The essence of the work is the study of political influence and its selfish manifestations by the people’s deputies of Ukraine on the process of formation and functioning of united territorial communities. In our work, political influence is revealed as an element of indirect political agitation of deputies in the district through the mechanism of financing and allocating state subventions from the state budget of Ukraine to communities, which is a very popular and effective tool of direct influence on residents of united territorial communities. The first section of our study is devoted to the study and interpretation of the concept of political influence, and the methods by which it can be explored. The second section attempts to analyze the gaps in decentralization reform that have made it possible to spread such selfish political influence. The third section contains the empirical part of our study, where we obtained the results of the interdependence of political influence of people's deputies with the volume of issued state subventions of communities in 2020.
In the conditions of a steady surplus of up-to-date information, institutional and value-based tools for reducing the uncertainty of economic activity fade into the background, the paternity that progresses as a result of a combination of the short-term temporal paradigm, historically and institutionally inherent in the Western business traditions and becomes an important structural element, with the fundamental innovation of the information-network economy, the actual manifestation of which is the production of excess information and the creation of conditions for reproduction of uncertainty at the higher level. Cryptocurrencies emphasize the crisis of the banking institutions of financial intermediation as a result of the trust destruction as a natural result of the dominance of the financial component in the system of complementary interaction between financial intermediaries and subjects of the real economy sector, which in turn led to the crisis of financial intermediation and led to the desire of financial services consumers for operating activity without any mediation. Nowadays, the first cases of blockchain technology influence on the processes of reformatting the basic principles of human society development - information asymmetry and trust, which can testify to the depth of the modern transformation transition, are observed. An indirect development effect regarding information-network economy is the intensification of households` credit activity and the development of financial-oriented patterns of behavior, which indicate a prevailing focus on short-term prospects in economic and social activity, an increase in the value of self-interest over the interests of family and immediate surroundings, and a reduction in the impact of long-term hierarchical responsibility (in the generations context) on financial decision-making processes. A striking result of these patterns is an increase in household debt, which leads to a narrowing of economic freedom. Financial culture is gradually losing its role as a basic factor in the development of financial patterns of behavior, that in turn influences financial decision-making process, meanwhile the factors of economic and social conditions, banking marketing tools using client databases are updated.
ЦИФРОВІЗАЦІЯ ФІНАНСОВОГО СЕКТОРА: ІНСТИТУЦІЙНІ ЗМІНИ Й ПЕРСПЕКТИВИЦифровізація формує ексклюзивні виклики і можливості.Сьогодні «бути цифровим» є необхідністю професійної й побутової компетенції, це вже не довільна опція.Цифровізація стала каталізатором змін економіки, інвестиційної поведінки людей як норма і форма міжособистісного спілкування.Конкуренція на міждержавному та корпоративному рівнях постійно потребує використання технологічних інформаційно-сервісних новацій.У розрізі секторів економіки передові цифрові технології знаходяться у фінансовому секторі, в космічній сфері та в сфері гонки цифрових озброєнь.До них дотичним є виробництво товарів подвійного призначення (військово-цивільного, літакобудування, наприклад).У фінансовому секторі криптовалютні ринки стали фокусом цифровізації.Це проявилось у швидкому інструментально-цифровому розширенні заощаджувальнорозрахункових можливостей приватної інвестиційної діяльності.Цифрові фінансові активи, такі як державні (CeFi -Centralized Finance) та децентралізовані (DeFi -Decentralized Finance), забезпечують операційну свободу вільного перетоку капіталу.Нова фінансова картина світу зародилася з появою в обігу децентралізованих криптовалют, коли поряд із традиційними видами валют з'явилися «нові гроші».Це приватні ініціативи майнінгу (не емісії) монет на основі блокчейну, які нерегульовані, нехеджовані з наступною фрагментацією спекулятивного грошового обігу, що спекулятивно забезпечує (допоки) «абсурдний дохід».Особиста свобода через криптовалютні фонтани її фінансування виявилась доступною для вдалих ентузіастів, але і двосічна як кураж фінансових спекуляцій.Більшість активів сектора DeFi -це лише продуковані частини програмного забезпечення, що мають вартість у межах початкових витрат енергії та супутніх елементів на їх майнінг.Тому приватні криптовалюти мають спекулятивну ціну, але практично не мають накопичуваної від початку і поновлюваної вартості.Центробанки країн світу дотепер виявляють зрозумілу стурбованість обігом нових замінників грошей як єдині емісійні центри фіатних валют.Позиція міжнародних фінансових організацій є аналогічною, застереження щодо «недостатнього тестування» приватних криптовалют в якості національних досить акцентовані.При необхідності модернізації грошового обігу центробанки запустили проєкти підготовки емісії власних цифрових валют (СВDC -Central Bank Digital Currency).Кількість проєктів СВDC наразі (осінь 2023 р.) реалізується у понад 100 країнах у різних формах (запуск систем, пілотний етап, дослідження).СВDC є основою цифрового сектора централізованих фінансів -CeFi.Оскільки пропорції між перевагами і ризиками цифровізації постійно мінливі, у цифровізованому грошовому обігу виникає дилема CeFivs -DeFi.Нові тренди управління капіталом в умовах цифровізації визначили два аспекти: а) зростаючу інституційну роль центробанків разом з іншими регуляторами
Jan 1, 2023·Proceedings of the 3rd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2023, 6 May 2023, Salatiga, Central Java, Indonesia
Virtual money or cryptocurrency has become a hot topic in electronic media discussions lately. Cryptocurrency is a form of intangible commerce that only exists in digital form and can be used in electronic transactions. This study aims to demonstrate that the Act Number 8 of 2010 concerning the Prev
The subject of the study is to minimize the risks of strengthening international financial sanctions on economic entities by building a decentralized mechanism for direct financing of budget recipients without the participation of the Federal Treasury in Russia, while ensuring that the payer fulfills its obligations and control over the targeted use of funds. The relevance of the study is to consider this mechanism in the context of international sanctions and as an alternative to a one-time collection from large businesses (windfall tax or tax on excessive profits of past years). The actuality is also confirmed by the use of the principle of “uberization” of relations between public finance entities, while the effectiveness and the need of “uberization” has already been confirmed in business practice. It is established that the financing of part of government spendings through such an alternative mechanism as “Uber” will reduce the sanctions risks for representatives of the business community. In the course of the study, specific examples of projects funded from the federal budget were analyzed, and these projects could first of all be transferred to the proposed new budget pilot financing mechanism. The conclusion is made about the efficiency of the proposed concept and the need for its further elaboration within the increased number 1) of enterprises and organizations directly financing the budget system expenditures on this electronic platform, and 2) of social, cultural and scientific projects financed with its help, gradually “uberizing” an increasing segment of budget financing.
Introduction. The development of information technologies led to the emergence of new financial instruments, payment systems, methods and payment platforms. Cryptocurrency is a means of circulation and payments fundamentally different from traditional ones. Awareness of the emergence and existence of electronic money is quite high, however, awareness of the mechanism of its functioning and the possibility of using/making calculations, financing projects is low. The puppose of the article is to highlight the main characteristic features of cryptocurrencies, to justify the advantages and disadvantages of cryptocurrencies, to analyze the state, dynamics and development prospects of the cryptocurrency market. Results. Characteristic features of cryptocurrencies include: lack of payment system administration; impossibility of forced return, withdrawal or "freezing" of payments (without access to the owner's private key). Cryptocurrency is an investment object, and the speculative-investor type of demand for cryptocurrencies is also noted. The authors identified the advantages of using cryptocurrencies, including: equal conditions of use by users, unlimited possibilities of transactions, their transparency, lack of complications in international transfers and the impossibility of blocking or freezing a cryptocurrency wallet and its funds, no commission, open code of cryptocurrency, decentralization. Among the disadvantages of cryptocurrencies are identified: the danger of losing the key to cryptocurrency; the difficulty of returning funds in case of erroneous currency transfer; lack of guarantees for keeping electronic wallets; intervention by hackers; instability of the cryptocurrency exchange rate, dependence of the exchange rate on demand; high energy consumption; distrust of users. The dynamics of the exchange rate of bitcoin and ethereum were analyzed, significant fluctuations in their exchange rate relative to the dollar during the research period were noted. The difference in the views of countries on the issue of regulating the circulation of cryptocurrencies is described (recognition of operations with cryptocurrency as illegal activity, full / partial ban, legalization of legal circulation of electronic money). Conclusions. Barriers and prospects for the development of the electronic money market have been identified. Given the described features of cryptocurrencies, the prospects of recognition / settlement of cryptocurrencies as a financial instrument at the same level as freely convertible currencies (dollar, euro, etc.) are unrealistic and impractical within the framework of the existing mechanisms of functioning of the cryptocurrency market. The prospects for the growth of cryptocurrency circulation in the sectors of NFT-tokens (in games, music, art, sports) were noted.
The deepening of digital transformations and the development of digital platforms is the basis of the functioning of decentralized financial markets, the research of the methodological and methodical foundations of their formation and development based on the use of the innovative potential of Web 3.0 technologies has important scientific and practical value. The purpose of the article is to clarify the functioning mechanisms of decentralized markets based on Web 3.0 and to determine their impact on economic and social processes, which is based on the use of general economic and specific scientific research methods. In the process of research, the peculiarities of the functioning of decentralized financial markets are determined and it was proved that the transition to new Internet usage patterns is the main factor in accelerating digital transformations, on the basis of which the Web 3.0 digital platform is being formed. A structural and logical diagram of the functioning of the Web 3.0 platform has been developed, which reflects an organic combination of tasks, functions, used tools and technologies. The main functions of the Web 3.0 digital platform include decentralization of management, customer orientation, interoperability, transparency and ensuring effective management of digital risks, and the main tasks include accelerating the development of the economy and improving the management of economic and social systems. It has been proven that in the future, the development of the Web 3.0 digital platform and the integration of the innovative potential of decentralized markets, distributed ledger technologies, smart contracts and digital assets will become the basis for the formation of a fundamentally new model of the functioning of the digital space - a meta-universe that unites the real and virtual worlds, ensuring the acceleration economic growth and positive socio-cultural changes. The practical value of the obtained results lies in the justification of the prospects for using the Web 3.0 platform and the adaptation of its interoperability, as well as in determining the directions for improving the functioning mechanisms of the Web 3.0 platform, which includes institutional support for the development of decentralized financial markets and of new mechanisms of their regulation and management in order to protect all participants of decentralized ecosystems from cyber threats and digital risks.
Financial provision is one of the important elements of community resource provision. There is quite a number of bases of financial resources that territorial communities can take from, therefore, for their effective use, it is advisable to classify them, establish the appropriate features, and the possibilities of use them rationally. Currently, it is important for communities to be able to form the necessary amount of financial resources that will allow them to be financially capable. Also important is the legally defined powers of communities within which they carry out their activities and use accumulated funds. The publication analyzes the peculiarities of the formation of financial relations in territorial communities of Ukraine. The corresponding shortcomings in shaping the financial capacity of communities are singled out. The sources of filling the community budget are analyzed. It is found that today the majority of territorial communities need to provide appropriate investment financing of their projects for their sustainable development. Sources of filling financial resources of territorial communities are identified. It is proved that the main financial source of the territorial budgets is the activities of small and medium-sized businesses located in communities. It is determined that for the effective implementation of measures for the socioeconomic development of communities, the principle of their autonomy in matters of budget and tax activities should be implemented. The main directions of influence of financial decentralization on the socioeconomic development of the regions is formed. Based on the identified directions of development of territorial communities, the importance of public participation in decision-making on the implementation of projects on sustainable development of communities is determined. The need to form a favorable image of the territorial community, thanks to which it is possible to attract investment funds for the implementation of community development projects, is proved.
The article examines the relationship between the process of financial decentralization and the stability of the development function of regional economic systems based on the interdependence of these components of social transformation. After all, the motivational determinism of local finances activates the process of creating new jobs through the formation of the investment attractiveness of a particular region, the innovative progress of broad segments of the population, and the coordination of business, society, and subnational public authorities. The article reveals that the revival of the economy at the spatial level should be based primarily on the activation of innovative activities in the production and infrastructure sectors. Despite the decentralization of power functions, institutional bottlenecks, and the challenges and threats of decentralization, we believe that inclusiveness is quite high and is not conditioned by state regulation. The article states that the strengthening of the role of territorial communities gives rise to the need to reassess the place and function of each region in the coordinate system of the economic space, which must make institutional decisions that provide conditions for further development. Decentralization opens huge opportunities for the development of clusters of agro-industrial parks but provides an inclusive way for the development of the spatial economy, leveling the existing asymmetry and ensuring decent working and living conditions for the rural population. Proof of this is the EU agro-industrial complex, which convincingly confirms that land management within the framework of the Common Agricultural Policy of the third millennium means much more than food security and export growth, as this cannot be achieved without the simultaneous inclusiveness of sustainable development. A sound strategy for the development of a single national land community through the creation of industrial complexes and the integration of regional economic systems will allow us to move away from budgetary materialism to a paradigmatic strategy of financing spatial development and economic accumulation.
The study of the medical equipment market of Ukraine in the conditions of martial law is the basis for making management decisions regarding further processes of reforming the industry due to the introduction of management technologies and tools. The main issue regarding the purchase of medical equipment in Ukraine is the feasibility of costs, the quality of the equipment being purchased, as well as the need for specific equipment. In addition, the issue of decentralization and procurement by the National Health Service needs to be improved in order to save public funds during the procurement and delivery of quality and necessary equipment. The aim of the article is an analysis of the current state of development of the medical equipment market and the equipment procurement system in Ukraine. The article will use swot analysis methods for a strategic analysis of the strengths and weaknesses of the medical equipment market in Ukraine. In addition, a detailed analysis of medical equipment purchases by suppliers and customers of medical equipment in Ukraine will be conducted. Of the place of the public and private sectors in the field of health care, their interaction and further partnership relations. In addition, the result is an analyzed medical equipment sales market by the main suppliers on the medical equipment market in Ukraine. Conclusion. After analyzing the market of medical equipment from the beginning of 2022, it becomes clear that the market is currently running and operating despite the military aggression from the Russian Federation. The mechanism that allows the industry to move and develop in full has not been created, but right now we have many opportunities to create and implement new mechanisms of interaction between public hospitals and patients. It is necessary to increase the functioning of partner organizations in the field of health care. This is necessary in order for the private sector to work qualitatively and serve patients at the level of public insti- tutions. And state health care institutions, in turn, were qualitatively financed to increase the quality of the provision of medical services. It is appropriate to create a financing mechanism between the state and the private sector, because this advantage in the industry will provide an opportunity to quickly rebuild the field after our victory. By improving the field of health care and implementing the ideas of public-private partnership between health care institutions, the country will achieve impressive results in this area. In addition, decentralization must be returned to the form it had at the beginning of its implementation. This will make it possible to quickly elevate such an important sphere of human social life as medicine. It should also be noted that at this time and after the victory of our country in the war with Russia, the field of medical services, for example, such as rehabilitation, will have a greater demand than supply. It is necessary to ensure the opportunity to undergo rehabilitation at the expense of the state to all who will need it.
The article analyzes the rating of Ukraine according to the Global Cryptocurrency Adoption Index. It is noted that out of the TOP-20 countries in the rating, there are ten countries with below-average income, eight countries with above-average income and two countries with high income. This trend demonstrates the dominance of developing markets. The dynamics of the bitcoin and USD exchange rate are analyzed. Forecasting of the bitcoin exchange rate was carried out using the exponential smoothing method, because this method showed the smallest mean absolute error. The forecast results show the growth of the bitcoin rate. The interdependence between exchange rate of bitcoin cryptocurrency and pairs of the most influential world currencies, world prices for precious metals and securities rates on the largest stock exchanges is determined using correlation-regression analysis. The advantages of using cryptocurrencies have been identified, including high speed of transactions, reduction of the number of intermediaries and low fees. Also defined the threatening nature of the development of the crypto-industry for the economic potential of the state, taking into accountavailable withcurrent global challenges such as cyber-attacks and fraud and data theft. Real fraud schemes in the field of cryptocirculation are considered. The main challenges to the functioning of the cryptocurrency industry are analyzed, including volatility, uncertainty, risk of loss, insecurity of owners, lack of guarantees, large number of cryptocurrencies, technical risk, fraud and data theft. It is noted that without determining the clear legal status of cryptocurrencies in the country, it is impossible to resolve the legal, accounting and tax consequences of these transactions. It was determined that for the legal circulation of cryptocurrencies, the creation of a financial institution or a special state body, which should exercise control over the circulation of cryptocurrencies, must be ensured as a minimum; introduction of taxation for companies whose activities are related to the crypto industry; establishing the obligation of users to declare their income and profits from income regarding crypto-assets in the national currency, etc.
Vasyl A. Holian, Nataliia Medynska, Liudmyla Kolosa, Oleksandr S. Zamlynskyi
It is substantiated that under wartime conditions, formation of a new global nature protection architectonics and decentralization of power, the solution of ecological problems of socioeconomic development passes into a new financial and investment dimension, which requires diversification of sources of financing of capital investments and current costs in environmental protection. It is determined that in the dynamics of the nominal amount of financing of capital investments and current expenditures in environmental protection in the context of the main nature protection measures in 2000–2020, in general, there is an upward trend, which is caused by inflation-devaluation processes, rather than a real increase in assignations to environmental projects both in the public and corporate sectors. It is identified that in 2000–2020 there was a significant difference between the amounts of financing of capital investments and current expenses in the direction of increasing the amount of financial support for the operation and maintenance of environmental infrastructure, rather than their renovation and modernization. It is substantiated that the chronic deficit of financial and investment support for solving ecological problems is caused by excessive unification of sources and methods of financing the renewal of the network of environmental infrastructure objects and rationalization of the use of natural raw materials, which requires diversification of fiscal, budgetary and credit investment instruments of the environmental protection industry. It is determined that increasing investment flows in the environmental sphere of Ukraine depends on the inclusion in the range of priorities of the national environmental policy of the dominants of international environmental conventions, primarily the New Climate Agreement, which will allow obtaining financial preferences from global environmental funds and foreign governments. It is substantiated that the intensification of environmental activities at the level of local self-government will become possible due to an increase in the share of deductions of the natural resource rent and environmental tax to special funds of budgets of territorial communities, which will ensure targeted linking of eco-resource payments to solving the most pressing ecological problems of territorial entities
A one-sided understanding of cryptocurrency in terms of the technical model of its functioning does not allow to reveal its essence from the point of view of economic science, which hinders the formation of adequate institutional support for the procedure of issuance and circulation of cryptocurrencies in general. The author defines the essence of cryptocurrency market institutions as a system which includes official (hard) restrictions (rules), unofficial (soft) restrictions (standards of behavior and stereotypes of thinking) and intuition, which ensure the achievement of optimal organization, coordination and stimulation of participants' behavior and lead to a reduction in transaction costs. The institutionalization of cryptocurrency markets implies that changes in hard restrictions (regu-lations) do not simply lead to evasion or adaptation to their implementation by their participants. Insti-tutional transformations in cryptocurrency markets are the process of formation and development of their participating institutions and other entities that implement their inherent institutions in financial transactions with cryptocurrencies; regulation of this activity through official (hard) restrictions on financial behavior with enforcement mechanisms in the presence of unofficial (soft) restrictions. The main components of institutional transformations in the cryptocurrency market in Ukraine are the im-portation of institutions and institutional transformations that can lead to institutional traps and con-gruence/convergenceof these institutions.As for the theories (concepts) in the field of cryptocurrency markets, many years of experience show that their implementation requires a long time to grow and root the relevant institutions in the mass consciousness for a certain set of ideal procedures. If successful, such theories become effective tools for cryptocurrency operations. The strategy of institutional reform of cryptocurrency markets should be systemic, i.e., along with economic transformations, shifts in morality, social and individual consciousness, etc. must be taken into account.
The purpose of the article is to identify the risks of agricultural development in Ukraine in the context of wartime, to substantiate the economic consequences of the impact of the Russian invasion and the introduction of martial law on the logistics system in the agrarian sector. In the context of the carried out study, the problems faced by agricultural producers in the context of the wartime situation in Ukraine (problems caused by the occupation and hostilities in a large part of the country; disruption of food supply chains and resources necessary for agricultural work; problems for the development of agricultural production as a result of the financial crisis; problems caused by the development of the energy crisis) are identified and systematized. Risks to the agricultural producers’ activities are identified (reduced supply and demand for food products; reduced liquidity of agricultural producers, difficulty in accessing financing; undermining of agricultural land and damage to crops as a result of hostilities; difficulty in purchasing seeds, breeding livestock and poultry, fertilizers, machinery, fuel and lubricants; disruption of value chains and logistics chains; shortage of labor in the agrarian sector). The article emphasizes the ways to mitigate the risks in the context of implementing mechanisms for preventing and/or overcoming such problems by establishing cooperation between Ukraine, the EU and international organizations. The author substantiates the need to change approaches to the further development of the agricultural sector in the areas of development of «short» value chains and logistics, to focus on the decentralized local food production systems, adaptation of conditions and traditions of agriculture to new conditions. Prospects for further research lie in a detailed analysis of the advantages and disadvantages of agricultural development in Ukraine, taking into account the elaborated guidelines.
Valentyna Panasyuk, Khrystyna R. Halchak, Volodymyr A. Bosyi
Over the past few years, the term «cryptocurrency» has firmly entered the public consciousness. Virtual assets are gaining popularity because of their main advantages: availability, anonymity, the ability to make quick money, etc. Cryptocurrency is a code in a large book called «blockchain». Owing to the fact that the technology of «blockchain» is inherently similar to an accounting book, the world’s leading scientists are studying the issue of its implementation in the accounting system. This would allow to record each transaction automatically, reduce the cost and increase the speed of transactions. The article discusses the issue of accounting for settlements in the field of e-commerce using speculative assets. The regulatory framework for taxation of transactions with cryptocurrencies in Ukraine is analyzed. Several approaches to accounting for transactions with risky assets in Ukraine are proposed. The results of the study provide a detailed assessment of the situation in the international trade market and the state of development of settlements using cryptocurrencies, highlights the problematic aspects of normative regulation and accounting for transactions with risky assets in Ukraine and over the world. The field of e-commerce includes all transactions carried out via the Internet. This is indeed doing business online, i. e., by means of websites, social networks or mobile applications. The introduction of a method of making payments with cryptocurrency will greatly simplify the processing of transactions. This payment in digital currency is delivered anywhere in the world, regardless of the place of departure without intermediaries. At this, the cost of the transaction, or the payment fee, is much lower than with a regular bank transfer. The cryptocurrency market is currently quite volatile, classifying transactions with digital assets as «high-risk». The introduction of cryptocurrencies as a full-fledged means of payment is impossible without market regulation by financial institutions. Until that happens, commodity prices in cryptocurrency can fluctuate up to 25% compared to the previous day. Trading under such price conditions is impossible. However, a type of cryptocurrency such as «stablecoins» is protected from market fluctuations, since their pricing principle is based on the exchange rate of the real currency. For example, the USDT stablecoin is pegged to the US dollar, so its value changes along with the value of the real currency. In this case, an electronic currency such as USDT can be considered a means of payment and used in e-commerce.
The rapid development of information technologies, the globalization of the world economy, and the formation of a digital economy in Ukraine lead to the transformation of socio-economic relations. The growth of digitalization of the economy, the large-scale introduction of information technologies into all spheres of human life contribute to the emergence of new industries, one of which is the crypto industry, with the appearance of which in 2008, the money market totally changed forever. More and more markets are collapsing, while more and more regulators from different countries are busy implementing legislation regarding the legalization, use and taxation of cryptocurrencies. The article is devoted to the study of the peculiarities of cryptocurrency legalization in Ukraine. The peculiarities of the law “ Pro virtualʹni aktyvy” and the stages of its implementation are considered. The draft law on amendments to the Tax Code of Ukraine regarding cryptocurrency taxation has been analyzed. The number of cryptocurrency users in Ukraine and other countries of the world, such as the USA, Venezuela, Kenya, North Africa, etc., was studied. The paper analyzes how countries such as Great Britain, the Netherlands, the USA, China, Japan and Canada regulate the cryptocurrency market and whether transactions with them are legalized at the legislative level. Conclusions were also made regarding the feasibility of legalizing cryptocurrency in Ukraine.So far, we have the Law, but for the final settlement of these issues, many different by-laws, instructions and documents still need to be developed. But already today it can be said that the State is dealing with the issue of cryptocurrency relations and is on the way to its settlement.
The digital transformation of public relations has become possible with the introduction of artificial intelligence, the Internet of Things, cloud computing, immersive technologies, and data analytics. These technologies make it possible to create a metaverse where communication, knowledge acquisition, work, business, investment, creativity, and much more are available to everyone. The article offers an in-depth analysis of the institutional legal framework governing the international financial architecture within the realm of digital transformation. It explores regulatory mechanisms and developmental trends within the legal and financial systems of both the European Union and the Republic of Poland. The study delves into instances of commercial fraud involving digital assets, thoroughly examining their implications on the traditional financial system. In the virtual world, the capital market has no borders and jurisdictions. False and unreliable information has become an instrument of manipulation by society and is actively used by market participants. The conventional financial system experiences a loss of control over its functions, particularly in the process of converting fiat funds into digital assets. Decentralized finance regulated by cryptocurrency can replace the Bretton – Woods system. Blockchain is “a technology of utmost honesty” in data transmission. The task of society is to be guided by ethical, social, moral, and environmental aspects in the initial placement of information. The effectiveness of legal regulation of the digital environment is possible only with the adoption of regulations, rules, and recommendations of international organizations in the legislation of each country. A single principle of legal regulation will allow us to build a more just world and its sustainable development.
Introduction. The digitization of the economy began back in the 50s and 60s of the 20th century, but the term "digital assets" began to be actively used by financial market participants and scientists only after 2008, the impetus for which was the appearance of the so-called distributed ledger technology and the creation of the first cryptocurrency - bitcoin. However, today there is no comprehensive definition of the concept of "digital financial asset" that would fully reveal the essence of this term. Moreover, there is sometimes terminological uncertainty and confusion regarding the terms "cryptocurrency", "digital assets", "cryptoassets" and "virtual assets", which can lead to gaps in their regulation. Therefore, clarification of the definition and types of digital financial assets is relevant. The purpose of the article is to clarify the definition of digital financial assets by revealing the essence and characteristics of digital assets and financial assets, as well as justify the classification of certain types of digital assets as financial assets. The research method (methodology) is based on the systematic use of methods of analysis, synthesis, generalization and comparison, using a complex approach to studying the problem. The results. It was determined that such a new type of assets as digital financial assets arose at the stage of digitalization of the economy associated with the emergence of distributed ledger technology. It is clarified that according to IAS, digital financial assets can be represented by instruments such as cash, equity instruments or contractual rights. It was determined that the concept of "digital assets" is identical to the concept of "electronic assets" or "virtual assets" in the domestic legal framework. The classification of types of digital assets according to various criteria is generalized. It is substantiated that digital financial assets include such groups of digital assets, which are represented by payment tokens and tokens in securities, and utilitarian tokens are not financial assets.
Purpose. The aim of the article is the determination of the normative and legal regulation of the cryptocurrency market, operations with cryptocurrencies; study of the main draft laws on the regulation of legal relations related to such assets; analysis of the activity of crypto exchanges in Ukraine and the world, prospects and possibilities of state control over trading operations as well as financial operations; studying the peculiarities of legal regulation and approaches to cryptocurrency. Methodology of research. The methodological basis of the article is an ordered system of general scientific methods of cognition, scientific deduction and induction, a method of comparison, abstraction and synthesis. Along with this, general scientific methods of research and special methods of scientific and legal knowledge were used in the article: descriptive and analytical, creative and critical, economic analysis. Analytical and synthetic, comparative and legal, hermeneutic, imitative and prognostic, phraseological methodological approaches are applied. This made it possible to find out the possibilities and legality of using virtual assets in entrepreneurial activity in Ukraine and the world; to analyse and compare the content of norms of international acts and norms that reflect the specifics of the legislative regulation of relevant relations; determine the prospects for legal regulation of the use of virtual assets; formulate conclusions, recommendations and suggestions. Findings. The development of the cryptocurrency market was considered. The essence of the main concepts and compliance with the rules in the field of normative and legal regulation of the cryptocurrency market and the activities of crypto exchanges in Ukraine and the world were studied. Features of the unification and consolidation of the legal regulation of crypto exchanges at the national and international levels are revealed. Ways of implementing regulatory and legal mechanisms for the stimulation and development of the cryptocurrency system in Ukraine at the current stage of economic development are proposed. Originality. An analysis of the legislation of Ukraine was conducted and the experience of foreign countries in the field of legal control over trading operations with cryptocurrencies and activities of crypto exchanges was substantiated for implementation in domestic practice. It is proposed to finalize the legislative framework for the regulation of the cryptocurrency market and the activity of crypto exchanges in Ukraine. Practical value. The results of the conducted research can become the basis for further scientific investigations regarding the normative and legal regulation and use of cryptocurrencies, the functioning of crypto exchanges in Ukraine for the harmonization and unification of legal norms at the national and international levels. Key words: cryptocurrency, cryptocurrency market regulation, virtual asset, digital economy, virtual assets, digital assets, civil rights object, money, means of payment, cryptocurrency, crypto market, law, bill, adaptation, financial circulation.
The purpose of the article is to disclose and deepen the theoretical provisions on the nature and role of the revenue side of local budgets in ensuring the socioeconomic development of territories. The State financial policy should be focused not only on solving urgent current problems and tasks, but also have a perspective character, which consists in creating the preconditions for socioeconomic development. The article conceptualizes the role of the local budgets’ revenues in ensuring the socioeconomic development of territorial communities. The main functions of local budgets are defined. The concept of sustainable development and a totality of indicators that characterize it are studied. The theoretical aspects of the impact of local budget revenues on socioeconomic development are revealed. The advantages of budgetary decentralization are determined, the indicators of budgetary decentralization in the field of revenues are considered. The provisions on the impact of decentralization on socioeconomic development are generalized. The authors applied a system approach. They also used the dialectical method, methods of synthesis and analysis, comparison and generalization. It is substantiated that local budgets play a significant role in regulating socioeconomic processes, performing both distributive and regulatory functions. Local institutions should have sufficient financial resources at their disposal to finance public services and infrastructure development. The transformation of interbudgetary relations is intended to increase fiscal responsibility and motivation to accumulate own budget revenues to cover expenditures. It is defined that fiscal decentralization is aimed at improving the quality of public administration and the formation of financially viable territorial communities. The decentralization processes are intended to improve the quality of public administration and form financially viable territorial communities in which the basic set of public services will be as close to the consumer as possible, and the quality of these services will meet the established criteria.
Introduction. The article explores the prospects of using smart contracts to optimize business processes, the activities of the Defence Forces, and government institutions in Ukraine under martial law. Key advantages of blockchain technology are identified, including decentralization, automation, transparency, and security, along with its potential to enhance efficiency in logistics management, financial flows, and supply chains. The study highlights major challenges, such as the immaturity of IT infrastructure, legal uncertainties, and the threat of cyberattacks. The aim of the article is to develop theoretical and methodological approaches for evaluating and implementing smart contracts in the business processes of Ukrainian enterprises and public administration under martial law, taking into account legal constraints, economic feasibility, and security challenges. Methodology. The study employs methods of analysis and synthesis to assess the potential of smart contracts; comparison to analyze the advantages and disadvantages of their implementation; generalization to formulate recommendations; and SWOT analysis to identify the strengths, weaknesses, opportunities, and threats associated with the use of blockchain technologies in various sectors. Results. It has been proven that smart contracts can significantly optimize business processes, the activities of the Defense Forces, and government institutions, including reducing transaction costs, accelerating settlements, increasing the transparency of supplies, and mitigating fraud risks. Recommendations are proposed for integrating smart contracts into financial operations, military logistics, and resource management in public administration. A cost–benefit analysis methodology is developed, taking into account the specific risks of martial law and heightened uncertainty.