Cryptocurrencies are rapidly developing into the financial systems all over the world and, therefore, can be regarded as alarming authorities and financial supervisory agencies. This paper focuses on the complex relationship between the increasing use of cryptocurrencies and the fluctuations of the world economy. It explores the industry's fundamentally low relative volatile nature that includes cryptocurrencies, risks of hacking attacks, frauds and money laundering that disrupt classical economical system frameworks. The emphasis is made on the regulatory activity in various areas, evaluating the efficiency of these measures in minimizing the identified risks. Thus, based on the analysis of the regulatory frameworks of the countries, which have different economic conditions and the level of using cryptocurrencies, those should be defined, which are successful and which difficulties may be encountered at the legislative level. Therefore, the results indicated that while some measures of regulations, which have been implemented in order to increase both market transparency and investors' protection, proved to be effective, others have been consistently failing to adapt to the fast-growing phenomenon of digital currencies. At the end of the paper, the author presents a set of proposals concerning a comprehensive international regulation that should take into account the peculiarities of the examined phenomenon while providing a proper balance between creation and constraint. This paper adds to literature on financial stability and presents findings regarding the strategies that need to be adopted to create sound policies to tackle the challenges of the cryptocurrency market.
Tahmid Noor Rahman, Muhammad Siddique Ahmed Khan, Labib Bin Shahed, Abdulla Hil Kafi
Blockchain technology, first developed for Bitcoin, offers transformative potential for project management. We present ChainManager, a conceptual blockchain-based project management platform developed with Flutter. Built on Ethereum, the blockchain network is deployed using OCI (Oracle Cloud Infrastructure), offering adaptability to varying project needs. This platform for managing projects makes use of smart contracts and immutable activity tracking in order to ensure the safety of activities such as monitoring work hours and controlling access. According to our findings, blockchain technology has the capability to solve long-standing problems, such as maintaining the integrity of data and gaining the trust of stakeholders. On the other hand, limitations such as scalability and high energy consumption continue to exist, which calls for additional study and innovation. Although there are obstacles to overcome, the purpose of this study is to investigate how blockchain technology can revolutionize project management by securing project data, automating processes, enhancing overall operational efficiency, and guaranteeing responsibility to stakeholders.
The article explores the tax aspects of investing in cryptocurrencies, specifically the legal approaches to taxing digital assets in Ukraine and globally. The rapid expansion of cryptocurrencies and the growing interest in them from investors pose new challenges for states in regulating this area, particularly regarding the taxation of income from such investments. The author analyzes the current Ukrainian legislation on cryptocurrencies and tax obligations, comparing it with regulatory approaches in developed countries such as the United States, Germany, and Switzerland, which have already developed detailed mechanisms for taxing cryptocurrency transactions. The primary focus is on defining the legal status of cryptocurrencies as assets, addressing their taxation as income from sales or exchanges, and examining the possibility of applying standard capital gains tax schemes. The article highlights the issues of legal uncertainty in national legislation, particularly the lack of clear classification of cryptocurrencies as taxable objects, and the risks this uncertainty poses for both investors and the state. Special attention is given to the significance of tax regulation as a tool for either stimulating or hindering the development of the cryptocurrency market. The article proposes potential ways to improve cryptocurrency tax regulation in Ukraine based on advanced international practices. Specifically, it emphasizes the need to harmonize national legislation with the tax norms of the EU and other countries that have already developed comprehensive models for taxing digital assets. The study is highly relevant in the context of the rapid development of the digital economy, global market integration, and the need to adapt the tax system to the realities of the digital asset market. The author stress the importance of establishing transparent and comprehensible tax norms that will encourage investment in the digital sector of the economy and ensure the financial stability of the state.
The article examines the problem of entrepreneurial risks in the conditions of institutional uncertainty and analyzes the possibilities of applying blockchain technologies and strategic management to minimize them. Institutional uncertainty, manifested in the instability of regulatory requirements, unpredictability of regulatory decisions and lack of transparency, creates significant obstacles to business development, and traditional risk management methods demonstrate limited effectiveness in such conditions and forms a certain management philosophy and culture. It is substantiated that blockchain technologies, thanks to decentralization, transparency and security, offer an alternative approach to ensuring trust and reducing risks. Practical examples of blockchain application in various industries are studied: from finance to logistics, healthcare, real estate and energy. Strategies for introducing blockchain into business are systematized, including the use of smart contracts, decentralization of operations, partnerships with blockchain startups , creation of consortia, and personnel training. At the same time, blockchain limitations are also noted : technical complexity, regulatory risks, high implementation costs, cyberthreats and scalability issues. The research results show that the combination of strategic management and blockchain technology forms an effective toolkit for minimizing business risks in an unstable institutional environment. Such an approach allows companies to create sustainable business models, reduce dependence on unreliable institutions and increase competitiveness, which is especially relevant for regions with insufficiently developed institutional infrastructure.
Financial support for local self-government is an integral part of sustainable development of territorial communities, which determines the effectiveness of resource management at the local level. In the face of dynamic changes, including war, decentralization is increasingly important, as it allows local authorities to increase their financial autonomy. However, this requires optimizing budget planning, attracting investments, and expanding the revenue base of communities. State transfers remain an important tool in this process, helping to balance the financial capacity of different regions, especially in times of crisis. The fiscal decentralization reform implemented before the war significantly strengthened the financial capacity of local budgets, but the war led to a temporary centralization of budget resources. In such circumstances, utilities play a critical role, facing financial difficulties due to outdated infrastructure and unregulated tariffs. To ensure the sustainability of these enterprises, budget funding is needed, as well as the effective use of grant resources and international technical assistance. The development of infrastructure and social initiatives requires the introduction of various financing mechanisms, such as local borrowing and investment. Restoration and improvement of decentralization in the post-war period should take into account new socio-economic challenges and meet European standards. The key task is to strengthen the financial self-sufficiency of territorial communities, which will help reduce their dependence on centralized transfers. Improving inter-budgetary relations and effective management of budgetary resources are important components of the country's economic recovery after the war.
The article reveals key aspects of the use of cryptocurrencies in the modern financial market, in particular in the context of the digital transformation of the economy and the development of innovative financial instruments. The author substantiates the relevance of the research topic in view of the exponential growth of the cryptocurrency market capitalization, its institutionalization, the introduction of blockchain technology into the financial sector and the strengthening of the integration of cryptocurrencies with traditional markets. It is established that in Ukraine cryptocurrencies are considered not only as an investment tool, but also as an alternative to traditional mechanisms for preserving value in conditions of macroeconomic instability. The dynamics of Ukraine's positions in the global crypto-asset adaptation rating are analyzed, and the main trends in the development of the cryptocurrency sector at the national level are identified. Particular attention is paid to the institutional environment and regulatory barriers, in particular the problems of legal uncertainty, tax regime, limited access to banking services and weak integration with the payment infrastructure. The need to complete the implementation of the Law of Ukraine «On Virtual Assets», create an effective regulatory system with a clear division of powers between the NBU and the NSSMC, as well as introduce effective mechanisms for financial monitoring of cryptocurrency transactions was emphasized. It was concluded that the development of the cryptocurrency market should be accompanied by increasing the level of financial literacy of the population, strengthening cybersecurity and stimulating energy-efficient technologies in the field of mining. The paper outlines strategic directions of state policy for harmonizing cryptocurrency regulation with international standards, which will ensure sustainable development of the national financial sector, promote financial inclusion and integrate the Ukrainian economy into global digital processes.
Дипломна робота присвячена комплексному аналізу міжнародного досвіду взаємодії та регуляції криптовалют на прикладах-кейсах різних країн світу. Розкритий потенціал та перспективи імплементації криптовалюти в українську економіку. Завдяки статистичним методам оцінений стан криптовалютного ринку, сучасні проблеми і можливі ризики, зазначена роль криптовалюти у перспективах розвитку економіки України. Окрему увагу приділено пропозиціям по регулюванню та оподаткуванню, які позитивно вплинуть на економічний та соціальний розвиток України. The thesis is dedicated to a comprehensive analysis of international experience in the interaction and regulation of cryptocurrencies, illustrated by case studies from various countries. The potential and prospects of implementing cryptocurrency into the Ukrainian economy are explored. Using statistical methods, the state of the cryptocurrency market for 2025 is assessed, along with current issues and possible risks, while the role of cryptocurrency in the future development of Ukraine’s economy is highlighted. Special attention is given to proposals on regulation and taxation, which will positively influence Ukraine's economic and social development.
The rapid development of FinTech is transforming the modern economic system. Today, there are many areas of FinTech, of which cryptocurrencies deserve special attention. They became part of payment systems in a fairly short period of time, gaining wide popularity around the world. Despite difficulties with the legislative sphere, cryptocurrency is gaining leading positions in the global financial market. But not all countries have recognized it factually and legally, there are many obstacles to the legalization of cryptocurrency. The use of cryptocurrencies for criminal purposes as barter or payment for a service is quite common. It should be noted that the use of cryptocurrencies in personal finance is accompanied by a decrease in financial and investment security and an increase not only in profitability, but also in the risks of using the owner's investment portfolio. Disadvantages of the use of cryptocurrency mostly include: prohibition of the use of cryptocurrency by state institutions; after losing the password from the electronic wallet, the cryptocurrency owner can lose all virtual savings; the more complex the cryptocurrency algorithm, the more difficult it is to mine it at home; insecurity from cyber attacks; cryptocurrencies are not backed by the Deposit Guarantee Fund. The use of cryptocurrencies at the legislative level is just being formed in Ukraine and has a number of contradictions. The article is devoted to the definition of the main trends in the world of crypto currencies. At today's stage, there are many types of cryptocurrencies. Among the largest cryptocurrencies by capitalization are: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Monero, Litecoin, NEM, Augur, MaidSafeCoin and others. Also, the types of cryptocurrencies depend on the features of their mining, there are Bitcoin, Altcoin (Litecoin (LTC); Ethereum (ETH); Ripple (XRP) and Tokens (Ethereum; Omni; NEO; TRON. Today, the legal framework is insufficiently developed in most foreign countries and in Ukraine in particular. Therefore, international practice shows the existence of various options for regulating cryptocurrencies in the world. And it depends on what the legislator of one or another state understands by cryptocurrency: commodity, intangible asset, money, property (property), equivalent of property value, object of money transfers, means of payment or financial instrument, method of payment or exchange. In this state of consideration of the problem, the process of legalization of activity using cryptocurrencies becomes somewhat more complicated, and as a result, controversial issues arise regarding the taxation of operations related to cryptocurrencies.
The article provides a comprehensive analysis of the development of Ukraine’s digital economy, emphasizing the critical role of the IT sector, innovative capitalization strategies, and the transformative impact of digital technologies on economic growth. The authors highlight the significant achievements of the Ukrainian IT sector. This growth is supported by a robust educational system producing skilled IT professionals and government initiatives such as the Ministry of Digital Transformation, the “Diia” project, which have revolutionized e-governance and digital public services. The article delves into innovative capitalization strategies, including the adoption of blockchain technologies, decentralized finance (DeFi), venture capital, and angel investments, which are reshaping investment landscapes and enabling rapid scaling of digital businesses. The authors also explore the role of international partnerships and foreign direct investments (FDI) in fostering Ukraine’s digital economy, particularly through collaborations with global tech giants and initiatives like the EU’s €50 billion Ukraine Facility program. Despite these advancements, the article identifies several challenges, including insufficient investment in digital infrastructure, brain drain, cybersecurity threats, and regulatory uncertainties. To address these issues, the authors propose a multifaceted approach, including enhancing digital literacy, modernizing educational institutions, and fostering a competitive innovation culture. The article concludes by emphasizing the importance of balancing innovation with risk mitigation to ensure sustainable growth in Ukraine’s digital economy. By leveraging its strengths in IT and digital services, Ukraine is well-positioned to become a leading digital hub in Eastern Europe, driving economic resilience and global competitiveness. Additionally, the article underscores the potential of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) to further accelerate digital transformation. The authors call for increased collaboration between the public and private sectors to create a supportive ecosystem for startups and scale-ups, ensuring that Ukraine remains at the forefront of the global digital economy.
The article explores current trends in the development and regulation of the cryptocurrency market in the global economy, considering the transformational processes of the financial system and digitalization. The authors examine the nature and classification of the main types of cryptocurrencies, including bitcoin, Ether, stablecoins, altcoins, and tokens, which serve as means of payment, investment instruments, and components of decentralized finance. The article analyzes the dynamics of the cryptocurrency market, its capitalization, and the number of cryptocurrency owners within the regional structure, using statistical data from leading international organizations and analytical agencies. Particular attention is paid to regulatory models in different regions of the world: the legislative practices of the European Union, approaches in the USA and Canada, the United Kingdom, Switzerland, as well as the experience of developing countries, where cryptocurrencies have become popular as a tool to protect against inflation, safeguard investors from fraud and manipulation, and to build trust, thereby promoting financial inclusion. The Ukrainian context has been analyzed, including the adoption of the Law «On Virtual Assets», as well as the role of cryptocurrencies in financing humanitarian and defense needs during periods of military challenges. Key issues have been identified, including the lack of globally unified rules, money laundering risks, cyber threats, and market volatility. The prospects for the development of the cryptocurrency market are substantiated in terms of combining innovation and security through the harmonization of regulatory standards, the development of international cooperation, and the integration of crypto instruments into the legal financial system. The obtained results contribute to a better understanding of the role of cryptocurrencies in the modern economy and provide a foundation for effective State policy in the field of financial innovations.
The article considers theoretical and applied aspects of digital audit of execution of state smart contracts concluded with private companies. The requirements for execution of financial documentation, including estimate documentation, in the context of integration of blockchain technologies and intelligent control algorithms are analyzed. The mechanism of adaptation of internal financial control of private counterparties to new formats of digital reporting, providing automated verification of completeness and target nature of spending of funds, is disclosed. A structured approach to conducting financial examination of estimates is proposed in order to increase the readiness of companies for digital audit, including within the framework of project and stage-by-stage execution of contracts. The role of digital platforms in providing predictive diagnostics of risks and monitoring of fulfillment of obligations in real time is substantiated.
The presented study provides a comprehensive analysis of the determinants and consequences of the transformation process of the global financial system, which was initiated by the spread of innovative forms of money and payment services. Based on a systematic approach and the analysis of empirical data, the authors explore the genesis and evolution of phenomena such as crypto-assets, stablecoins, central bank digital currencies (CBDCs), and decentralized finance platforms (DeFi). The study focuses on their disruptive impact on traditional financial institutions, monetary policies, and the architecture of payment systems. The paper identifies and classifies key advantages, such as increased financial inclusion and efficiency of settlements, as well as systemic risks associated with volatility, cybersecurity issues, and regulatory arbitrage problems. The final part of the article provides a predictive assessment of the development vectors of the financial sector in the context of the formation of a new digital ecosystem.
The aim of the article is to examine the role of municipal (communal) enterprises as key institutions for financing sustainable development in Ukrainian communities, analyze their functional capabilities, identify the main financial barriers, and propose approaches for assessing the investment attractiveness of communal enterprises in the context of implementing municipal sustainable development strategies. The focus is on the characteristics of communal enterprises as institutions capable not only of providing public services but also of serving as active executors of sustainable development strategies. It has been determined that communal enterprises possess the necessary legal, organizational, and technical prerequisites for implementing infrastructure initiatives in areas such as energy conservation, transportation, water supply, and waste disposal, which correspond to the Sustainable Development Goals (SDGs). The relevance of the research is determined by the increasing role of local self-government in the context of decentralization, the need to restore infrastructure due to military actions, the limitations of budget resources, and the growing interest in searching for innovative financing tools at the local level. At the same time, the results of the review of contemporary scientific literature indicate insufficient attention to communal enterprises as full-fledged participants in sustainable development processes – both in terms of attracting financial resources and in aspects of institutional capacity. The aim of the article is to substantiate the capability of communal enterprises to act as drivers of sustainable community development, to identify key barriers that limit their financial sustainability and investment attractiveness, and to formulate methodological approaches for a comprehensive assessment of the potential of communal enterprises in the context of attracting off-budget financing. In the process of the research, methods of content analysis of scientific publications, systematic-structural and comparative approaches to analyzing the financial-institutional role of communal enterprises (CE), as well as elements of ESG assessment were applied. Legislative, financial, and managerial factors that determine the operational efficiency of CEs were analyzed, as well as factors that reduce their investment attractiveness: unprofitable tariffs, low levels of transparency, lack of strategic financial planning, limited managerial capacity, weak tools for internal control and risk management. The outcome of the research was the formation of a conceptual approach to assessing the investment capacity of communal enterprises, which includes three main blocks: financial viability, operational efficiency, and compliance with environmental, social, and governance (ESG) criteria. The emphasis is placed on the need to implement transparent financial practices, improve tariff policy, create internal credit ratings for public utilities, and attract international technical assistance.
Nataliia Krykhivska, Олександра Ромашко, Надія Гребенюк, Mariia M. Markiv
The aim of the article is to study and analyze the current state of legislation regarding the regulation of cryptocurrency assets in Ukraine and, taking into account foreign experience, to identify recommendations for improving domestic legislative initiatives to ensure the transparency, security, and efficiency of the cryptocurrency market. To achieve this aim, comparative analysis, synthesis, and generalization of the obtained data were used. The main hypothesis is that efficient regulation of cryptocurrencies can improve the economic stability of the country. It is identified that cryptocurrencies require a comprehensive approach to regulation, considering global experience and the specifics of national legislation. The research methodology involved analyzing existing regulatory acts, studying cryptocurrency regulation practices in individual countries, and conducting a comparative analysis. The assessment of legal lacunae and the development of recommendations for improving Ukrainian legislation were the main objectives. An assessment of the current state of cryptocurrency regulation in Ukraine is carried out, a comparative analysis of international experience is presented, and proposals for improving legislation are formulated. Issues related to the taxation of cryptocurrencies are characterized, and major directions for the development of this sphere in Ukraine are allocated. The theoretical significance of this research lies in clarifying concepts and categories related to cryptocurrencies and their regulation, as well as in analyzing scientific approaches to solving legal problems. The practical significance is the development of recommendations for improving national legislation, which will contribute to the development of the cryptocurrency market. The originality of the research consists in comparing Ukrainian legislation with international standards and identifying new approaches to cryptocurrency regulation. The main conclusions concern the necessity of improving the legislative framework and developing specific legal mechanisms for effective control of this area.
The nexus of green finance and digital banking is transforming the world financial system on the twin pillars of environmental sustainability and technological innovation. Topic modeling is utilized in this study to examine nascent trends on the basis of a corpus of around 481 records of the Web of Science database. Six leading topics are: (1) Digital Financial Inclusion and Sustainable Development, (2) Green Finance and Digital Innovation, (3) Fintech and Sustainable Financial Services, (4) Climate and Environmental Sustainability Digital Banking, (5) Blockchain and Transparency in Sustainable Finance, and (6) AI and Big Data in Sustainable Financial DecisionMaking. Digital banking is enabling financial inclusion, especially in rural villages, and supporting the United National Sustainable Development Goals (SDGs). Fintech technologies such as mobile banking, blockchain, and AI are propelling access to green financial products, transparency, and climate risk analysis. Blockchain is providing traceability of green bond issuance, while AI-based tools are offering real-time analysis of sustainability risk. Fintech innovation such as ESG-driven robo-advisors are giving access to sustainable financial services to everyone and facilitating decentralized investment in clean energy projects. Yet, issues like digital literacy deficits, cyber-attacks, and the environmental cost of blockchain mining persist. Regulatory schemes must continue to change and meet these to facilitate the promotion of inclusive access to sustainable financial services. This essay points out the necessity of harmonized ESG reporting mechanisms, AI transparency in governance, and inclusive regulation for facilitating the incorporation of sustainability in electronic banking. The findings point out the transformative potential of digital technologies in remoulding sustainable finance with significant implications for financial institutions, regulators, and academics. Subsequent work must take note of developing technology like quantum computing and decentralized finance (DeFi) to continue advancing sustainable financial innovation.
Nataliia Levchenko, Serhii Levchenko, State Tax Service
The article presents a comprehensive analysis of the efficiency of the mechanism for tokenizing Guarantees of Origin (GoO) of electricity and its impact on the development of the «green» transformation of energy sector enterprises. The conceptual and technological aspects of tokenization have been examined, including the application of blockchain technologies, smart contracts, and digital assets in the form of non-fungible tokens (NFTs). Particular attention has been paid to identifying the key attributes of tokens that ensure their transparency, security, and uniqueness, as well as to the integration of the tokenization mechanism into the financial, economic, and regulatory infrastructure of the energy market. The main factors shaping the demand for GoO tokens have been analyzed, among which the most significant are political regulations and state incentives, including the establishment of mandatory quotas for the use of «green» energy, the provision of tax benefits for enterprises compensating their emissions, and the imposition of penalties for exceeding environmental standards. An assessment of the economic feasibility of tokenization, potential risks, and possible benefits for producers of «green» electricity, consumers, and investors has been carried out. It has been determined that the economic activity of polluting enterprises directly affects their willingness to invest in tokens, since during periods of increased production and profitability, enterprises have more resources to participate in emission compensation mechanisms, whereas in crisis periods their financial capacities are limited. The development of a secondary market for digital assets contributes to token liquidity, the formation of market prices, and the creation of conditions for the effective functioning of a financial-ecological ecosystem, thereby promoting the further development of low-carbon electricity generation. Based on the results of the study, conclusions have been drawn regarding the role of tokenization as a tool for stimulating decarbonization, enhancing the liquidity of «green» assets, and creating a transparent financial-ecological ecosystem. Recommendations have been formulated for optimizing the GoO tokenization mechanism, improving its efficiency, and promoting the development of the low-carbon energy sector, ensuring a balance between environmental objectives, economic feasibility, and the interests of market participants.
The Great Recession of 2007-2009 was preceded by decades of deregulation, reduced supervision, and growing belief in self-regulation. Today, the cryptocurrency markets operate in a similar fragmented and unregulated environment. An unbacked cryptocurrency market with 6.8% global ownership carried a familiar, dangerous optimism for financial stability. Therefore, this study through a qualitative approach explores the regulation of cryptocurrency and its implications for financial stability. The study proved that there are several weaknesses in the current regulatory framework for the cryptocurrency ecosystem, namely, (1) Regulatory fragmentation, (2) Absence of the integration of security and consumer protection issues, (3) Used of existing traditional financial institutions' regulations to regulate the cryptocurrency market; (4) Flaws in the European Union Market in Crypto-Asset (MICA) regulations (5) Lack of a comprehensive uniform global regulatory and supervisory framework for cryptocurrency. Hence, the study findings further shows that the identified weaknesses in current regulatory framework for the cryptocurrency market could amplify financial vulnerabilities in the cryptocurrency ecosystem that could hamper the resilience of the global financial system to cryptocurrency market-based shocks through an increased contagion risk that has significant implication for financial stability. The paper concluded that while a fragmented and unregulated global cryptocurrency market may not currently pose a risk to financial stability in the global economy, an extensive adoption of cryptocurrency without a comprehensive uniform global, regional and national regulatory framework will amplify their vulnerabilities, exacerbate contagion, and generate systematic risk, which will have significant implication for financial stability- Minsky moment. The research recommends that national, regional, and international regulators, and policymakers, must engage in constructive dialogue to develop a risk-based global regulatory and supervisory framework for the cryptocurrency ecosystem, with greater requirements on cryptocurrency issuers, cryptocurrency backed stablecoins, DeFi smart contract, non-fungible tokens (NTF), cryptocurrency exchanges, holding reserves and blockchains operation that generate significant risk for financial stability.
The object of this paper is blockchain technology in the tracking system of grain supply chains. The current study considers the task of determining the impact of blockchain technology introduction on the tracking system of grain supply chains. The key problems in the system of grain supply chains have been identified and the tasks to solve them have been proposed. The characteristics of key technologies in the implementation of blockchain in the system of grain supply chains have been defined, such as smart contracts, the Internet of Things (IoT), interplanetary file system (IPFS), contactless tags (RFID), Ethereum platform (identified as the best for supply chain tracking). The influence of factors on the introduction of blockchain technologies into the grain supply chain tracking system was determined using a SWOT analysis. Strengths include transparency, increased trust, automation of processes and protection against falsification. Weaknesses include high implementation costs, difficulty scaling, and the need for staff training. Opportunities that open up through the use of blockchain include attracting new partners, increasing competitiveness, and developing new markets. Threats include legal difficulties, technical failures, high energy costs, and resistance from market participants. An assessment of the investment attractiveness of introducing blockchain technology into the grain supply chain tracking system was carried out by calculating such indicators as economic effect; net present value (NPV) of implementing blockchain technologies; payback period of investments. According to the results of analysis, the following data were obtained: NPV (150439 a.u.)>0, the payback period of investments is 2.8 years, which is acceptable for large agricultural holdings. Prospects for development have been determined, in particular, the unification of agricultural holdings for the joint implementation of blockchain technologies in the tracking system of grain supply chains, which would be a strategically beneficial solution for all participants in the supply chain
Purpose. The aim of the article is to explore modern trends in the development of the fintech industry in the context of the transformation of the global business landscape and to identify key challenges and opportunities for the further advancement of financial technologies. Methodology of research. General scientific and specialized methods were used in the process of the study, namely: a systematic approach to analyse the interconnections between financial technologies and the transformation of the global business landscape; comparative analysis methods to assess fintech development trends in different countries; economic and statistical methods to study the dynamics of the financial technology market; and forecasting methods to determine the prospects for the development of the financial sector in the era of digitalization and globalization. Findings. Theoretical foundations have been examined, and key trends in the development of financial technologies in the context of the transformation of the global business landscape have been systematized. The impact of central bank digital currencies (CBDC), decentralized finance (DeFi), SuperApps, and the "Buy Now, Pay Later" (BNPL) model on the structure of the financial market has been analysed. The main regulatory challenges, cybersecurity threats and the specifics of adapting financial institutions' business models to rapid technological changes have been identified. Originality. The substantiation of the interrelationship between globalization, the digitalization of the financial sector, and the evolution of financial technologies has been further developed, taking into account the challenges of cybersecurity, regulatory compliance, and business model adaptation. Particular attention has been paid to the integration of fintech solutions into the international economic system and their potential impact on traditional banking institutions. Practical value. The conclusions and recommendations derived from the study can be used by financial institutions, fintech companies, and regulatory bodies to develop strategies for adapting to emerging technological changes, improving regulatory policies, and enhancing the resilience of the financial system in the context of global digital transformation. Key words: financial technologies, fintech industry, global business landscape, global development trends, FinTech, CBDC, DeFi, BNPL, SuperApps, globalization, digitalization of the financial sector, regulatory challenges, cybersecurity.
Purpose This paper aims to investigate the impact of the COVID-19 pandemic and the Russian−Ukrainian war on the volatility of several cryptocurrencies. Design/methodology/approach To do this, the study uses the GJR-GARCH and dynamic conditional correlation (DCC)-GJR-GARCH models, which allow the author to estimate the conditional variance of the cryptocurrencies’ returns and assess their dependence structure over time. Findings The results show that the health crisis had a negative impact on all cryptocurrencies studied, except for Bitcoin, which experienced a positive impact. Additionally, the study finds that the Russian-Ukrainian war had a mixed impact on the cryptocurrencies studied, with some experiencing positive impacts (BNB, Dogecoin, Ethereum and Tether) and others experiencing negative impacts (Bitcoin, BUSD, Coin and XRP). Moreover, the author analyzes the spillover effects among the cryptocurrencies and observe significant interdependence during the periods under study. Originality/value Finally, the study discusses the implications of the findings for investors, policymakers and regulators, highlighting the importance of considering external factors when making investment decisions or designing regulatory frameworks for the cryptocurrency market.