Iryna Dashko, Олександр Череп, Liubomyr Mykhailichenko
The definition of the concept of cryptocurrency (bitcoin) is revealed, which is based on cryptographic methods, and as a rule, its accounting is decentralized. The general state of the crypto market in modern conditions is investigated. The price determinants are substantiated and grouped, in particular: market forces, i.e., supply and demand factors; macro-financial factors; public and investor interest; and news coverage (popularization). The author analyzes the main factors that directly affect the price of cryptocurrencies are attractive to investors and determine public interest in the media. The dynamics of prices for the three most popular cryptocurrencies over the past few years are analyzed. It proves that the price of bitcoin can be influenced by the macroeconomic index and the asset price index. The main reasons for the fall of cryptocurrencies in early 2022 are identified. The market capitalization for 2019–2022 is analyzed. Based on a study of the general situation in the cryptocurrency market, the author reveals significant price volatility due to the general global situation and crisis phenomena that have a negative impact on this market. It is noted that today the legalization of cryptocurrency is one of the most important breakthroughs not only in the global economy but also in Ukraine. A comparative analysis of the capitalization of cryptocurrencies and cryptocurrencies of 2019–2022 is made. The regulation of the cryptocurrency market in the example of the EU is analyzed. The author analyzes the «big breakthrough» in the field of digital governance – the draft law «On Electronic Assets»and defines its purpose. It is substantiated that the draft Regulation is the result of the active spread of cryptocurrencies, which began in 2017 and caused a surge in public and political interest and additional investment in cryptocurrencies. The purpose and main significance of the draft EU Regulation are determined. The categories of crypto assets are defined. It is substantiated that, according to the researchers, the draft EU Regulation is aimed «at ensuring certainty in terms of legal regulation of cryptoassets which are not covered by current EU financial services legislation and at establishing common rules for service providers and issuers at the EU level». It is noted that the draft EU Regulation is intended to address the issues of legal regulation in the field of stablecoin circulation, as well as the activities of Crypto Asset Services Providers (CASPs). The main objectives of the EU Regulation in the field of cryptocurrency regulation are revealed. The author identifies three categories of crypto assets based on the draft Regulation, in particular: asset-related tokens; electronic money tokens; other crypto assets. Conclusions on the peculiarities of cryptocurrency regulation in the EU are provided.
The main mechanisms for regulating decentralization processes in Ukraine are studied, including: e-government and digitalization, grant financing and project management, intermunicipal cooperation and cluster development, development of civil society institutions, training and advanced training of business entities, including in the skills of implementing digital technologies in business practice, monitoring and assessing the effectiveness of decentralization through the use of digital marketing tools. It is emphasized that decentralization processes have significant potential for ensuring the effectiveness of regulating the innovative development of the agrarian sector of the economy of Ukraine. However, to achieve success, it is necessary to ensure effective local governance, active community participation and favorable conditions for the development of agricultural business.
This paper discusses in depth the regulatory environment of cryptocurrencies, with a special focus on the uncertain equilibrium between stability of market, investor protection, & innovation.The research thoroughly examines existing literature and regulatory frameworks and investigates the opportunities and challenges that are inevitable and inherent in crypto regulation which is a rapidly evolving sector of the financial industry.Key themes that have been discussed are the impact of regulatory policies on investor behaviour, market dynamics, and technological innovation.This paper provides meaningful insights to policymakers, relevant financial services firms, market participants, and other stakeholders that wish to gain a better view and respond to the issues shaping the cryptocurrency industry by integrating assessment material from multiple sources.The key finding is that the most optimal regulatory framework is that which is adaptable and forward-leaning because it favors the efficacy, openness, and resilience of the cryptocurrency marketplace and the need for accelerated innovation and entrepreneurship.This study expands our understanding of the regulatory circumstances surrounding the cryptocurrency industry and it can better direct future policymaking and regulatory behavior surrounding the cryptocurrency implementation in this rapidly evolving and vibrant social science discipline.This study uses a systematic review methodology based on the literature review of data collection.
Natalya V. Falina, Elizaveta V. Zolotonog, Sofia S. Sadakova
This article examines the importance of using cryptocurrency and its assets in the global financial system. Cryptocurrency is a financial asset that was created in an online format, which means that this asset can only be used when transferring funds through digital platforms. The disadvantage of such assets is that the cryptocurrency market is at a development stage, which contributes to its insignificant use due to distrust in online currency and increased risk when investing cryptocurrency in business or other transactions, since it is impossible to track the transaction and return the spent assets. The influence of cryptocurrency in the global system is positive in cases where it is necessary to make payment transactions to another country, because it reduces payment time, eliminates the need to convert currency, reduces costs and commission payments. In addition, cryptocurrency can be used not only as payment for contracts and payments, but also as a means of investing in charity.
The system of social protection of the population serves as an indicator of the stable development of society. Therefore, in the context of decentralization reform, local authorities have acquired powers to provide social protection and have become direct providers of social services to ensure that citizens (community residents) have an adequate level of social protection in accordance with established norms and standards. The scientific publication provides a general theoretical analysis of the concept of "decentralization" and its characteristic features. It is emphasized that ensuring an adequate level of social protection for the population remains a priority for Ukraine, especially as the number of people in need of such protection is only increasing due to the ongoing war. It is noted that the centralized model of social protection involves the provision of social services through intermediary structures, while the decentralized model involves direct financing of social services, where, in the process of decentralization of budgetary powers, part of the state's functions for providing social protection is transferred to territorial communities. The conclusion is made that the Law of Ukraine "On Social Services" is a reformist law aimed at improving the system of providing social services, taking into account the real needs of community residents. Some aspects of the organization and provision of activities of the territorial community in the areas of social protection of the population and child protection are highlighted.
Every year, cryptocurrency is slowly but surely conquering the whole world. Thanks to this trend, its acceptance is increasing, and more and more options for its application are appearing. Large global companies are showing interest in blockchain and cryptocurrency, investing in them. It is quite obvious that these events will contribute to the rapid expansion of the market. Crypto assets continue to gain popularity and their adoption has become something more important and real. The number of stores accepting cryptocurrency as a payment method is increasing, crypto assets are being used as a form of fundraising, and you can even travel the world with cryptocurrency. In addition, the expansion of the use of cryptocurrency in world markets is explained by the rapidly growing interest in it on the part of the population of various countries of the world in the desire to earn or at least protect their income from the devaluation of national currencies. A direct analysis of the current rules of cryptocurrency taxation in foreign countries showed the existence of a number of differences in the implementation of tax regulation of transactions with cryptocurrency, because different approaches to the definition of cryptocurrency in foreign countries cause different methods of its taxation. That is, the fiscal policy regarding taxes on cryptocurrency in the countries of the world depends on how their legislation interprets the concept of virtual money: in the USA it is property, in Britain it is a capital asset, Italy considers it as a foreign currency. In Malta, El Salvador, Malaysia and Singapore, cryptocurrency taxation is absent or can be avoided if certain conditions are met. The global cryptocurrency market is at the stage of formation, therefore the regulatory and legal framework in various countries of the world is actively developing, adapting to the rapidly changing reality. Gradually, the cryptocurrency receives a final determination of its status with the further development of effective mechanisms of tax administration to ensure transparency and fairness of taxation, that is, the creation of tax legislation in this area.
The presented research is devoted to the history of the emergence of cryptocurrencies as a decentralized digital currency, their development and evolution. During its course, the peculiarities of the functioning of the financial system were revealed, which periodically caused financial crises and, as a result, marked the beginning of the creation of cryptocurrencies. The possibilities of making the cryptocurrency market stable using new tools have been explored. An analysis of changes in the financial system and the reasons for the emergence of cryptocurrencies allowed us to say that they were created in order to abolish the state's monopoly on money, as well as to form a system of currency competition, which is likely to lead to a new competitive and market-oriented monetary system. The conducted research showed the most important directions for the development of the cryptocurrency market, taking into account the ideas for creating decentralized funds that would form the basis of a new monetary system oriented towards the consumer and his preferences, and also allowed us to identify one of the most important subclasses of cryptocurrencies – stablecoins, which provide stability and security to their users, which makes their use more extensive.
In this study, we analyse if changes in the US dollar index (USDX) have a volatility and asymmetric effect on stock and cryptocurrency market returns in light of the Russia-Ukraine war. We estimate an asymmetric dynamic conditional correlation model (ADCC) that shows the short-term and long-term volatility persistence and asymmetric effect for ten leading cryptocurrencies and stock markets. Except for XRP, ADA, USA and Japan, all other cryptocurrencies and stock markets exhibit significantly higher volatility spillover from USDX. The result also indicates instability in USDX has a significant asymmetric effect in seven cryptocurrencies and four stock markets. A salient contribution concerns the suggestions for policymakers to monitor the cross-market shock, volatility spillover and asymmetric effect, which will assist them in making the cryptocurrencies and stocks more immune to the shock from USDX in times of turmoil.
The purpose of the article is to clarify the content of the transformation of the administrative and legal status of the Regional Service Centers of the Ministry of Internal Affairs under the conditions of structural centralization in 2024-2025, to identify the legal risks of reorganization, and to formulate proposals for improving the regulatory framework governing the status of Territorial Service Centers.Results.The article examines the transformation of the administrative and legal status of the Regional Service Centers of the Ministry of Internal Affairs of Ukraine within the framework of the structural reform of 2024-2025.It analyzes the transition of the Regional Service Centers from the model of independent territorial bodies to the model of separate structural subdivisions (branches) of the Main Service Center of the Ministry of Internal Affairs, as established by the new version of the Regulation on the Main Service Center of the Ministry of Internal Affairs approved by Order of the Ministry of Internal Affairs of Ukraine No. 786 of 12 November 2025.It is emphasized that the central issue for administrative and legal analysis concerns the impact of the reorganization on the scope of the legal personality of the Regional Service Centers.The administrative legal personality of a public administration body is traditionally examined in two dimensions: the internal organizational dimension (economic autonomy, legal entity status, and the right to manage property and financial resources) and the functional dimension (the scope of public-authority and public-service powers exercised in relation to private individuals).A comparative legal analysis of centralized and decentralized models of transport service administration is conducted using the examples of Ukraine, Georgia, Poland, and Lithuania.The study identifies legal risks associated with reorganization, including issues of legal succession, continuity of service provision, and certainty regarding the proper respondent in appeals against administrative acts.Proposals are formulated to improve the regulatory consolidation of the status of Territorial Service Centers as separate subdivisions.Conclusions.It is concluded that the transition of the Regional Service Centers from the model of autonomous territorial bodies to the model of separate structural subdivisions (branches) of a single legal entity is asymmetrical in nature.While it narrows the internal organizational (economic) legal personality of the Regional Service Centers, it preserves their functional competence in the provision of public services.For private individuals, the range of available services remains unchanged; however, the proper subject of the corresponding legal relations changes.
The study conducted in this article is devoted to the consideration of topical issues of Ukraine’s achievement of energy decentralization in order to protect the national energy system from crisis processes in wartime, to increase its resilience by developing distributed generation at the local level. The analysis was carried out by comparing with similar local entities in Poland (gmina and poviat) based on the assessment of existing and potential energy sources, as well as the calculation of the energy balance of the territory. The implementation of an effective energy transition project in the city of Ostrów Wielkopolski (operation of low-emission public transport running on local energy obtained through local energy cogeneration) was considered. Based on the results obtained, recommendations are made to similar local communities in Ukraine on the organization of project management, attraction of financial instruments for such a transition, taking into account organizational and regulatory risks. As a practical tool, proposals are made for the organization and creation of a revolving fund as a financial instrument that can partially cover local needs for financing projects aimed at reducing energy poverty in communities, as well as a model for organizing an energy production cooperative for generating electricity using a solar power plant, and an algorithm for project work in communities for the development and implementation of energy decentralization projects.
The aim of the article is to assess the current state and determine the prospects for financial provision for sustainable development of territorial communities of Ukraine in the context of decentralization for the medium-term period of post-war recovery. The article generalizes the legislative grounds for Ukraine’s provision of the Sustainable Development Goals and the need to take them into account in the development of forecast documents; an analysis of the composition and structure of local budget revenues, their share in consolidated budget revenues and GDP for 2019–2023 is carried out; on the basis of expert assessments, the influence of formal rules on the formation of revenues of local budgets, in particular tax ones, is determined; tendencies and prospects of financial provision of sustainable development of territorial communities of Ukraine for the medium term are substantiated. Based on the analysis of the composition and structure of local budget revenues, a reduction in the share of local budget revenues in consolidated budget revenues (excluding transfers) and in GDP has been identified. This trend reached its maximum value in 2023 and is primarily due to a reduction in the volume of interbudgetary transfers. Taking into account the significant burden on the State budget regarding the financing of the defense function of the State and servicing the public debt, the assumption that the trend towards reducing the volume of interbudgetary transfers for the next 3–5 years remains is substantiated. It is proved that the main budget-forming taxes for the formation of own revenues of local budgets are the personal income tax and the single tax. It is noted that the innovations proposed by the government regarding the administration of these taxes may lead to a reduction in revenues to local budgets in the medium term. Scenarios of tax revenues to local budgets are modeled according to various options for changing the base and rates of budget-forming taxes, and the importance of empowering local self-government bodies to influence the process of their administration, as proposed in the National Revenue Strategy 2030, is emphasized. Proposals on the expediency of using local borrowings and local guarantees as sources of additional revenues of local budgets have been substantiated, having previously assessed potential risks regarding the possibility of effective management of local borrowings and taking them into account in the development of long-term budget forecasts. Prospect for further research in this direction is the restoration of medium-term planning of local budget revenues and, in the future, the transition to a long-term time horizon that will correspond to the process of implementing the requirements of the related EU directives.
Currently, the benefits of decentralization through blockchain technology in the financial sector are actively discussed, but rarely quantified. This article attempts to examine the potential benefits and limitations of blockchain technology in improving governance and performance in digital financial ecosystems. The possibilities of using blockchain technology from traditional financial structures to the creation of new business models operating on blockchain networks and using smart contracts are shown. The impact of decentralization in the management of decentralized autonomous organizations (DAOs) on the financial performance of companies in the field of decentralized finance (DeFi) was assessed. In the process of research, we use the Gini coefficient as an indicator of inequality among token holders. This metric is analyzed in the context of return on investment (ROI) for DeFi companies. The method of linear regression analysis and the rule of interpretation of natural logarithms in regression were used for calculations. This analysis revealed a significant relationship and positive impact of decentralization on the functioning and profitability of organizations in the DeFi field. The resulting relationship indicates that with increasing decentralization in management, the return on invested capital increases. To improve investment attractiveness and long-term stability, DeFi companies should consider fairer ways to allocate tokens so that decentralized governance models based on blockchain and DAO become more profitable. The results and conclusions obtained from the study are based on academic research articles, open data, industry reports and company reports in the DeFi industry.
Introduction. The expansion of the boundaries of cryptocurrencies in the context of economic uncertainty arising from the impact of conventional military and political conflicts and the significant replacement of fiat currencies and monetary money with cryptocurrency coins in the context of instability caused by war and sanctions in many countries and sectors of the economy due to the short historical period of cryptocurrency coins as a new type of electronic money have not been sufficiently studied. Methods. The methodological basis of the scientific research was formed by general and special research methods. The following research methods were used during the writing of the article: direct observation was carried out - the collection of information on the total market capitalization of crypto currencies and the amount of gross GDP of the People's Republic of China and the United States of America during 2013-2022, the number of owners of crypto currencies in some countries and their place in the Global Index adoption of crypto currencies in 2022; information processing methods are applied to confirm hypotheses; methods of analysis and synthesis; grouping and comparison; data visualization method. Results. The article considers global economic and military-political crises, which often lead to an increase in interest in cryptocurrencies as a «safe haven» for capital in the context of instability of national currencies and financial systems. The attractiveness of cryptocurrencies as an alternative investment instrument is established. Significant fluctuations in the prices of cryptocurrencies during economic crises are identified, which highlights the risks of using them as a means of preserving capital. The relationship between global economic and military-political crises and the dynamics of the cryptocurrency market is analysed, with an emphasis on the latest trends. The article examines how changes in regulatory policy in response to military and political crises affect cryptocurrency markets, offering a new perspective on the interaction between state regulation and decentralised financial systems. Discussion. The results of the study help investors and traders better understand the risks and opportunities associated with investing in crypto currencies in the context of global economic and military-political crises. The use of the developed forecasting methodology can contribute to more effective portfolio management, allowing to minimize risks and optimize the yield potential. Analyzing the interaction between the crypto currency market and global crises can be useful for regulators seeking to understand potential risks to financial stability and develop appropriate regulatory and policy solutions to manage these risks. Identifying specific patterns of market and investor behavior during crises provides valuable information for developing new products or improving existing ones in order to increase their attractiveness and security for users. The study offers new insights into the impact of macroeconomic and geopolitical factors on emerging financial assets, enriching the theoretical framework in the field of crisis economics and digital finance. Keywords: crypto currencies, global crises, economic instability, military-political conflicts, market volatility, investor behavior, geopolitical influence, regulatory policy, risk management
В статті представлений алгоритм та реалізацію моніторингової системи, що дозволяє повідомляти користувача про підозрілу активність зі смарт контрактом проєкту, в який користувач інвестує децентралізовані активи. Користувачі зможуть формувати запити на моніторинг транзакцій з конкретних гаманців та на конкретні протоколи, при цьому застосовуючи фільтри на параметри виклику методів смарт контракту. За рахунок точного алгоритму моніторингу та якісного блокчейн провайдера між проміжок часу між виявленням підозрілої транзакції та сповіщенням є мінімальним та не має затримок. Під час розробки наукової статті було проаналізовано існуючі безпекові рішення та підходи для збереження користувацьких активів залучених до блокчейн протоколів. Окрім існуючих рішень було досліджено статистику та конкретні підходи зламів протоколів, а також шахрайські проєкти, які були помічені на викраданні проінвестованих користувацьких активів. Проаналізовано конкретні кейси шахрайства включаючи конкретні типи транзакцій, а саме транзакції на вивід ліквідності з децентралізованих бірж, а також маніпуляції з передачі права власності на протокол на інший аккаунт чи зупинка протоколу. Розроблена система може бути застосована на всіх блокчейнах, що побудовані на основі EVM – Ethereum Virtual Machine, а саме Ethereum, Binance Smart Chain, Polygon тощо, що дозволить підвищити загальний рівень безпеки користувацьких активів, а також проінформувати користувачів про можливі загрози при взаємодії з новими невідомими протоколами. Важливим моментом є оновлення та додавання нових типів шкідливих транзакцій до системи моніторингу для забезпечення запобігання більшій кількості випадків шахрайства. На основі спроектованої системи можуть бути розроблені автоматизовані системи, що автоматично відправляють користувацьку транзакцію на протидію виявленій підозрілій транзакції.
Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
Purpose.To determine the role of digital infrastructure in the context of the digital transformation of Ukraine and to analyze the possibilities of applying blockchain technologies. Methodology. To achieve the set goal, various research methods, including analysis and synthesis for illuminating the economic essence of digital infrastructure, were employed as well as statistical methods for analyzing global trends in information and communication technology development. Inductive, deductive, and abstract-logical methods were used to support the conclusions. Findings. The research results encompass several significant findings. Firstly, various definitions of the digital economy were analyzed, leading to the proposal of an original definition that takes into account the peculiarities of the Ukrainian context and aligns with contemporary trends in digital technology development. Key sectors of economic activity were highlighted where the implementation of digital technologies holds the greatest potential within the context of digital transformation. Special attention was given to sectors where the use of digital tools can have a decisive impact on the development and competitiveness of enterprises. The authors emphasized strategic tasks and instruments that would facilitate the creation of a conducive environment for the development of the digital economy in Ukraine. Additionally, the essence of blockchain technology was studied, and potential areas of its application in Ukraine were discussed. Significant focus was placed on aspects of ensuring cybersecurity and data protection, which are critical in the context of blockchain utilization. Originality. The introduced original definition of the digital economy places a primary emphasis on the implementation and actual utilization of digital technologies across various spheres of human activity. A comprehensive set of measures for the development of digital infrastructure in Ukraine was proposed, including the enhancement of legislative regulation, creation of favorable conditions for the IT sector to accelerate the adoption and implementation of innovative solutions, development of digital infrastructure, coordination between educational and industrial sectors, nationwide Internet coverage to ensure equal opportunities for all citizens, attracting foreign investments, and utilizing blockchain technology for data protection (a critical aspect of state governance) and the intensification of digitizing administrative and public services. Practical value. The obtained research results can serve as the basis for the creation of necessary institutional frameworks, fostering the further advancement of the information technology sector in Ukraine. This can be particularly beneficial for the development of the production of goods and provision of services geared towards innovation and quality improvement. Establishing an effective digital economy in Ukraine requires not only technological innovations but also appropriate institutional frameworks that support this process. Such development will enhance the country’s competitiveness on the international stage and contribute to the improvement of citizens’ quality of life. Ultimately, the establishment of an effective digital economy in Ukraine opens up new opportunities for innovative growth and national development.
The significant growth of cryptocurrencies since the emergence of Bitcoin in 2009 has sparked debates in society about the potential replacement of conventional currencies by cryptocurrencies. While cryptocurrencies offer technological advantages, their unique characteristics also pose limitations and challenges. This research aims to present the advantages of cryptocurrencies, their relationship with traditional currencies, and the challenges they pose to the existing financial system. It provides policymakers with valuable information to formulate policies for dealing with cryptocurrencies in the future. Keywords: Cryptocurrency, Financial System, Monetary Policy.
Objective : to increase the effectiveness of countering the use of typical criminal money laundering schemes by identifying the technological and legal vulnerabilities of the DeFi infrastructure: decentralized exchanges, blockchain bridges, decentralized wallets, and privacy-enhanced currencies. Methods : general scientific (analysis and synthesis, induction and deduction, theoretical modeling, legal interpretation) and special methods of scientific cognition (structural-functional, constructive, situational, innovative, target-oriented, program-target, and risk-oriented). Results : the main trends in the development of money laundering using decentralized finance were outlined; the determinative significance of DeFi technological characteristics in the genesis of money laundering was revealed; the main types of money laundering using decentralized finance were identified; the schemes of committing crimes were studied and the criminogenic potential of DeFi infrastructure (decentralized exchanges, blockchain bridges, mixers, privacy-enhanced tokens, etc.) was assessed. Scientific novelty : it is proposed to consider money laundering using DeFi as a special type of digital financial crime. The article proposes the author’s typology of money laundering, substantiates the idea that the matrix of traditional financial regulation and AML standards cannot be applied to decentralized finance. It is argued that prevention of money laundering using decentralized finance should be carried out in close connection with the identification of risk indicators and the development of effective control measures at the points of entry of criminal incomes to centralized exchanges. Practical significance : the analysis of typical mechanisms of money laundering using DeFi allows a systematic approach to the organization of early crime prevention and can potentially become the basis to develop recommendations for financial intelligence and monitoring services.