S. Aitbek, А. Сембеков, N. Tazhbayev, K. Yermekova
In recent years, the financial system of Kazakhstan has undergone significant technological changes and is moving from a regulated banking infrastructure to open, flexible and fast digital platforms. However, the most unusual of these trends is the gradual integration of the decentralized finance (DeFi) system into the environment of the domestic economy. On the one hand, if the DeFi architecture is presented as a new tool for reducing the impact of financial intermediaries and reducing the volume of transaction costs; on the other hand, the volatility of open code systems, imperfect regulation and lack of continuity of assets with specific laws and regulations, which are not normal for Kazakhstan, bring additional risks. Such issues indicate that the topic is relevant, requiring deep research. The purpose of the study is to digitally assess the evolution of the decentralized financial market in the country over the past five years, to demonstrate its impact on the stability of the banking system by multi – stage modeling of volatility and regulatory barriers. Within the framework of the chosen goal, the objectives of the scientific work are as follows: - to study the history of the formation and development of the DeFi market; - to consider decentralized finance in the context of domestic scientists, economists, financiers; - a comprehensive study of the main channels and threats of influence of the decentralized finance (DeFi) market in Kazakhstan; - to make forecasts using The scientific novelty of the research work is the assessment of the development trajectory of the DeFi market in Kazakhstan using digital modeling. In other words, a multidimensional analytical method was used, which correlates the limited share of users, the volatility of protocols, the dynamics of transactions and the influence of the regulatory system. In particular, with the help of real Monte Carlo simulation, stochastic modeling, Fuzzi-AHP and financial risk assessment methods, it was possible to understand the existing connections between DeFi and the banking system. The hypothesis of the article is the integration of the DeFi market into the financial system of Kazakhstan, the possibility of improving transactional efficiency and expanding financial inclusion. But the shortcomings of its regulation and asset volatility put additional pressure on the stability of the domestic banking system. This hypothesis requires research based on market facts and occupies a relevant place in the structure of its study.
Юлія Гусєва, Ігор Чумаченко, Іван Некрасов, Ілля Худяков · 5 authors
The subject of this study is the processes of ensuring transparency, accountability, and data integrity in project portfolio management systems based on distributed ledger technologies. The objective of this work is to develop a conceptual model, the Blockchain Portfolio Governance Model (BPGM), to enhance the transparency, integrity, and manageability of strategic portfolio management processes. Objectives: to develop a multi-level model architecture that combines traditional management cycles with cryptographic event logging mechanisms; to formalize management decisions as distributed ledger objects using asymmetric cryptography; to propose a comprehensive management quality assessment metric that accounts for both technical integrity and procedural discipline; to validate the model through simulation modeling of business processes. Research methods: systems analysis, methods of mathematical and simulation modeling in the Bizagi Modeler environment, asymmetric encryption, and hashing algorithms to ensure data integrity in distributed networks. Results. This paper proposes and justifies the architecture of the Blockchain Portfolio Governance Model, comprising five levels: governance, data aggregation, decision formalization, cryptographic integrity, and audit. A mathematical framework for event logging has been developed, where each decision is signed using the ECDSA digital signature algorithm. A new comprehensive metric has been introduced – the Portfolio Governance Compliance Index – which enables the detection of "shadow" management actions by comparing the number of requests initiated in external systems with the number of validated transactions on the blockchain. A series of simulation experiments demonstrated that implementing Proof-of-Authority consensus algorithms in a corporate network introduces negligible time delays (less than 1% of the total cycle), while the majority of the process time is spent on expert analysis. Conclusions: The application of the BPGM model enables transforming subjective portfolio management into a transparent, algorithmic process. The proposed solution ensures the creation of a «single source of truth» for all stakeholders, significantly simplifies audit procedures, and enhances the organization’s institutional reliability without compromising its operational efficiency.
Global environmental and geopolitical challenges, compounded by Ukraine’s wartime infrastructure destruction and heightened investment risks, heavily disrupt corporate operations. Under these conditions, green financing shifts from a mere ecological tool into a vital strategic mechanism ensuring long-term enterprise resilience, market competitiveness, and security-oriented development. This study aims to substantiate strategic vectors of green financing for domestic corporate security and identify practical integration approaches into corporate financial strategies. Methodologically, the research relies on systemic, comparative, structural-functional, and logical generalization analytical approaches. Examining green finance within sustainable development and ESG frameworks, the paper demonstrates its capacity to strengthen corporate financial, energy, regulatory, and reputational security. It specifically highlights Ukraine’s evolving institutional frameworks, national climate policies, and green bond regulations. The study categorizes key domestic green instruments–including green loans, bonds, grants, and ESG investments–substantiating their practical role in mitigating operational risks, maximizing resource efficiency, and expanding access to long-term capital. Key strategic vectors center on energy efficiency, decentralized renewable energy deployment, industrial decarbonization, and circular economy practices. However, market development remains restricted by significant wartime risks, limited capital access, and fragmented implementation mechanisms. Ultimately, green financing must be treated as a strategic priority within corporate management systems. Integrating these financial tools enhances enterprise resilience against external shocks, strengthens economic security, and actively supports post-war recovery and European integration.
Cryptocurrencies have received long-term interest among investors because of the features of Bitcoin since its introduction in 2009. However, it is the same features that pose serious and diverse threats. These risks are very dangerous to the security of investors and the integrity of the market. Although their urgency is immense, there are very few systematic analyses that incorporate both regulatory and technological views. In this research, the mixed-method design is used, and an empirical investigation of high-profile security events is combined with the critical analysis of regulatory and technical literature in order to define, classify, and track the causes of the most widespread risks. The article explores the weaknesses and strengths of the existing laws and strategies that would curb identified risks that cryptocurrencies present. It also suggests practical and tangible solutions, which would make use of new technologies to minimize the damages and risks of cryptocurrencies to a greater extent. The analysis in this study proves that properly reducing risks should be performed in a two-faceted way; it should be done with the help of the regulation gaps in action and the utilization of new, protocol-infused technological limits. This study presents a moderate structure that is meant to achieve market security that does not suppress the dynamism and transparency of the cryptocurrency ecosystem. This study analyzes the problem of cryptocurrency security, financial regulation, blockchain technology, risk mitigation, and decentralized finance.
Nazneen Fatema, Abdullah Mohammed Ibrahim, Jesmin Sabnam, Abdullah Mohammad Ismail
This bibliometric study maps research trends in cybersecurity and data breaches within the financial sector from 2020 to 2024, analyzing 7355 documents from the Web of Science. The findings reveal a rapidly expanding and interdisciplinary field, driven by the digital transformation of finance, heightened cyber threats, and the impact of global events such as the COVID-19 pandemic. The research landscape has evolved from descriptive, technical studies to sophisticated analyses incorporating network theory, econometrics, and risk management. Most prolific authors and sources, such as IEEE, demonstrate strong international collaboration and significant citation impact, with China, the USA, and the UK leading in citations. Co-citation network analysis identifies three major intellectual clusters: economic modeling of cyber risk, network-based risk propagation, and systemic macro-financial implications of cyberattacks. The study highlights an increasing focus on quantifying the financial and reputational impacts of cyber incidents, making research directly relevant to business and regulatory stakeholders. Limitations include reliance on a single database and quantitative methods. Future research directions emphasize the security implications of emerging technologies (e.g., quantum computing, decentralized finance, artificial intelligence), behavioral and cultural aspects of cybersecurity, and systemic regulatory challenges. The field is dynamic, reflecting the financial sector’s evolving risk landscape.
Yevheniia Malyshko, Pavlo IVAKHNO, Roman KOLONTAIEVSKYI
Abstract. The article examines the theoretical and methodological foundations for assessing the market value of business projects in the decentralized finance (DeFi) sector using a risk-oriented approach. The relevance of the study is driven by the rapid expansion of decentralized financial ecosystems, the increasing capitalization of blockchain-based projects, and the high volatility and uncertainty inherent in DeFi markets. Traditional valuation methods are insufficiently adapted to the specific characteristics of decentralized financial platforms, including tokenomics, smart contract architecture, liquidity instability, governance decentralization, and heightened cyber and regulatory risks. The purpose of the study is to improve methodological approaches to assessing the market value of business projects in the DeFi sector through the integration of risk-oriented analytical tools into the valuation process. The study systematizes key risk factors affecting the market value of decentralized financial projects, including technological, financial, operational, market, liquidity, and regulatory risks. Particular attention is devoted to the influence of Total Value Locked (TVL), token volatility, protocol revenue stability, governance decentralization, and smart contract security on investment attractiveness and capitalization dynamics. The methodological basis of the research includes comparative analysis, systematization, risk-oriented valuation methods, scenario analysis, and elements of financial modeling. The study proposes an integrated approach to business project valuation that combines traditional discounted cash flow methods with DeFi-specific indicators and risk coefficients. A comparative assessment of valuation models used in traditional finance and decentralized finance ecosystems is conducted. The obtained results demonstrate that the implementation of a risk-oriented approach significantly improves the accuracy and adaptability of business project valuation in decentralized financial markets. The proposed methodological framework enables a more objective assessment of project sustainability, investment attractiveness, and market capitalization under conditions of high market turbulence. The scientific novelty of the research lies in the development of a comprehensive valuation model that incorporates decentralized governance parameters, blockchain ecosystem indicators, and dynamic risk factors into the market valuation process. The practical significance of the study is associated with the possibility of applying the proposed methodological approach by investors, financial analysts, venture funds, and DeFi platform developers in the process of evaluating investment decisions and managing financial risks within decentralized digital ecosystems. Keywords: valuation, decentralized finance, market value, risk-oriented approach, smart contract risk, business projects, digital assets.
The article examines financial monitoring in the field of virtual asset circulation, including cryptocurrencies, tokenized assets, and decentralized financial platforms. The rapid expansion of the virtual asset market creates new economic opportunities while simultaneously generating heightened risks related to money laundering, terrorist financing, and sanctions evasion, which necessitates effective regulatory and supervisory responses. Problem statement. The core problem lies in the insufficient alignment of national financial monitoring mechanisms for virtual assets with international FATF standards and European regulatory approaches, as well as the fragmented enforcement practices in Ukraine amid the rapid evolution of the crypto market. Unresolved aspects. Despite ongoing regulatory efforts, significant gaps remain in the effective implementation of FATF Recommendation 15, the operationalization of the Travel Rule, coordination among national supervisory authorities, and oversight of decentralized finance services and cross-border virtual asset transactions. Purpose of the article. The purpose of the study is to conduct a comprehensive analysis of international financial monitoring standards applicable to virtual assets, assess current money laundering and terrorist financing risks, and substantiate directions for improving Ukraine’s regulatory framework in line with FATF requirements and EU practices. Main content. The article analyzes the legal nature of virtual assets, FATF requirements for Virtual Asset Service Providers (VASPs), the application of the Travel Rule, and empirical data on illicit crypto transactions based on Chainalysis reports. Particular attention is paid to the European regulatory model established by the Markets in Crypto-Assets Regulation (MiCA), as well as to the comparative analysis of the concepts of VASP and Crypto-Asset Service Provider (CASP). The current state of legal regulation and financial monitoring of virtual assets in Ukraine is also assessed. Conclusions. The study demonstrates that effective financial monitoring of virtual assets can be achieved only through a comprehensive approach combining FATF international standards, harmonization with EU law, advanced analytical technologies, and strengthened institutional capacity of national regulators. The practical value of the research lies in developing recommendations aimed at enhancing Ukraine’s financial security and reducing money laundering and terrorist financing risks in the virtual asset market.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
The rapid penetration of decentralized financial mechanisms into the structure of Ukraine's cryptocurrency market, where the volume of DeFi transactions consistently exceeds that of centralized platforms, highlights the need for effective tools to maintain the instant solvency of lending protocols during periods of sharp price fluctuations in digital assets. The purpose of this article is to systematize liquidity risks in decentralized financial systems, conduct a comparative assessment of algorithmic strategies for their minimization, and identify ways to enhance the stress resilience of protocols. The methodological basis of the study consists of a taxonomic analysis for classifying types of risks, a comparative analysis of the effectiveness of key liquidity management strategies, economic-mathematical modeling of cascading liquidation processes, and a correlation analysis of the relationship between the magnitude of cryptoasset price declines and the frequency of protocol failures. The empirical basis consists of on-chain data on the transaction activity of leading DeFi protocols for the period 2024–2026. The results show that hybrid configurations–which combine dynamic interest rate regulation with overcollateralization and decentralized oracle networks–demonstrate the highest resilience to extreme volatility. It was found that increasing collateral requirements proportionally reduces the probability of cascading liquidations, but simultaneously limits the protocol's capital efficiency, highlighting the need to optimize these parameters. It has been established that compositional links between protocols create a domino effect: a local liquidity shortage in one pool can trigger a chain of forced liquidations in adjacent systems within a critically short time frame. The scientific novelty lies in the development of a typologized scheme for neutralizing liquidity threats, which, unlike existing ones, integrates sentinel oracle, execution liquidation, and reserve insurance instruments into a unified protocol risk management system. The method for estimating margin call thresholds has been improved to account for the historical volatility of specific cryptoassets. The practical significance of the obtained results lies in their potential use by DeFi protocol architects and smart contract developers when designing risk management systems, configuring liquidation auction parameters, and selecting the optimal configuration of oracle networks for the Ukrainian crypto market.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
Щербатих Денис Володимирович, Овсієнко Володимир Володимирович, Космачук Назар Петрович
У статті науково обґрунтовано модель токенізації IT-стартапів як інструменту фінансової автономії. Проаналізовано системні обмеження венчурного капіталу та світовий досвід успішних кейсів (Brave, Helium, Render). Автором розроблено чотирирівневу архітектуру на базі блокчейну Solana із застосуванням стандарту Token-2022, що реалізує принцип «compliance-as-a-code» через Transfer Hook. Доведено високу економічну ефективність моделі: зниження вартості залучення капіталу у 3,3 рази, прискорення фандрейзингу у 5 разів та розширення бази інвесторів у 100 разів при скороченні CAC у 10 разів. Обґрунтовано застосування гібридної юридичної структури (ТОВ+SPV) для мінімізації правових ризиків в умовах очікування MiCA. Визначено три стратегічні горизонти розвитку ринку до 2030 року в контексті конвергенції AI та Web3. Результати формують прикладну дорожню карту для масштабування бізнесу.
This article develops a methodological approach to the digital transformation of public administration for sports infrastructure at the regional level under the systemic challenges of martial law. The relevance of this research is determined by the necessity to transition from universal digitalisation models to targeted technological solutions capable of addressing specific institutional dysfunctions within the management system. The aim of this article is to substantiate the methodology of targeted digitalisation as an alternative to comprehensive automation of management processes in the sphere of sports infrastructure. The research combines empirical analysis of management practices with theoretical modelling of digital transformation mechanisms, employing the concept of ‘digital levers’ for organisational change adapted from Westerman, Bonnet, and McAfee’s framework.The study identifies systemic dysfunctions in public administration, including fragmentation of the management hierarchy, deficiency of control mechanisms, limited regional absorptive capacity, and institutional barriers to innovation implementation. Through triangulation of budgetary reporting data, audit conclusions from the Accounting Chamber of Ukraine, and technical documentation from the DREAM digital platform, the research reveals a fundamental disconnect between technological capabilities and institutional readiness for transformation. The developed targeted digitalisation matrix establishes a methodological connection between the characteristics of management pathologies and the functional capabilities of digital technologies. This approach differentiates technological interventions according to three criteria: the nature of dysfunction (structural, procedural, behavioural), the level of digital maturity amongst management entities, and existing resource constraints.The principle of ‘problem-oriented digitalisation’ is substantiated, whereby technologies are selected not for their innovative qualities but for their capacity to influence the reproduction mechanisms of specific management dysfunctions. Each digital instrument is mapped to particular pathology reproduction mechanisms: automation reduces subjective factor influence, distributed ledger technology ensures data immutability, machine learning algorithms optimise resource allocation, and IoT networks provide objective infrastructure monitoring. The research demonstrates that whilst platform-based solutions like DREAM represent technological advancement, their effectiveness remains limited without addressing underlying institutional incentives that perpetuate dysfunctional practices.Prospects for implementing distributed ledger technologies are identified for ensuring transparency of financial flows and automating resource allocation through smart contracts. The study proposes a three-tier implementation architecture: cloud-based solutions for frontline territories lacking local infrastructure, hybrid platforms for regions with moderate capacity, and comprehensive smart ecosystems for developed urban centres. The conclusion is drawn that targeted digitalisation ensures systemic transformation of public administration through precise impact on the reproduction mechanisms of institutional pathologies, unlike universal solutions that merely digitise existing inefficient practices. This methodological approach offers particular value for post-conflict reconstruction contexts where resource constraints demand maximum efficiency in technological investments.
The paper studies DeFi (decentralized finance) as a decentralized system for the circulation of financial tokens in virtual and cryptocurrency spaces. The subject of the study is the basic concepts, structures, and properties of DeFi. The relevance of the work is determined by the presence of unresolved issues related to the conceptual apparatus and structure of DeFi, factors of reduction and methods for determining the level of decentralization of DeFi, the functioning of the DeFi infrastructure, which highlights the need for further research into the concepts, structures and properties of DeFi. The aim of the study is to form a theoretical and methodological foundation for DeFi by clarifying the conceptual apparatus and identifying the features of DeFi functioning. The methodological framework of the study is based on the following principles: an object-subjective approach to describing entities, a method of structural analysis of objects, a systems approach to model objects, a process approach to analyzing the functioning of systems, and a service approach to analyzing interactions between serving and served systems. The study resulted in the formulation of the concept of DeFi (including the concept of a decentralized system). The following were identified: factors of centralization (reduced decentralization) of DeFi; the structure of DeFi as a set of subsystems for the circulation of virtual financial tokens and crypto tokens; a method for assessing the degree of DeFi decentralization as a system for the circulation of digital financial tokens; a three-tier service model of the DeFi infrastructure; and a model for the interaction of financial token circulation processes. Conclusions: The conceptual framework of DeFi, including the definition of DeFi as a decentralized system for the circulation of financial tokens in virtual and crypto spaces, allows us to identify the functional features of DeFi that ensure conditions for significantly greater transparency of the rules and results of financial transactions compared to traditional centralized financial systems. The use of virtual and crypto tokens, along with other DeFi mechanisms in financial circulation, significantly reduces uncertainty and the associated risks of executing financial agreements between economic entities.
This study examines the intersection of cryptocurrency, terrorism financing, and sustainable economic practice, highlighting impacts on financial accountability and global security.While cryptocurrencies offer financial inclusion and innovation, their pseudonymous and decentralized nature also facilitates illicit activities like terrorism financing.Using Financial Liberalization and Illicit Financial Flows theories, the research employs qualitative thematic analysis with 12 experts from regulatory, technical, law enforcement, and academic backgrounds.Findings reveal cryptocurrencies' dual potential for abuse and benefits such as low transaction fees.The study calls for effective global regulatory frameworks, enhanced public-private collaboration, and advanced tools like AI and blockchain analysis to manage risks.It advocates a balanced regulatory approach that promotes transparency and harnesses cryptocurrencies' benefits while ensuring security, recommending harmonized regulations, cooperative task forces, regulatory sandboxes, and mandatory compliance audits.
The article explores the institutional paradigm of the transformation of the global financial architecture under the conditions of digitalization of the global economy. It is substantiated that the proliferation of digital financial technologies, including fintech innovations, crypto-assets, decentralized finance (DeFi), and central bank digital currencies (CBDCs), generates profound structural shifts in the functioning of the global financial system and necessitates a reconsideration of the role of key institutions of international financial governance. The study analyzes the evolution of the roles of central banks, international financial institutions, national regulators, and private financial technology companies in shaping the new global financial landscape. It is determined that central banks are gradually transforming from traditional monetary regulators into key architects of digital financial infrastructure, while private fintech and BigTech companies are becoming systemically important actors capable of influencing payment systems, financial inclusion, and cross-border financial flows. Particular attention is devoted to the analysis of contemporary global trends in the implementation of CBDCs, the development of crypto-asset markets, and decentralized financial platforms. It is demonstrated that these processes are forming a hybrid model of financial globalization that combines elements of centralized regulation with decentralized financial mechanisms. The article highlights key initiatives of international coordination and regulatory harmonization implemented within the frameworks of the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the G20, aimed at ensuring financial stability, cybersecurity, and preventing regulatory arbitrage. Based on the conducted analysis, an institutional model for the transformation of the global financial architecture is proposed, grounded in the integration of international standardization, public–private partnership, and multi-stakeholder interaction. It is proven that the effectiveness of the digital transformation of the global financial system depends on the capacity of international institutions to adapt regulatory approaches to dynamic technological changes and to ensure a balance between innovation, financial stability, and economic security.
The theses examine the legal and financial aspects of cryptocurrencies, taxation specifics, and transaction monitoring.The advantages of cryptocurrencies in financial inclusion and blockchain implementation are outlined.Challenges of legal regulation and prospects for aligning Ukrainian legislation with EU MiCA standards are highlighted.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
Introduction. The rapid development of technology is significantly transforming all spheres of human activity, and the financial industry is no exception. Recent decades have been marked by the emergence and rapid spread of blockchain technologies, which promise to revolutionize traditional approaches to doing business. From decentralized finance (DeFi) to smart contracts and asset tokenization, blockchain opens up unprecedented opportunities to increase transparency, security, efficiency, and reduce operational costs. Purpose: a comprehensive analysis of the prospects and challenges of applying blockchain technologies in the financial activities of enterprises, as well as substantiation of their role in increasing the efficiency, transparency, and security of corporate finances in the modern digital economy. Methods. To achieve the goal, our research will be based on the integrated application of a number of scientific methods. Analysis and synthesis will become the foundation for an in-depth study of existing scientific papers, reports and analytical materials related to the implementation of blockchain technologies in the financial sphere. Through analysis, we can break down complex concepts into components, and synthesis will help to combine the data into a single, holistic picture. A systems approach will allow us to consider the financial activities of enterprises integrating blockchain as a complex interconnected system, assessing the impact of the technology on various aspects of business operations and identifying potential synergies and risks. Results. In this scientific article, the conducted research deeply delves into the scope of application of blockchain technologies in the financial activities of enterprises, revealing both their significant transformational potential and significant challenges on the path to implementation. Conclusions: The application of blockchain technologies in the financial activities of enterprises has enormous potential for the transformation and optimization of many processes. From increased transparency and security to automation and access to new sources of funding, the benefits are clear. However, successful blockchain integration requires careful analysis, overcoming regulatory and technical challenges, and significant investment in skills development.
This article presents a comprehensive analysis of contemporary cyber threats to the financial sector, emphasizing their impact on the stability of financial institutions and payment systems. The study addresses the primary vectors of cyberattacks—phishing, DDoS, malware, targeted APT attacks, and insider threats. Drawing on the experiences of Ukrainian and international financial institutions, the paper identifies key principles for constructing cybersecurity systems, encompassing multi-layered protection, vulnerability management, proper authentication, and incident response planning. Special attention is devoted to artificial intelligence and machine learning as instruments for enhancing cyber resilience. The article also examines the potential for implementing blockchain and decentralized finance (DeFi) within the global financial landscape and the associated information security challenges. The significance of integrated cyber risk management within financial institutions' broader operational risk management framework is underscored. Finally, practical recommendations are offered on optimizing security frameworks, adopting international standards, and bolstering intergovernmental coordination to ensure the financial sector’s long-term resilience in the face of digital transformation.
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.
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 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 international experience and national peculiarities of budget financing for targeted development programs under global crises of the 21st century, particularly the 2008–2009 financial crisis, the COVID-19 pandemic, and the 2022–2024 energy crisis. The research methodology is based on a comparative analysis of different countries’ responses to crisis phenomena, a structural-functional analysis of institutional mechanisms for managing budget expenditures, and the systematization of budget financing models. As a result of the study, four basic models of budget management were identified: the State control and strategic planning model, the decentralized planning with coordination model, the international coordination and assistance model, and the hybrid model, each of which possesses specific characteristics, advantages, and limitations depending on the country’s institutional context. A critical analysis identified significant limitations to the direct adoption of international practices in Ukraine, caused by the ongoing war, economic crisis, weak institutional capacity, the absence of traditions in program-targeted budgeting, high levels of corruption, and a shortage of qualified personnel. Based on the systematization of international experience, a conceptual model of a hybrid budget management system for Ukraine was developed, integrating adapted elements of all basic models and providing for long-term strategic planning over 5–10 years, three-year medium-term planning with scenario-based budgets, decentralized expenditure management, and mechanisms for public engagement and transparency. The proposed model is characterized by phased implementation over 1–10 years, with an expected increase in the efficiency of budget resource utilization, creating preconditions for balancing the short-term needs of crisis response with the long-term objectives of structural development of the economy. The practical significance of this research lies in the potential application of its findings by the State authorities of Ukraine in the development of strategic documents in the field of budget policy, the reform of public expenditure management systems, and the preparation of programs to secure international financial assistance for post-crisis recovery.
The article examines the evolution of the concept of Integrated Information Security Systems (IISS) in the context of the digital transformation of the public sector, modernization of the national cybersecurity framework, and harmonization of Ukrainian legislation with international information security standards. The study reveals the relationship between classical approaches to building IISS – based on mandatory certification of technical protection complexes – and the modern paradigm of risk-oriented security management introduced by the new Law of Ukraine No. 4336-IX “On Amendments to Certain Laws of Ukraine on the Protection of Information and Cybersecurity of State Information Resources and Critical Information Infrastructure Objects.” The research emphasizes the shift from a formal certification model to a process-oriented approach based on security profiles, risk management, continuous monitoring, and security auditing. Special attention is devoted to analyzing the potential of blockchain technologies in enhancing the resilience of state information systems against cyberattacks, insider threats, and unauthorized data modifications. The study substantiates the feasibility of using distributed ledgers to ensure the immutability, authenticity, transparency, and accountability of information processes. It is determined that blockchain can serve as an innovative component of the modern IISS architecture, complementing cryptographic protection mechanisms, access control, user activity auditing, and event monitoring. A conceptual model of blockchain integration into the traditional structure of IISS is proposed, forming a new trust ecosystem within state information resources. The combination of technological innovation with the legal requirements of Law No. 4336-IX creates a foundation for improving the effectiveness of the national cybersecurity system. The purpose of the study is to substantiate the scientific, methodological, and technological directions for the modernization of Ukraine’s Integrated Information Security Systems through the integration of blockchain technologies in protecting state information resources in accordance with current legislation and international standards ISO/IEC 27001, ISO/IEC 27701, and GDPR.