financial capacity of Ukraine's regions stems from the limited opportunities for optimizing budgetary policy amid significant financial constraints caused by priority expenditures on defense and the social sphere. The traditional centralized model of the budgetary system, despite its historical justification, demonstrates inefficiency due to regions' dependence on interbudgetary transfers and limited adaptability to local needs. At the same time, decentralization, while offering prospects for enhancing autonomy and more efficient resource utilization, is accompanied by risks of regional disparities and requires balanced control to maintain the macroeconomic stability of the state.The purpose of the article is to examine fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions.Research objectives are to analyze the impact of decentralization on the revenue base structure of local budgets, to identify the advantages and risks of this process under contemporary conditions, and to substantiate directions for improving interbudgetary relations mechanisms in order to ensure the stability and autonomy of subnational finances.Research methods: analysis, synthesis, statistical assessments, graphical evaluations, induction, deduction, scientific abstraction.Main research findings. The article examines the role of fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions, and analyzes the transformation of the revenue base structure of local budgets as well as interbudgetary relations mechanisms under contemporary conditions. It is substantiated that the reform contributes to enhancing the autonomy of subnational levels of government, more efficient satisfaction of local needs, and reduction of dependence on central transfers, although it is accompanied by risks of deepening regional disparities and fiscal asymmetry. Directions are proposed for improving financial equalization instruments, revising the distribution of revenue sources, and strengthening monitoring to ensure a balance between the financial independence of communities and the macroeconomic stability of the state.Field of application of the results: The findings of the study can be applied in the process of shaping and improving the state's budgetary policy, developing normative–legal acts in the sphere of interbudgetary relations, as well as in preparing recommendations for local self–government bodies aimed at enhancing the financial capacity of territorial communities. In addition, the materials of the article hold practical value for research activities in the fields of public finance, regional economics, and decentralized governance.
Inna P. Chaika, Oleksandr V. Khursa, Ivan O. Kaspir
The article examines the transformation of the paradigm of social and environmental responsibility in Ukraine’s energy sector amid the unprecedented challenges of martial law and the need to align with European standards of sustainable development. The relevance of the study is driven by the critical need to combine energy security with corporate social responsibility, urgent decarbonization, and the transition to a decentralized generation model. The aim of the article is to theoretically substantiate strategic directions and develop a practical set of tools for improving the management of environmental logistics in an energy holding (using the example of DTEK Group) through the integration of best European practices and the adaptation of logistical processes to the unique challenges of martial law. Special attention is given to the analysis of the company’s social initiatives, such as support for veterans, internally displaced persons, and local communities, as well as the formation of a corporate culture of sustainable development. The methodological basis of the research is a system approach to managing the environmental and social footprint of the enterprise. The study employs: the comparative analysis method – to examine the experience of European energy leaders; the systematization and classification method – in developing the strategic architecture of social and environmental management; the logical generalization method – to form a strategy for optimizing logistics flows. As a result of the study, a «resilience paradox» was identified, where military threats become a catalyst for the accelerated transition to renewable energy sources. A comprehensive benchmarking of the strategies of global energy companies was conducted, allowing for the adaptation of European experience to domestic realities. The authors have developed and structured an applied system of key performance indicators (KPI) for green logistics, covering three strategic areas: decarbonization of supply chains, operational energy efficiency of infrastructure, and social responsibility within the circular economy. The feasibility of implementing the Green Supply Chain Management (GSCM) conception has been substantiated, which involves integrating social and environmental criteria into supplier selection, inventory management, and the disposal of renewable energy components. It has been demonstrated that the implementation of GSCM is an indispensable condition for compliance with modern international standards, enhancing social trust, and attracting green financing. Prospects for further research have been identified in the area of digital integration of Ukrainian and European energy hubs, taking into account the social aspects of sustainable development.
The article explores one of the main trends in modern financial transformation, namely the impact of decentralized finance (DeFi) on the banking sector. The author goes beyond conventional discussions about banks’ responses to DeFi and proposes a different vision for their role and function in the digital economy and Web 3.0. The aim of the study is to identify and analyze changes brought about by the rise of DeFi, as well as to propose possible strategies for banks to adopt in light of technological advancements. Unlike traditional approaches that focus on the conflict between banks and DeFi platforms, this work emphasizes the analysis of future models of financial intermediation. Concepts such as «5.0 banks», «metabanks», and autonomous digital ecosystems are explored, where banking functions are implemented in a more programmable manner. The research methods include a comparative analysis of the structural and functional differences between the traditional banking system and decentralized finance (DeFi), an analytical review of recent scientific publications, and an assessment of potential future developments for banks in the face of decentralized technology. Based on this research, we found that banks remain an important part of the financial system, despite increasing pressure from decentralized finance. However, banks must adapt to technological change in order to maintain their relevance. We identified three possible paths for the future of banking: the integration of DeFi features into existing banking products, the creation of hybrid models that combine DeFi and traditional banking, and the transition to fully autonomous algorithmic systems powered by smart contracts and artificial intelligence. While all three scenarios are possible, we believe that the hybrid model that combines DeFi innovation with customer protection and regulation is the most likely to succeed in the long term. The novelty of this work lies in its conceptual approach to how banks can adapt to decentralized technologies and forecast their future evolution within the context of Web3. Its practical significance lies in the potential for using these findings to develop digital transformation strategies for banks.
Subject of the study. Decentralized data management models and their impact on the economic performance, business processes, and innovation capacity of enterprises. The aim of the study. Scientific substantiation of the mechanisms and methodological approaches for assessing the economic impact of decentralized data management on enterprise operations, resource allocation, and strategic decision-making. Research methods. The study is based on methods of systemic and comparative analysis, structural-logical modeling, synthesis of open-source financial and operational data, and the development of integrated analytical frameworks for measuring transaction efficiency, process performance, and value creation. Results of the work. The article examines decentralized data governance frameworks based on blockchain, distributed ledger technology (DLT), Web3 platforms, edge computing, and AI-driven smart contracts. It has been substantiated that these technologies form a transparent, secure, and resilient information environment, reducing transaction costs, accelerating business processes, and enabling algorithmic trust. The research demonstrates that decentralized models transform enterprise economic activity by optimizing operational expenditures, enhancing transparency, and creating new models of governance and financing. The study provides an integrated system of indicators for evaluating economic effects, including metrics for transaction cost reduction, process efficiency, digital asset capitalization, and the establishment of digital trust. The research also identifies critical challenges and risks associated with the implementation of decentralized models, including technological integration, regulatory compliance, data privacy, and organizational readiness, which must be addressed to maximize economic and operational benefits. Practical significance. The results provide a methodological and analytical foundation for enterprises seeking to implement decentralized data management solutions to enhance operational efficiency, strengthen innovation capacity, and achieve long-term competitiveness. The study offers guidance for policymakers, managers, and researchers in designing, implementing, and evaluating advanced decentralized governance systems.
Nurgul Bakytbekovna Aiupova, Md Tota Miah, Krisztina Taralik
ABSTRACT Blockchain technology has emerged as a potential disruptor in non‐financial reporting practices for firms to publicly report their social and environmental impact with its promise of immutability and decentralization. In this context, this study employs a bibliometric analysis to explore the scientific advancements of blockchain applications in CSR reporting from 2015 to 2025. VOSviewer and Biblioshiny in Rstudio applications were employed to perform the required analysis. Drawing data from Scopus and Web of Science (153 articles), the results reveal a significant shift in focus from traditional corporate social responsibility (CSR) reporting mechanisms toward technology‐enabled sustainability reporting. The thematic analysis presents five significant areas for further exploration, including corporate governance and sustainability strategy, technology‐driven sustainable finance, CSR reporting and credibility, ESG performance and digital innovation, and blockchain for accountability and responsibility. The proposed conceptual framework suggests integration of technology‐organization‐environment (TOE) elements when introducing new technology within the organization. Future researchers can empirically test the framework's antecedents to assess the socio‐economic context of different types of non‐financial reporting.
The paper investigates tax risks arising in the taxation of cryptocurrency transactions in Ukraine and in the broader international context. It substantiates that the absence of a unified legal qualification of cryptocurrencies significantly complicates the identification of the taxable object, the determination of the tax base, and the establishment of the moment at which tax liabilities arise. The paper highlights key challenges associated with the high volatility of digital assets, the insufficient transparency of transaction recording mechanisms, the complexity of verifying the origin of crypto assets, and the increased risks of tax evasion. Particular attention is devoted to the transnational nature of cryptocurrency circulation, which creates favorable conditions for tax arbitrage, regulatory fragmentation, and manipulation of tax residency. These phenomena weaken the effectiveness of national tax systems and generate additional threats to fiscal stability. It is argued that existing regulatory approaches in many jurisdictions remain fragmented and inadequately adapted to the specific features of decentralized digital technologies. The paper identifies priority directions for mitigating tax risks, including the harmonization of national legislation with international standards, the development of a coherent and unified model for the taxation of digital assets, the improvement of financial monitoring mechanisms, and the enhancement of transparency in cryptocurrency-related transactions. The paper concludes that only a systematic, balanced, and coordinated approach to the legal regulation of the cryptocurrency market is capable of ensuring tax certainty, strengthening compliance, and reducing risks both for the state and for market participants.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
Research background and purpose Digital technologies offer tangible economic benefits but are also exposed to the risk of misuse. Crowdfunding is a special support form for business, cultural or social enterprises. Due to anonymity, fragmentation of capital and wide coverage, crowdfunding transactions are particularly vulnerable to the risk of criminal activities related to the concealment of the source of income or illegal changes of the financing objective. This article addresses the risks of money laundering and terrorism financing, particularly on the specifics of crowdfunding. Research has proposed a synthetic risk indicator for AML/CFT, which may measure the level of risk and vulnerability of crowdfunding to money laundering and terrorism financing. Design/methodology/approach The discussion in the article is presented against the background of a comprehensive and integrated review of literature, covering national and foreign sources. The theoretical part of the article utilizes: method of analysis and criticism of literature, analysis and synthesis, and method of analysis and logical construction. In the empirical part, to assess the level of risk and vulnerability of crowdfunding to AML/CFT risk compared to other areas, a research procedure based on the TOPSIS linear ordering method was used. The analysis covers the years 2019 and 2023. Findings The results of the studies show that crowdfunding is one of the most vulnerable areas at risk of money laundering and terrorism financing. The high position in the ranking in 2019 and 2023 resulted mainly from the dynamic development of the crowdfunding market in Poland, its increasing availability, a high degree of decentralization, the occurrence of cross-border transactions and the increasing diversity of platforms in their business model. Maintaining the benefits of crowdfunding requires the simultaneous implementation of effective remedies, increased campaign transparency and close cooperation with supervisory authorities and institutions combating financial crime. Value added and limitations The study makes an important contribution to the literature on the subject, providing information on the criminality of crowdfunding. The results of the study can be used by supervisory and regulatory authorities as a tool for shaping security in innovative segments of the financial system. The main limitation was the relatively small number of variables selected for the synthetic measure.
The accelerating digitalization of the energy sector is redefining how electricity is generated, traded, and consumed. Among emerging innovations, smart contracts being self-executing programs embedded on blockchains have become pivotal to the development of decentralized energy markets. This article reviews the state of knowledge and practical progress in applying smart contracts to energy systems, with particular attention to their potential in Ukraine’s evolving energy and digital infrastructure. Through a systematic analysis of academic studies, pilot projects, and policy frameworks, the article identifies the main opportunities, challenges, and future trajectories of blockchain-based automation in energy markets. The starting sections introduce the conceptual foundations of smart contracts, highlighting their essential properties of transparency, immutability, and autonomy. These characteristics enable direct peer-to-peer transactions without intermediaries, potentially lowering transaction costs and improving market efficiency. The subsequent analysis focuses on how smart contracts can support decentralized energy trading, renewable integration, and dynamic pricing, using examples from Australia’s Power Ledger, Brooklyn Microgrid in the United States, and Europe’s Enerchain, WePower, and Sunchain initiatives. To complement international evidence, the article discusses Ukraine’s readiness for pilot adoption in microgrid environments, given its digital transformation agenda and renewable energy policies. The study further examines technological, regulatory, and security challenges hindering large- scale deployment. Issues such as interoperability, scalability of consensus algorithms, and the legal enforceability of smart contracts remain critical barriers. Nevertheless, emerging frameworks like regulatory sandboxes and advances in IoT and AI integration offer pathways to overcome them. MATLAB-based simulation examples illustrate the potential for dynamic pricing and automated market balancing. The article concludes with strategic recommendations for policymakers, engineers, and researchers by emphasizing the need for hybrid architectures combining blockchain, artificial intelligence, and energy optimization models. Overall, the article underscores that while smart contracts promise to democratize and decarbonize energy systems, their success ultimately depends on coordinated technical innovation and adaptive governance.
Світлана Володимирівна Ковальчук, Віталій Григорович Федоришен
The article explores the fundamental essence and strategic role of investment capital within the context of the dynamic development of the stock market amidst the global digitalization of the economy. The authors conduct a comprehensive analysis of the conceptual apparatus, focusing on refining the definition, classification, and multifaceted functions of investment capital as a core resource for ensuring the financial stability of enterprises and maintaining a high level of liquidity in the securities market. Particular attention is paid to the transformation of capital from traditional forms into digital assets, a process that is fundamentally reshaping the architecture of modern financial relationships and global capital flows. The study demonstrates that the synergy between investment capital and digital technologies critically enhances market transparency, minimizes transaction costs, and accelerates the execution of financial operations. The research details the impact of cutting-edge technologies, such as blockchain-based trading, artificial intelligence for predictive analytics, and decentralized finance (DeFi) protocols, on the efficiency of capital allocation. Based on an empirical analysis of statistical data for the period 2021–2025, the correlation between investment capital inflows and key market capitalization indicators is identified. The paper further examines the influence of digital platforms on asset structures, price dynamics, and the overall resilience of the stock market to extreme volatility and external economic shocks. The authors reveal that digitalization acts as a powerful catalyst for the redistribution of capital i favor of high-tech sectors of the economy, thereby altering traditional investment paradigms. Furthermore, the research substantiates practical recommendations for stimulating the effective use of capital through the development of robust fintech infrastructure, the adaptation of regulatory frameworks to the requirements of the digital era, and the implementation of comprehensive programs to enhance digital financial literacy among market participants. The findings of the study demonstrate that the active involvement of investment capital under the conditions of stock market digitalization enhances the international competitiveness of the national economy and contributes to the sustainable development of the financial system. This article will be of significant value to researchers, financial sector practitioners, and investors interested in modern approaches to capital management and the evolution of the stock market under the ongoing pressure of digital transformation and technological progress.
The digital transformation of the global economy necessitates fundamental changes in traditional mechanisms of scientific financing, particularly in grant funding systems. This study examines priority directions for improving grant financing in the context of accelerating digitalization processes and provides evidence-based recommendations for modernizing existing financial support mechanisms for scientific research and innovation projects. The research employs a comprehensive methodological approach combining systematic analysis, comparative examination of international best practices, and case study methodology. Special attention is devoted to analyzing the European Union’s “Digital Europe” Programme as an innovative model of digital financing, as well as Ukraine’s National Strategy for Digital Development of Innovation Activity for the period until 2030. The study identifies strategic directions for digital transformation of grant systems, including implementation of blockchain technologies for creating decentralized transaction registers, development of AI systems for decision-making support, creation of integrated project lifecycle management systems, and introduction of Industry 4.0 technologies for synergetic enhancement of research ecosystems. Analysis of the “Digital Europe” Programme demonstrates the EU’s strategic orientation toward building a comprehensive digital ecosystem through targeted grant financing. A comprehensive 12-point modernization programme for Ukraine’s grant financing system is proposed, encompassing the creation of a national digital platform integrating all grant programmes, the introduction of digital identification systems for researchers, the development of intelligent expert evaluation systems, the modernization of financial monitoring mechanisms, and integration with international grant platforms. The programme provides a clear roadmap for systematic digital transformation during 2025–2030. The research demonstrates that digitalization of grant financing represents a critical factor for modernizing scientific financing systems and ensuring compliance with post-industrial society requirements. Integration of Ukrainian grant systems with European digital initiatives creates strategic opportunities for accessing international resources, forming international scientific consortia, and strengthening the competitiveness of domestic institutions. The proposed conceptual model establishes methodological foundations for the phased implementation of technological innovations and sustainable development of research activities in conditions of global digitalization and post-war economic recovery.
This article examines the current state and evolution of electronic payment systems as a key factor in the structural modernization of the economy. It describes the institutional changes in the banking sector, as credit institutions transition from resource accumulation functions to the role of infrastructure operators of information and financial flows. It substantiates that the speed of settlements, the level of automation, and the technological connectivity of participants are becoming decisive factors in the competitiveness of the state's financial system. The article presents the impact of technological factors in the modernization of payment infrastructure on accelerating settlements, increasing the transparency of financial transactions, and strengthening the reliability of payment services. It illustrates how the implementation of intelligent data processing systems, distributed ledgers, and automated payment flow management algorithms creates the preconditions for increasing the efficiency of interbank settlements and expanding the availability of financial services. It is concluded that the effectiveness of the development of electronic payment systems is determined by the consistency of technological, institutional and managerial mechanisms that ensure the sustainable functioning of the financial system in the context of the digital transformation of the economy.
The article examines financial and investment mechanisms of ensuring sustainable development of enterprises in the context of decentralization reform and change management. It is substantiated that decentralization processes change the configuration of financial flows and powers, strengthen the role of territorial communities and form new conditions for making investment decisions, which requires adapting the financial policy of enterprises and revising investment priorities. It is shown that sustainable development in a decentralized economy acquires a multidimensional nature and requires the integration of economic, social, environmental and management goals into a single strategic model of enterprise development. The research determined that financial and investment mechanisms under decentralization conditions are transformed from instruments for providing resources to levers of strategic transformation aimed at increasing the sustainability, innovation and adaptability of enterprises. The focus is on the growing importance of combined financing models that combine resources from business, local budgets, institutional investors and international programs, as well as on the need to strengthen financial discipline, transparency and control over investment performance.It is proven that change management requires a financial and strategic approach that ensures the coordination of investment projects with organizational transformations and territorial development priorities. It is concluded that the effective combination of financial and investment mechanisms, change management and sustainable development principles creates the basis for the formation of adaptive and competitive enterprises that are able not only to respond to institutional transformations, but also to actively influence the socio-economic development of territorial communities in the long term
The article examines the role of blockchain and financial technologies in ensuring the transparency of operations with virtual assets in the context of the digital transformation of the financial system. It is substantiated that the development of financial technologies is one of the key drivers of the modernization of contemporary financial markets, shaped by global processes of digitalization, innovation, and changes in the economic behavior of market participants. It is determined that financial technologies form a new architecture of the financial system and contribute to increased efficiency, accessibility, and transparency of financial services.The study analyzes global and national factors influencing the development of financial technologies. Among them, particular emphasis is placed on the digitalization of the economy, the advancement of blockchain technologies and decentralized finance, changes in consumer expectations, the globalization of financial markets, as well as institutional, regulatory, and infrastructural challenges at the national level. It is demonstrated that the combination of these factors determines the pace and directions of the implementation of innovative financial solutions, particularly in the sphere of virtual asset circulation.The paper explores the economic essence of virtual assets as digital objects that possess value and operate within a digital environment based on distributed ledger technologies. The main types of virtual assets include cryptocurrencies, tokens, stablecoins, and non-fungible tokens (NFTs). Their economic functions, specific characteristics, and risks associated with high volatility and the cross-border nature of their circulation are systematized.Special attention is paid to the impact of financial technologies on the management of virtual assets. It is substantiated that the use of blockchain platforms, smart contracts, analytical and monitoring financial solutions, digital custodial services, and regulatory instruments contributes to enhancing transparency, accountability, and controllability of operations with virtual assets.The study systematizes practical solutions for ensuring the transparency of operations with virtual assets and identifies their impact on building trust, reducing operational risks, and improving the effectiveness of financial control.It is concluded that the transparency of operations with virtual assets is formed through the comprehensive integration of blockchain and financial technologies into a unified digital financial infrastructure, where the maximum effect is achieved through their combined application. Ensuring transparency in virtual asset operations is systemic in nature and requires the integration of technological, organizational, and regulatory instruments. In this context, blockchain and financial technologies act not only as technical tools for recording transactions but also as key drivers of trust, efficiency, and stability in digital financial markets.The necessity of combining technological, organizational, and regulatory instruments is emphasized, along with maintaining a balance between the transparency of financial operations and the protection of confidential data. Prospects for further research are identified, including the evaluation of the effectiveness of financial technology implementation across different segments of the financial market and the development of regulatory models for the circulation of virtual assets.
Дмитро Люшенко, Нодарі Горгіладзе, Олександр Туголуков, Михайло Шептун · 6 authors
Висока волатильність криптовалют та швидке поширення технологій штучного інтелекту (ШІ) у фінансовому секторі визначають необхідність точного прогнозування ризиків і поведінки інвесторів у процесі цифрової трансформації фінансових ринків. Метою дослідження є розробка системи економетричних моделей для оцінки прибутковості, волатильності, ліквідності та ризику падіння основних криптоактивів із використанням методів на основі ШІ. Методологічна структура включає моделі специфікацій ARDL-MIDAS, GARCH-MIDAS, PMG та logit, які поєднують високочастотні ринкові дані, макроекономічні індикатори, он-чейнгові метрики та індекси настроїв інвесторів. Вибірка охоплює вторинні дані за 2018-2025 роки для п'яти провідних активів — Bitcoin, Ethereum, BNB, XRP та Solana. Результати моделі ARDL-MIDAS показали, що збільшення обсягів торгівлі на 1% збільшує короткострокову прибутковість на 0,012 пункту, водночас зростання індексу VIX зменшує їх на 0,014 пункту. У моделі GARCH-MIDAS коефіцієнти α=0.085 та β=0.900 підтверджували високу інерцію волатильності біткоїна, а компонент MIDAS у VIX мав значний вплив 0.27. Модель панелі PMG виявила негативний довгостроковий вплив волатильності на ліквідність (−0,27) і позитивний ефект надпливу стейблкоїнів (−0,12), що вказує на функцію стабілізації. Логіт-модель довела, що збільшення на стандартне відхилення індексу VIX збільшує ризик краху на 52%. Отримані результати підтверджують ефективність поєднання економетричних методів і ШІ для аналізу цифрових фінансових ринків і технологій ШІ для аналізу цифрових фінансових ринків. Висновки підкреслюють можливість практичного застосування запропонованих моделей у фінансовому прогнозуванні, управлінні ризиками та політиці стабілізації цифрових активів у контексті розробки інтелектуальних фінансових систем на основі ШІ.
Introduction. In the process of decentralization of power in Ukraine, the role of local governments in the formation and implementation of information policy has significantly increased. This has opened up new opportunities for ensuring transparency, accountability and public involvement in governance processes. However, at the same time, full-scale war, information threats, uneven institutional development of communities and limited resources have created significant challenges. In modern conditions, effective and transparent information policy is critically important for preserving democratic values, mobilizing public support and ensuring the sustainability of local development. Problem Statement. Despite the formation of legal and strategic foundations of information policy, its implementation in decentralization remains fragmented. Communities have different levels of access to digital tools, human resources and financial resources. The lack of unified transparency standards and monitoring mechanisms leads to a decrease in the effectiveness of communications and an increase in distrust on the part of citizens. The purpose of the article is to identify the challenges and prospects of forming a transparent information policy at the level of territorial communities in Ukraine under decentralization, as well as to develop practical recommendations for improving institutional, legal and digital mechanisms for its implementation. Methods. The study applied methods of analyzing the regulatory framework, comparing information policy models at different levels of government, generalizing practical experience of communities, and predicting the consequences of introducing certain management decisions. Results. The article analyzed the main barriers to forming a transparent information policy under decentralization, including limited digital infrastructure, weak institutional capacity, uneven access to information, and a low level of trust in government bodies. The potential of decentralization for introducing flexible and adaptive information policy models is revealed, in particular through the development of open data, local e-government platforms, and involving the public in the information process. The need to create unified standards of openness, digitalization of information procedures and training of local officials is substantiated. Practical recommendations are proposed for the formation of effective information policy on the ground, based on the principles of transparency, participation and trust. Conclusions. Transparent information policy should become an integral part of the development strategies of territorial communities in the context of decentralization. Its effectiveness depends on an integrated approach that includes regulatory support, financing, digital transformation and human capital development. Public administration should ensure not only the creation of favorable conditions for the implementation of openness policy, but also constant monitoring, feedback from citizens and adaptation to new challenges, including threats to information security in war conditions.
This article develops a methodological approach to the digital transformation of public administration for sports infrastructure at the regional level under the systemic challenges of martial law. The relevance of this research is determined by the necessity to transition from universal digitalisation models to targeted technological solutions capable of addressing specific institutional dysfunctions within the management system. The aim of this article is to substantiate the methodology of targeted digitalisation as an alternative to comprehensive automation of management processes in the sphere of sports infrastructure. The research combines empirical analysis of management practices with theoretical modelling of digital transformation mechanisms, employing the concept of ‘digital levers’ for organisational change adapted from Westerman, Bonnet, and McAfee’s framework.The study identifies systemic dysfunctions in public administration, including fragmentation of the management hierarchy, deficiency of control mechanisms, limited regional absorptive capacity, and institutional barriers to innovation implementation. Through triangulation of budgetary reporting data, audit conclusions from the Accounting Chamber of Ukraine, and technical documentation from the DREAM digital platform, the research reveals a fundamental disconnect between technological capabilities and institutional readiness for transformation. The developed targeted digitalisation matrix establishes a methodological connection between the characteristics of management pathologies and the functional capabilities of digital technologies. This approach differentiates technological interventions according to three criteria: the nature of dysfunction (structural, procedural, behavioural), the level of digital maturity amongst management entities, and existing resource constraints.The principle of ‘problem-oriented digitalisation’ is substantiated, whereby technologies are selected not for their innovative qualities but for their capacity to influence the reproduction mechanisms of specific management dysfunctions. Each digital instrument is mapped to particular pathology reproduction mechanisms: automation reduces subjective factor influence, distributed ledger technology ensures data immutability, machine learning algorithms optimise resource allocation, and IoT networks provide objective infrastructure monitoring. The research demonstrates that whilst platform-based solutions like DREAM represent technological advancement, their effectiveness remains limited without addressing underlying institutional incentives that perpetuate dysfunctional practices.Prospects for implementing distributed ledger technologies are identified for ensuring transparency of financial flows and automating resource allocation through smart contracts. The study proposes a three-tier implementation architecture: cloud-based solutions for frontline territories lacking local infrastructure, hybrid platforms for regions with moderate capacity, and comprehensive smart ecosystems for developed urban centres. The conclusion is drawn that targeted digitalisation ensures systemic transformation of public administration through precise impact on the reproduction mechanisms of institutional pathologies, unlike universal solutions that merely digitise existing inefficient practices. This methodological approach offers particular value for post-conflict reconstruction contexts where resource constraints demand maximum efficiency in technological investments.
In modern conditions of functioning, healthcare institutions in Ukraine are undergoing a period of profound transformations, which are associated with the activation of the European vector of state development, military aggression from Russia, the challenges of the pandemic, migration mines and changes in state policy priorities. Based on this, it can be argued that the functioning of the healthcare sector takes place in a period of dynamic changes and variability of the external and internal environment. A feature of the organizational support of the functioning of healthcare institutions is the change in the management model - from centralized and inertial to autonomous, which is aimed at results. In accordance with the implemented medical reforms, some healthcare institutions have acquired the status of municipal non-profit enterprises, which has expanded the scope of independence in making management decisions in matters of organization and financing of institutions [1, 2]. However, the implementation of such changes requires time and appropriate organizational support, which in the conditions of the security and economic situation is a difficult task. From the point of view of financial support, the changes made according to the principle of "money follows the patient" should stimulate the competitiveness of healthcare institutions within the framework of cooperation with the National Health Service of Ukraine, but led to uneven conditions for the functioning of institutions in regional distribution, especially in rural areas. The reform of decentralization of power, which aimed to optimize the healthcare sector, which in practice was implemented in the reduction of healthcare institutions in rural areas and impaired the ability to receive medical services among the population of such territories, also made its corresponding adjustments. Therefore, the issue of organizational and economic support for the effective functioning of healthcare institutions in the context of transformational challenges is an urgent task for the authorities today. The greatest destruction and losses for the sphere of functioning of healthcare institutions were caused by the full-scale invasion, which led to significant destruction of facilities throughout the country, especially in border areas and zones of active hostilities. At the same time, part of the health facilities was destroyed by the war, part suffered significant damage and losses, which affected the ability of thousands of citizens to receive the necessary medical care. In addition to the physical losses of facilities, the challenge was the relocation of part of the health facilities from the territories of temporary occupation to safer regions, which affected the preservation of the material and technical base.
Topicality. The current stage of economic development is characterized by rapid changes occurring under the influence of digitalization. One of the most characteristic phenomena of the digital economy is the proliferation of cryptocurrencies. This trend opens up new opportunities for financial transactions, but at the same time creates significant challenges for legal regulation, accounting standards and tax policy. Aim and tasks. The purpose of this study is a comprehensive analysis of the theoretical foundations, the regulatory framework, and the existing practical approaches to accounting and taxation of cryptocurrency in conditions of legislative uncertainty in Ukraine. Materials and methods. The study is based on existing works by authors that cover the issues of accounting and taxation of cryptocurrency, which allows us to study the development of this problem in the economic sphere. The methods of the system approach, general scientific methods of analysis and synthesis, comparison, classification, induction and deduction were used. Research results. The theoretical and methodological foundations of accounting and taxation of cryptocurrency were studied, in particular, an analysis of approaches to defining the concept of «cryptocurrency» was conducted, global trends in the regulation of transactions with crypto assets were studied, and the views of domestic scientists on this issue were summarized. The application of international accounting standards is justified and relevant recommendations for accounting for cryptocurrency are developed, which depend on the purpose of its holding. Conclusion. The urgent need for a comprehensive modernization of the national regulatory framework is substantiated. This includes legislative regulation of the legal status of cryptocurrency, the introduction of relevant provisions on accounting for digital assets into the NAS (National Accounting Standards), the formation of a clear mechanism for taxation of transactions with virtual assets, and harmonization of national approaches to financial reporting with IFRS (International Financial Reporting Standards).
The paper investigates the institutional mechanisms of decentralization of economic power (DEP) and their financial implications within the context of ensuring defense-economic resilience and forming a global environmental security space. It is substantiated that DEP constitutes a strategic institutional approach aimed at enhancing the resilience of infrastructure and the capacity of territorial communities to independently address local issues, thereby serving as a prerequisite for unlocking long-term green finance and securing support from international partners (IMF EFF, EU Ukraine Facility). The purpose of the research is to define the priority institutions of decentralization of economic power and analyze their financial implications in the process of forming the global environmental security space, as well as to develop recommendations for activating institutional components to ensure the sustainability of future-oriented financial decentralization. Research methods. The study employs an institutional approach to define the role of formal and informal institutions in shaping the incentive system for economic agents and public authorities; systemic analysis to examine the new configuration of economic power and the correlation between macroeconomic reforms and micro-level investment instruments; and quantitative-comparative analysis to assess the financial capacity of territorial communities and benchmark national institutional solutions against international experience (NATO standards). The results. The study established that DEP in Ukraine operates under dual institutional transformation (war and Euro-integration). The formation of a new configuration of economic power, through the multiplicative effect of engaging public-private partnerships and modernizing corporate governance of state-owned companies, will promote the decentralization of investments into municipal ecological projects. The necessity of implementing highly binding mechanisms to counteract internal institutional risks is substantiated. Furthermore, financing environmental security through eco-modernization, EBRD GEFF instruments, and additional financial incentives will create a decentralized environmental effect.