Subject. Regulatory Approaches to Crypto‑Assets in the EU and the USA amid the Formation of a Global Regulatory Architecture for Digital Finance. Objectives. To identify similarities and differences in the regulatory philosophies and institutional mechanisms of the EU and the USA, and to determine the economic consequences of regulatory impact on the global financial system. Methods. A comparative legal institutional analysis was applied, along with general scientific methods. Results. It has been established that the convergence of requirements for stablecoins is taking place amid fundamental differences in institutional architectures: the EU’s centralized model, with ESMA and EBA playing a coordinating role, is contrasted with the decentralized US dual banking system, where supervisory powers are distributed among the OCC, the Federal Reserve, the CFTC, and the SEC. Recommendations have been formulated for market participants and regulators to navigate the conditions of regulatory fragmentation. Conclusions. Positions regarding central bank digital currencies are diametrically opposed, which creates strategic risks for the international monetary system; regulatory differences generate risks of global market fragmentation and regulatory arbitrage.
In the context of the digital transformation of public administration, one of the key tasks is to create a unified information space that ensures the consolidation of information about the activities of core domestic enterprises in the economy. However, the existing approaches to the disclosure of data from strategic and systemically important budgetary (autonomous) institutions are fragmented, which makes it difficult to use them for analysis. The purpose of the study, based on the methods of systematic and comparative analysis, is to substantiate the choice of data architecture when designing the digital profile of strategic and systemically important budgetary (autonomous) institutions. As a result of the work, a three-level architecture of a digital profile with open and closed access contours is proposed, within which information is collected, processed and published. The choice of technological solutions is justified supporting automated upload with blockchain fixation, multidimensional grouping, extraction of parameters from unstructured documents and visualization in dashboards. The proposed architecture corresponds to the priorities of the national project «Data Economics and Digital Transformation of the State» regarding the implementation of platform solutions and artificial intelligence technologies in public administration. The results of the study are of practical value for economic entities, specialists in the corresponding field, as well as for a wide range of users of financial and non-financial reporting.
The article examines the theoretical and applied aspects of developing a digital financial ecosystem for inclusive territorial development amid digitalization, decentralization, and Ukraine’s post-war recovery. It is substantiated that growing socio-economic challenges, the expanding role of local self-government, and the need to support the social and economic reintegration of war veterans require modernizing approaches to financing territorial development. The study finds that the financial capacity of territorial communities provides the basis for implementing inclusive development policies and delivering quality public services. Despite the adverse effects of the full-scale war, Ukraine’s local finance system has maintained financial resilience, while local budget revenue and expenditure dynamics indicate a strengthening social orientation of fiscal policy. Particular attention is given to expenditures classified as “Social Protection of War and Labor Veterans,” which demonstrate a substantial increase in resources allocated to veterans’ policy and highlight the growing role of communities in veterans’ reintegration. It is argued that expanding financial support requires digital technology, integrated information systems, and performanceoriented public financial management. The role of Open Budget, eData, Prozorro, DREAM, and the Diia ecosystem in enhancing transparency, accountability, efficiency, and citizen participation is substantiated. The integration of financial resources, digital platforms, institutional mechanisms, and analytical tools into a unified digital environment creates conditions for more efficient public spending, stronger financial inclusion, and evidence-based local decision-making. Conceptual approaches to a digital financial ecosystem for inclusive territorial development are proposed based on inclusiveness, digital accessibility, transparency, accountability, adaptability, effectiveness, and participatory governance. Their implementation is expected to strengthen community financial capacity, improve local public financial management, enhance the targeting of social support, facilitate veterans’ reintegration, and support sustainable and inclusive territorial development during Ukraine’s post-war reconstruction.
The article examines the role of FinTech solutions in the transformation of international finance and their impact on the development of the global economy in the context of rapid digitalization and technological change. The study analyzes contemporary trends in the implementation of financial technologies in international settlements, payment systems, investment activities, lending, insurance services, and financial risk management. Particular attention is paid to the development of digital platforms, mobile banking, blockchain technologies, artificial intelligence, big data analytics, cloud computing, and distributed ledger technologies, which significantly influence the efficiency and accessibility of international financial services. The key opportunities created by FinTech for increasing the efficiency of cross-border financial transactions, reducing transaction costs, accelerating payment processing, and improving transparency in financial operations are identified. The study emphasizes the contribution of financial technologies to enhancing financial inclusion by expanding access to financial services for individuals and businesses, especially in developing countries and regions with limited banking infrastructure. The role of FinTech in facilitating the integration of national financial systems into the global financial space and strengthening international economic cooperation is substantiated. The article also outlines the main risks and challenges associated with the rapid expansion of FinTech solutions. These include cyber threats, data privacy concerns, operational vulnerabilities, regulatory fragmentation, technological dependence, money laundering risks, and potential threats to financial stability. The growing influence of global digital platforms and technology companies on international financial markets is considered, highlighting the need to balance innovation and regulatory oversight. The necessity of improving international regulation of the FinTech sector is substantiated in order to minimize systemic risks and prevent negative consequences for the global economy. Particular attention is devoted to the harmonization of approaches to licensing procedures, capital adequacy requirements, auditing standards, reporting obligations, consumer protection mechanisms, and risk management practices. The study highlights the importance of establishing common international standards for stress testing, supervisory cooperation, information exchange, and early warning mechanisms aimed at preventing financial crises and mitigating systemic shocks. Furthermore, the article emphasizes the need for coordinated international regulation of cryptocurrencies, stablecoins, central bank digital currencies, and tokenized assets in order to prevent illegal capital flows, tax evasion, financial fraud, and regulatory arbitrage. It is argued that effective international cooperation among governments, regulatory authorities, financial institutions, and technology providers is essential for ensuring the sustainable development of digital finance. The article concludes that the improvement of international FinTech regulation is a prerequisite for strengthening investor and consumer confidence, enhancing financial resilience, promoting innovation, and ensuring the long-term stability and sustainable development of the global economy.