The article considers financial literacy as an important factor of sustainable socio-economic development in the context of global digital transformation. The rapid development of financial technologies, platform economy, artificial intelligence, blockchain technologies, and decentralized finance (DeFi) has significantly changed the architecture of financial markets and consumer financial behavior models. In these circumstances, the ability of the population to effectively and safely use digital financial instruments is becoming a key condition for the financial stability of households and the stability of the financial system. According to the OECD/INFE (2023), only about 29% of the adult population achieve a minimum level of digital financial literacy, which indicates that there is a significant gap between the technological development of the financial sector and the level of financial competence of users. The study systematizes modern theoretical approaches to understanding financial literacy and analyzes its evolution under the influence of fintech innovations, artificial intelligence technologies and digital assets. Special attention is paid to new competencies necessary for secure interaction with cryptocurrencies, robo-consultants, embedded finance systems and open banking tools. It is proved that the development of digital financial literacy helps to reduce the financial vulnerability of the population, expand access to financial services and form an inclusive digital economy. The results of the study show that investments in the development of digital financial competencies of the population form a multiplier effect for economic growth and improving the financial well-being of society.
Nianko L.Yu., Dovbush A.V. DEVELOPMENT OF BANKING SERVICES IN THE CONDITIONS OF DIGITALIZATION: CHALLENGES, TRENDS AND PROSPECTS Purpose. The aim of the study is to conduct a comprehensive analysis of the transformation processes of banking services in the context of digitalization, in particular to identify key trends and outline the prospects for further development of the banking sector based on the implementation of digital technologies and FinTech solutions. Methodology of research. The methodological basis of the study is the dialectical method of scientific knowledge and a systematic approach. In the course of the study, a set of scientific methods was used to analyse the development of the banking system and its digitalization, in particular: analysis and synthesis, analytical – when processing literature sources; statistical analysis – to assess the dynamics of the banking system's development and its digitalization, evaluate global trends, and identify key areas for digitalization implementation. The use of trend analysis made it possible to identify the main factors influencing the development of the banking system and its digitalization. The graphical method was used to visualize statistical data and trends, which provides a more visual representation of the dynamics of the banking system and simplifies the interpretation of the obtained results. Findings. The issues of digitalization of the banking system are studied. The level of penetration of online banking, the dynamics of launching new banks in the world, the number of digital banks in the world, and the number of clients of the world's leading digital banks are determined and estimated. The list of promising and newest financial technologies in the banking sector is specified. Originality. The study proves that the prospects for the introduction of such digital financial technologies as artificial intelligence (AI), open banking, central bank digital currencies (CBDCs), biometric identification services, and green banking are directly related not only to their technological convenience but also to the level of government support and promotion of financial inclusion. This, unlike existing approaches, makes it possible to comprehensively assess not only the innovative potential of technologies but also their systemic integration into the banking model. It is established that DeFi (decentralized finance), despite the limited regulatory environment and high risk, can be further developed through gradual integration with traditional banking instruments, in particular through models of sharing APIs and smart contracts within hybrid financial systems. The study also improves the classification of the main risks that accompany the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and infrastructure threats. This allows for a more effective risk management model for the digital transformation of the bank. Practical value. The substantiated results of the study can be used to assess the trends in the implementation of FinTech solutions in the banking sector, to understand the role of FinTech in the strategic management of the bank, which allows considering digital innovations not only as tools for improving efficiency, but also as factors in the formation of long-term competitiveness. The study also improved the classification of the main risks accompanying the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and This allows for a more effective risk management model for the digital transformation of the bank. Key words: bank, banking services, digitalization, online banking, blockchain, Open Banking, digital transformation, FinTech.
У статті досліджено теоретичні та практичні аспекти впровадження smart contracts у процеси розрахунків із постачальниками та кредиторами. Акцент зроблено на аналізі ключових характеристик смарт-контрактів, зокрема автономності, самовиконання та незмінності, що визначають їхню ефективність та надійність у сучасних фінансово-господарських відносинах. Розкрито технологічну основу функціонування смарт-контрактів, підкреслено визначальну роль блокчейну та децентралізованих систем у забезпеченні прозорості, безпеки та стійкості транзакцій. Проаналізовано ключові виклики та ризики, що перешкоджають широкомасштабному впровадженню смарт-контрактів, серед яких виділено правові бар’єри через відсутність уніфікованого законодавства, технологічні ризики, пов’язані з можливими помилками у коді та питаннями масштабованості блокчейн-мереж, складність інтеграції смарт-контрактів у традиційні бізнес-процеси, а також соціально-етичні аспекти, що стосуються впливу на ринок праці та необхідності розвитку нових цифрових компетенцій.
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 report substantiates that cryptocurrencies are a unique financial phenomenon that continues to evolve and change the global economic landscape. They provide users with new opportunities to conduct financial transactions, increasing speed, transparency and reducing transaction costs. At the same time, their decentralized nature contributes to reducing dependence on traditional financial institutions, which makes cryptocurrencies especially attractive in conditions of economic instability.
З. В. Квасній, Marta Olikhovska, Володимир Ярославович Оліховський, Юрій Володимирович Даниленко
The article deals with modern instruments of financial support for the development of territorial communities in the conditions of decentralization and strengthening the role of local self -government. The purpose of the article is to analyze modern instruments of financial support for the development of territorial communities, to determine their effectiveness and potential for the use in conditions of decentralization, as well as to substantiate directions of improvement of financial policy in order to strengthen economic capacity and improve the financial independence of local self-government. Classification of sources of financial support for internal (local taxes and fees, income from communal property management, payment for the provision of administrative services) and external (transfers from the state budget, international technical assistance, investment resources, grants). Innovative financial instruments that can be used by communities are identified: local trust funds, municipal bonds, public-private partnership, crowdfunding and social investment. Particular attention is paid to the assessment of the efficiency of the existing financial base of territorial communities and outlines the main problems: limited own income, uneven community development, dependence on state subsidies. The directions of improvement of financial policy at the local level, including expanding the possibilities of attracting investments, optimization of expenditures of local budgets, development of partnership forms of financing are proposed. The practical importance of the study is to identify tools that can ensure the financial sustainability and competitiveness of territorial communities in the long run.
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.
The article aims to analyze the legal framework for cashless payments in cryptocurrency and provide proposals to overcome the problem of their legitimization by acts of Ukrainian legislation. The state's long-standing reluctance to legitimize non-cash payments in cryptocurrency is indicated. The state, represented by the National Bank of Ukraine and other central executive bodies, tried to protect the national currency, the hryvnia. Because of this, the state did not legitimize the circulation of cryptocurrencies. It is summarized that in times of war, the state needs a significant number of various resources. Cryptocurrency is also one of the strategic resources that can be used by the state. Legitimization of cryptocurrency transactions and amendments to the Tax Code of Ukraine will increase revenues to the state budget. It is noted that the legal regime of martial law in Ukraine is not a warning against the active legitimization of cryptocurrencies.It is predicted that after the legitimization of cryptocurrencies, the state budget will be able to replenish itself with additional revenues through tax collection, and thanks to the anonymity and irreversibility of cryptocurrency transactions, the volume of Ukrainian exports and imports will increase, and the parties to the agreements will be encouraged to properly, timely and fully fulfill their contractual obligations. Thanks to anonymity, third parties will not know the subject matter of the agreements, and therefore the structure of the means of waging war may unexpectedly change for the better. The methods of waging war may also unexpectedly improve. It is concluded that in the post-war period and with the restoration and development of the Ukrainian economy, the European economy, and the world economy in general, the importance of non- cash payments in cryptocurrency will increase. Therefore, the legitimization of such calculations will be continued in other regulatory acts of Ukraine. The acts mentioned in the article, in particular the Tax Code of Ukraine, will be permanently supplemented.
Stanislav V. Kurovsky, Denis A. Mishin, Khalimat M. Kadirova
The purpose of the study is to substantiate the prospects for the development of the global digital financial assets market based on an analysis of infrastructural, regulatory and technological factors that determine the trajectory of their inclusion in the system of international financial relations. The research materials include scientific papers in the field of digital rights, as well as data on global approaches to tokenization of real assets, the structure of distributed ledger platforms and international practice of regulating digital instruments. The article uses such research methods as structural and comparative analysis, deductive generalization, and systematization of global cases. The result of the study: the key directions of development of the global digital financial assets market have been identified, related to the expansion of infrastructure, the complexity of technological solutions and the gradual institutionalization of digital forms of accounting. Conclusions: a) the prospects of the global digital financial assets market depend on the degree of consistency of regulatory regimes; b) the proliferation of tokenized instruments enhances the role of digital assets in global settlements and investment processes; c) strengthening international standards for the treatment and disclosure of information is a prerequisite for the formation of a stable and predictable segment of digital financial assets.
Пояснювальна записка дипломного проєкту складається з п’яти розділів, містить 37 таблиць, 24 рисунки та 28 джерел – загалом 86 сторінок. Дипломний проєкт присвячений розробці веб-застосунку для зберігання та верифікації автентичності цифрових документів з використанням смарт-контрактів в мережі Ethereum. У роботі реалізовано безпечне збереження криптографічних хешів документів у блокчейні, що забезпечує незмінність даних та прозору перевірку без залучення довіреної сторони. Для безпечного оновлення контрактної логіки впроваджено проксі-патерн UUPS з контролем доступу через мультипідписний гаманець (Gnosis Safe). Комунікація між мікросервісами організована через Apache Kafka. Мета проєкту — створення децентралізованої системи перевірки достовірності документів, яка поєднує переваги блокчейн-технологій із зручністю класичного веб-інтерфейсу. У першому розділі розглянуто аналіз предметної області, існуючих рішень, моделей зберігання та перевірки цифрових документів. Другий розділ присвячений визначенню вимог до програмного забезпечення, моделюванню бізнес-процесів, побудові діаграм варіантів використання та трасування вимог. У третьому розділі викладено архітектуру системи, структуру смарт-контрактів, класів та бази даних, описано використаний технологічний стек. Четвертий розділ присвячений опису реалізації основних алгоритмів, перевірки безпеки системи, структури контрактів та механізму верифікації. П’ятий розділ включає оцінку результатів, висновки та рекомендації щодо подальшого розвитку проєкту. Програмне забезпечення впроваджено в мережі Ethereum Sepolia, з використанням Infura, PostgreSQL та Spring Boot.
Вступ. Активний розвиток цифрових технологій сприяв появі нових форм фінансових активів, серед яких особливе місце посідають криптовалюти. Їх децентралізований характер та високий рівень анонімності створюють як значні можливості для розвитку цифрової економіки, так і виклики для системи оподаткування. В Україні поки що відсутня чітка та всеосяжна система податкового регулювання операцій із криптовалютами, що ускладнює визначення правового статусу цих активів, бази та механізмів їх оподаткування. Отож, особливої актуальності набуває аналіз міжнародного досвіду у сфері оподаткування цифрових активів та адаптація ефективних моделей до українських умов. Мета – проаналізувати сучасний стан оподаткування криптовалют в Україні, визначити основні проблеми податкового регулювання цифрових активів та узагальнити міжнародний досвід для формування ефективної системи їх оподаткування. Результати. Визначено відсутність спеціального податкового законодавства щодо оподаткування цифрових активів в Україні, що створює правову невизначеність. Проведено систематизацію криптовалют за основними ознаками, розглянуто підходи до їхнього бухгалтерського обліку та оподаткування. Узагальнено міжнародну практику, яка свідчить про різноманітність підходів – від повного визнання криптоактивів як майна до їх часткової заборони. Висновки. Для ефективного оподаткування криптовалют в Україні необхідно розробити комплексну законодавчу базу, яка забезпечить прозорість фінансових операцій, визначить порядок обліку доходів і створить умови для належного оподаткування цифрових активів. Врахування міжнародного досвіду дасть змогу сформувати збалансовану систему податкового регулювання, що сприятиме розвитку цифрової економіки держави. Introduction. The active development of digital technologies has led to the emergence of new forms of financial assets, among which cryptocurrencies occupy a special place. Their decentralized nature and high level of anonymity create both significant opportunities for the development of the digital economy and challenges for the taxation system. In Ukraine, there is still no clear and comprehensive framework for the taxation of cryptocurrency transactions, which complicates the determination of their legal status, tax base, and taxation mechanisms. In this context, analyzing international experience in the taxation of digital assets and adapting effective models to Ukrainian conditions becomes particularly relevant. The purpose of the article is to analyze the current state of taxation of cryptocurrencies in Ukraine, develop the main problems of tax regulation of digital assets and summarize international experience to form an effective system of their taxation. Results. Violations of special tax legislation on the taxation of digital assets in Ukraine were identified, which creates legal uncertainty. Cryptocurrencies were systematized according to the main features suitable for their accounting and taxation. General international practice, which has a choice of a variety of approaches – from full recognition of cryptoassets as property to their partial ban. Conclusions. For effective taxation of cryptocurrencies in Ukraine, it is necessary to develop a comprehensive legislative framework that ensures the transparency of financial transactions, determine the procedure for accounting for income and create conditions for proper taxation of digital assets. Taking into account international experience will allow to form a balanced system of tax regulation, which will contribute to the development of the state’s digital economy.
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.
Current directions of development of information and communication technologies and control tools 114 ПРОБЛЕМНІ ПИТАННЯ ЗАСТОСУВАННЯ ГОМОМОРФНОГО ШИФРУВАННЯ Гущин Б.-Д.І.Харківський національний університет радіоелектроніки, Харків, Україна Гомоморфне шифрування (Homomorphic Encryption, HE) -технологія, що дозволяє виконувати обчислення над зашифрованими даними без їх розшифрування [1-3].Застосування гомоморфного шифрування відкриває великі можливості для обробки зашифрованих даних без їх розшифрування в багатьох сферах, де критично важливо зберігати конфіденційність інформації.. Однак, попри потенціал, існує низка проблемних питань, які стримують широке впровадження цієї технології в практичні системи безпеки та обробки даних.Метою доповіді є аналіз проблемних питань при практичному застосуванні гомоморфного шифрування.В роботі розглянуті ключові сучасні сфери застосування HE [1-3].1. Хмарні обчислення (Cloud Computing), обробка зашифрованих даних на стороні постачальника хмарних послуг без розкриття вмісту.2. В медицині та біоінформатиці захищене зберігання та аналіз медичних записів пацієнтів, генетичної інформації (DНК).Використання HE у дослідженнях із багатьма організаціями без обміну розшифрованими даними.3. В фінансових сервісах конфіденційна аналітика для банків, страхових компаній, бірж.Обчислення кредитного рейтингу, оцінка ризиків без доступу до відкритих даних клієнта. Електронне голосування (E-voting).Забезпечення анонімності та перевірності результатів голосування, так як дані не розкриваються, але можуть бути агреговані без розшифрування.5. В Інтернеті речей (IoT) для обробки конфіденційних даних, зібраних з розумних пристроїв, безпосередньо на сервері або у хмарі.Використання в промисловому IoT (IIoT), медичних пристроях, Smart City.6. Захист персональних даних у Big Data, аналітика зашифрованих великих масивів даних з соціальних мереж, телекомів, сервісів для обчислення трендів, поведінкових моделей, не розкриваючи особистості.7. Машинне навчання над зашифрованими даними (Privacy-Preserving ML).Навчання або інференс моделей на даних, які ніколи не розшифровуються.Використання в конфіденційній медичній діагностиці, рекомендаційних системах, фінансах.Працює разом з Federated Learning, Secure Multi-Party Computation (SMPC).8. В юридичних сервісах та державному управлінні для безпечної взаємодії між державними структурами при обробці реєстрів, митних даних, податкових баз, де важлива повна конфіденційність.9. В системах кібербезпеки та цифрової ідентичності.Застосовується в антифрод-системах, аналізі поведінки користувачів без втрати їхньої конфіденційності.Підтримка Zero Knowledge Proofs та протоколів автентифікації.
Introduction. At the outset of the twenty-first century, the global economy has been undergoing a multidimensional transformation in which technological innovations overlay geopolitical shifts in the world order. Disruptions to global value chains, intensified geo-economic fragmentation, and the accumulation of “polycrises” (security, energy, climate, macro-financial, and cyber) have exposed the limits of the Bretton Woods construct of international finance and the effectiveness of classical institutions of global governance. At the same time, rapid digitalization – specifically the development of central bank digital currencies (CBDC), decentralized finance (DeFi), open banking, asset tokenization, and algorithmic supervision (RegTech/SupTech) – is reshaping the mechanisms of value creation and distribution in finance, undermining established models of monetary/financial sovereignty, international liquidity, and trust in reserve currencies. As a result, a new financial architecture is emerging that relies on data governance as a strategic asset and on the interoperability of digital infrastructures, while simultaneously foregrounding challenges of cyber-resilience, regulatory arbitrage, and the extraterritoriality of compliance. The purpose of the article is to substantiate the systemic determinants of the formation of a new financial architecture in the context of the digitalization of the global economy and the transformation of the world order, and to identify directions for Ukraine’s adaptation to the new geo-economic and geopolitical realities. Results. Drawing on an interdisciplinary methodology and combining comparative-institutional, systems, and scenario approaches, the paper refines the concept of a “new financial architecture”, identifies the key drivers of its formation (technological, institutional, security-related, and geo-economic), and proposes strategic guidelines for public policy. Particular attention is paid to Ukraine as a case of an open economy operating under conditions of war and European integration. A scenario analysis (inertial vs. accelerated) substantiates the feasibility of an accelerated course entailing the digitalization of finance and the development of a cyberfinancial industry and digital infrastructure. The paper shows how accelerated regulatory modernization and deeper integration into the European and global financial space can reduce vulnerabilities, strengthen macroeconomic resilience, and reinforce financial sovereignty within the new configuration of the world order. Conclusions. The digitalization of the global economy and the transformation of the world order make a transition to an inclusive, technologically interoperable, and resilient financial architecture inevitable. For Ukraine, this represents an opportunity to bolster macroeconomic resilience and financial sovereignty through investments in data and infrastructure, regulatory modernization, enhanced cyber-resilience, and deeper integration with the European and global financial space.
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 rapid proliferation of digital financial assets heightens companies’ need for verifiable transparency of operations and timely control, while a gap persists in corporate practice between the use of digital tools and audit maturity, which is especially evident among enterprises of the agro-industrial complex. The aim of the study is to substantiate an approach to auditing and the provability of transactions with digital assets through a combination of cryptographic methods and continuous monitoring aimed at reducing financial and operational risks. The methodological basis includes a comparative analysis of traditional and streaming control procedures, statistical assessment of inspection frequency, anomaly-detection latency, and transaction coverage, as well as qualitative risk appraisal considering the applicability of distributed ledgers, digital signatures, multisignatures, and confidential zero-knowledge proofs. The results have been obtained confirming the advantage of continuous auditing of key metrics, the proportion of operations being audited increases to almost complete coverage, which is accompanied by more frequent detection of violations as a result of better observability of processes. It is established that blockchain provides high traceability and immutability of records; however, overall risk remains dependent on vulnerabilities in key-storage infrastructure and the quality of smart-contract configuration; therefore, organizational regulations for segregation of duties, backup procedures, and staff training are required. The scientific novelty is expressed in integrating cryptographic verification with streaming control as a unified provability framework, in which the digital record is treated as a verifiable artifact and a source of real-time audit evidence. The practical significance lies in proposing a set of implementation rules that help synchronize accounting and control, increase trust among investors and regulators, reduce relative losses from fraud, and lay the groundwork for subsequent automation of consistency tests and visual analytics for managerial decision-making.
The article examines the influence of institutional concentration of cryptocurrency assets on the monetary sovereignty of states. It is argued that the centralized control over decentralized assets contradicts the original concept of cryptocurrencies and creates new geopolitical risks for monetary policy implementation. The growing involvement of institutional investors, such as hedge funds, asset managers, and ETF providers, contributes to the formation of shadow monetary channels that bypass national regulatory frameworks. The study analyzes how the dominance of actors like BlackRock in Bitcoin ownership affects financial stability, market volatility, and the ability of central banks to maintain effective control over the money supply. The article explores the transformation of cryptocurrencies from alternative financial tools into strategic instruments of global financial influence. It reveals that the institutionalization of crypto-assets increases systemic risk and undermines the traditional mechanisms of monetary transmission. Attention is paid to the asymmetric vulnerability of developing economies in the face of capital outflows triggered by movements on crypto markets. The paper proposes policy recommendations for enhancing monetary resilience through the development of regulatory frameworks, improvement of macroprudential supervision, and international cooperation in digital asset governance. It is concluded that maintaining monetary sovereignty requires a new paradigm of policy coordination in the age of decentralized but institutionally controlled financial instruments. The research emphasizes that concentrated ownership patterns in cryptocurrency markets create unprecedented challenges for traditional monetary theory and practice. The analysis demonstrates how large institutional players can manipulate market dynamics, potentially destabilizing national currencies and compromising central bank independence. Furthermore, the study investigates the implications of cross-border crypto transactions for capital flow management and exchange rate stability. Special attention is given to the role of stablecoins as potential substitutes for sovereign currencies in emerging markets. The paper argues that without proper regulatory intervention, the institutional capture of decentralized finance could lead to a new form of financial colonialism. It highlights the need for central banks to develop digital currency alternatives and strengthen their technological capabilities to compete with private crypto initiatives. The research concludes with recommendations for multilateral approaches to crypto governance that preserve national monetary autonomy while fostering innovation in digital finance.
Blockchain technology, a revolutionary innovation built on the principles of distributed ledgers and consensus algorithms, has been the driving force behind the meteoric rise of cryptocurrencies.What was once considered a niche concept has now become an integral part of the global economic fabric, captivating the attention of investors, institutions, and policymakers alike.However, their unique nature challenges traditional accounting frameworks.This paper reviews the domestic and international research on the accounting treatment of cryptocurrencies.Globally, the accounting recognition of cryptocurrencies varies.They are often classified as financial assets or intangible assets depending on their usage.Measurement models, such as the historical cost method, fair value method, and intangible asset revaluation model, all have their own advantages and disadvantages.Currently, the information disclosure regarding cryptocurrencies is fragmented, lacking a unified standard.To tackle these issues, future research should focus on leveraging the distributed ledger technology of blockchain to enhance accounting transparency and establish consistent information disclosure norms.This will improve the quality of financial reports, support informed decision-making, and promote the standardization of cryptocurrency accounting.
This study analyzes current development trends and regulatory approaches to the global cryptocurrency market within the context of digitalization and the transformation of the financial system. The work provides a detailed characterization and classification of key types of crypto-assets (Bitcoin, Ether, stablecoins, altcoins, and tokens), defining their functions as means of payment, investment objects, and components of decentralized finance. Based on statistics from authoritative international organizations, the market dynamics, its capitalization, and geographical distribution were examined. Key identified problems include the absence of unified international regulatory standards, the risk of money laundering, cyber threats, and high volatility. As a prospect, the necessity of a balanced approach combining innovation and security through the harmonization of legislation, strengthening international cooperation, and the legitimization of crypto instruments is substantiated. The results of the study deepen the understanding of the role of digital assets in the economy and serve as a basis for developing effective state policy in the field of financial innovation.
This paper aims to analyze the role of blockchain technology in the transformation of the financial sector, with particular emphasis on its application within FinTech solutions and its potential to drive structural changes in financial markets. Over the past decade, FinTech has experienced rapid growth, significantly reshaping traditional financial services through digital innovation. This evolution is characterized by the integration of technologies that enable novel forms of access to financial products and services, including online banking, mobile payments, and digital lending platforms. Concurrently, there has been a pronounced increase in investment in technological innovations within the financial sector, reflecting a high level of market and institutional interest in FinTech solutions. Within this ongoing digital transformation, blockchain technology stands out as a disruptive infrastructure with the capacity to redefine operational, security, and regulatory frameworks of current financial systems. Its core attributes: decentralization, immutability of records, and transparency, facilitate accelerated transaction processing, reduction of transaction costs, elimination of intermediaries, and enhanced security of financial operations. Special attention in the analysis of modern FinTech innovations is given to smart contracts and decentralized finance (DeFi).