Green finance has emerged as a transformative mechanism for achieving sustainable economic development by integrating environmental sustainability with financial decision-making. The increasing challenges posed by climate change, environmental degradation, and resource depletion have encouraged governments, financial institutions, and private investors to allocate capital toward environmentally sustainable projects. Green finance encompasses financial instruments such as green bonds, green loans, sustainability-linked loans, ESG (Environmental, Social, and Governance) investments, climate finance, and carbon financing that promote low-carbon and climate-resilient economic growth. This paper reviews recent developments in green finance and examines its contribution to sustainable economic development through a systematic review of contemporary literature. The study analyzes the evolution of green financial instruments, policy frameworks, investment trends, and their impact on economic growth, renewable energy development, environmental protection, employment generation, and financial inclusion. The paper further discusses the challenges hindering green finance implementation, including regulatory inconsistencies, greenwashing, limited disclosure standards, inadequate investor awareness, and financing constraints in developing economies. The review also highlights the role of technological innovations such as artificial intelligence, blockchain, fintech, and big data analytics in improving transparency, risk assessment, and investment efficiency in green financial markets. Based on recent empirical evidence, the paper concludes that green finance significantly contributes to sustainable development by encouraging environmentally responsible investments while supporting long-term economic resilience. Finally, policy recommendations and future research directions are proposed to strengthen global green financial ecosystems and accelerate progress toward the United Nations Sustainable Development Goals (SDGs).
The article presents a comprehensive analysis of the legal framework for public procurement in Ukraine and the European Union through the lens of balancing transparency requirements with the protection of confidential commercial information. The key principles of the Law of Ukraine “On Public Procurement” and Directive 2014/24/EU, which establish the foundations of equal treatment, non-discrimination, proportionality, and procedural openness, are examined. The practical outcomes of the Prozorro electronic procurement system are analyzed; since its launch, the system has saved over USD 8.7 billion in public funds and increased the number of bidding participants from 14,000 to 140,000. The main corruption risks at various stages of the procurement cycle are systematized – from planning and needs formulation to tender evaluation and contract execution. Based on an analysis of international studies using the Analytic Hierarchy Process (AHP) and principal-agent theory, it is established that tender evaluation is the most corruption-prone stage, with information asymmetry being the key factor. It is shown that under martial law conditions, simplified procurement mechanisms necessary for operational efficiency simultaneously expand the space for abuse. The feasibility of applying zero-knowledge proof (ZKP) protocols as a cryptographic instrument that enables combining public verification of participants’ compliance with qualification requirements while preserving the confidentiality of their commercial data is substantiated. The main classes of ZKP – interactive protocols, zk-SNARKs, zk-STARKs, and Bulletproofs – their properties, trade-offs, and practical applications in financial compliance, identity verification, and anonymous whistleblowing systems are examined in detail. Specific scenarios for integrating ZKP into public procurement procedures are considered: proof of financial capacity without disclosing reporting details, confirmation of the absence of conflicts of interest based on encrypted registry data, verification of the correctness of electronic auction results, and authentication of the supply chain. Key implementation barriers are identified: regulatory recognition of cryptographic proofs as equivalents to traditional documents, technical complexity and institutional capacity, performance and scalability concerns, legal liability for protocol errors, and compliance with GDPR requirements. A phased model for integrating ZKP into the Prozorro infrastructure is proposed, and recommendations for necessary legislative and institutional changes are formulated, including updating the Public Procurement Reform Strategy for 2024–2026, establishing independent cryptographic audit mechanisms, and developing methodological guidelines for contracting authorities.
The article presents a comprehensive analysis of the legal framework for public procurement in Ukraine and the European Union through the lens of balancing transparency requirements with the protection of confidential commercial information. The key principles of the Law of Ukraine “On Public Procurement” and Directive 2014/24/EU, which establish the foundations of equal treatment, non-discrimination, proportionality, and procedural openness, are examined. The practical outcomes of the Prozorro electronic procurement system are analyzed; since its launch, the system has saved over USD 8.7 billion in public funds and increased the number of bidding participants from 14,000 to 140,000. The main corruption risks at various stages of the procurement cycle are systematized – from planning and needs formulation to tender evaluation and contract execution. Based on an analysis of international studies using the Analytic Hierarchy Process (AHP) and principal-agent theory, it is established that tender evaluation is the most corruption-prone stage, with information asymmetry being the key factor. It is shown that under martial law conditions, simplified procurement mechanisms necessary for operational efficiency simultaneously expand the space for abuse. The feasibility of applying zero-knowledge proof (ZKP) protocols as a cryptographic instrument that enables combining public verification of participants’ compliance with qualification requirements while preserving the confidentiality of their commercial data is substantiated. The main classes of ZKP – interactive protocols, zk-SNARKs, zk-STARKs, and Bulletproofs – their properties, trade-offs, and practical applications in financial compliance, identity verification, and anonymous whistleblowing systems are examined in detail. Specific scenarios for integrating ZKP into public procurement procedures are considered: proof of financial capacity without disclosing reporting details, confirmation of the absence of conflicts of interest based on encrypted registry data, verification of the correctness of electronic auction results, and authentication of the supply chain. Key implementation barriers are identified: regulatory recognition of cryptographic proofs as equivalents to traditional documents, technical complexity and institutional capacity, performance and scalability concerns, legal liability for protocol errors, and compliance with GDPR requirements. A phased model for integrating ZKP into the Prozorro infrastructure is proposed, and recommendations for necessary legislative and institutional changes are formulated, including updating the Public Procurement Reform Strategy for 2024–2026, establishing independent cryptographic audit mechanisms, and developing methodological guidelines for contracting authorities.
Information and Communication Technologies such as blockchain can significantly contribute to achieving the Sustainable Development Goals (SDGs). Without a doubt, blockchain, as one of the most valuable technological advancements, has been introduced over the past decade and has played a significant role in the industrial revolution. Blockchain technology is progressively taking over the business world. Blockchain as a disruptive technology and a driver for social change has exhibited great potential to promote sustainable practices and help organizations and governments achieve the United Nations’ Sustainable Development Goals (SDGs). The emergence of other technologies derived from blockchain, such as decentralized finance (DeFi) and the Metaverse, has fundamentally transformed people’s daily lives and profoundly impacted future versions of digital businesses. The Blockchain technology revamped several industries, including Real Estate, Healthcare, Education, and Legal industry to name a few. It opened new doors of opportunities and profit for the entrepreneurs and established brands. The paper's main contribution is to advance knowledge about the role of blockchain for economic and sustainable development in countries of the world. Grounded in the innovation forecasting literature, this paper explores blockchain-based innovations and research in the context of economic and sustainable development.
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.
This study substantiates blockchain analytics as a specialized expert tool for detecting the legalization of criminal proceeds under wartime conditions. The purpose is to systematize the methodological foundations of distributed ledger forensics and develop a conceptual model for its integration into Ukraine’s financial monitoring system. The implementation involves a comparative analysis of scholarly sources and a review of international regulatory standards in the field of anti-money laundering. Graph neural networks ensure an accuracy of 91 to 96 percent in detecting illicit transactions, and the dominant schemes for laundering wartime proceeds are sanctions arbitrage through stablecoins, fund mixing, and DeFi-based legalization through decentralized protocols. The immutability of records in the distributed ledger creates a unique evidentiary environment that enables retrospective analysis of transaction chains even after laundering operations have been completed. The findings confirm the necessity of fully implementing FATF Recommendation 15 and establishing specialized crypto-forensics units within the structure of domestic law enforcement agencies. The proposed four-level model, encompassing data collection, graph analysis, scheme identification, and evidence formation, defines a practical path toward standardizing crypto-forensics in domestic forensic expert practice and improving the effectiveness of financial investigations.
Open access
Business and Economic Development
Legal, Health, Environmental and COVID-19 Challenges
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.
In the context of developments in the field of financial technology, cryptocurrencies, emerging as a new asset class, have garnered significant attention in financial markets in recent years, attracting investors, researchers, and regulators, and leading to numerous publications. Bibliometric studies evaluate these publications based on criteria such as the number of publications, their quality, the countries of publication, authors, and journals. This study aims to perform a bibliometric analysis of the academic literature available in the Web of Science (WoS) database, focusing on the volatility of cryptocurrency prices. It analyzes the magnitude and development of academic interest in this field, along with key words, the most cited works, and research trends, in an effort to determine the density of studies, their impact areas, and the academic networks that have emerged in this field. Based on the general findings, it is observed that the number of studies has been on an increasing trend over the years, and that the publications are predominantly in the field of Business Economics. Moreover, it has been found that publications are mainly in finance journals. In terms of network maps, the findings suggest a moderate level of collaboration among authors, with the United Kingdom and the People's Republic of China occupying central positions in international collaboration. In terms of citations, authors such as Lucey, and Katsiampa, Paraskevi, have emerged as prominent figures in the fields of cryptocurrencies and volatility. Regarding key words, terms like 'cryptocurrency', 'cryptocurrencies', 'volatility', and 'bitcoin' are predominantly used in these studies." Keywords: cryptocurrencies, bitcoin, volatility, bibliometric analysis
Ulugmurodov Farkhod Fakhriddinovich, Hasanov Anvar Erkinovich, Abduvakhobov Feruzbek Abdurakhmonovich
This article comprehensively analyzes the formation, stages of development and the impact of cryptocurrencies on the modern economy. In particular, the transformation processes that have occurred in the financial system with the emergence of digital assets such as Bitcoin and Ethereum are studied. The study highlights the role of blockchain technology in transparency, security and reducing transaction costs. It also assesses the role of cryptocurrencies as an investment tool, their impact on monetary policy, and their impact on stability and risk factors in global financial markets. The article also examines the mechanisms for regulating cryptocurrencies based on the experience of different countries, and substantiates their positive and negative effects on economic development. The results of the study serve to draw scientific conclusions on the effective use of cryptocurrencies in the digital economy.
У статті досліджено економічний потенціал блокчейн-технологій як інструменту протидії глобальним змінам клімату. Проаналізовано реальний екологічний вплив криптовалют, зокрема порівняно енергоспоживання мереж Bitcoin та Ethereum після переходу на Proof-of-Stake. Розглянуто механізми токенізації вуглецевих кредитів, роль децентралізованих фінансів (DeFi) та децентралізованих автономних організацій (DAO) у кліматичному фінансуванні. Висвітлено практичні кейси застосування блокчейну в секторі відновлюваної енергетики та ризики грінвошингу. Окремо проаналізовано внесок вітчизняних науковців у дослідження впливу блокчейну на екологічну стійкість та формування «зеленої» цифрової економіки в Україні. Визначено перспективи інтеграції штучного інтелекту та Web3-технологій у кліматичні ініціативи до 2030 року.
The article examines the role of digital transformation as a key factor in strengthening the economic and legal resilience of Ukrainian cities in the context of global competition, governance decentralization, and unprecedented geopolitical challenges. It is substantiated that the digitalization of municipal governance is becoming an important tool for increasing the adaptability of local economic systems, ensuring the continuity of public services, and creating a transparent legal environment for business activities. Particular attention is paid o the concept of “digital legal immunity,” which is defined as an integrated system of technological, organizational, and regulatory mechanisms aimed at ensuring the protection, autonomy, and stability of critical municipal data and information infrastructure. The study analyzes the impact of modern digital instruments, including cloud-based registries, automated electronic document management systems, blockchain solutions in property and land relations, and digital platforms for interaction between public authorities, businesses, and citizens. It is demonstrated that the implementation of such tools contributes to reducing transaction costs, lowering administrative barriers, increasing transparency in governance procedures, and minimizing corruption risks. The paper argues that the integration of digital technologies into local regulatory development programs, particularly within initiatives such as “Digital City” and “Digital Community,” helps create a predictable regulatory environment, stimulates capital circulation, and enhances the investment attractiveness of territories. Based on the analysis of digitalization practices in leading Ukrainian cities (Kryvyi Rih, Dnipro, Ternopil, Uzhhorod, Vinnytsia, Lviv, and Kharkiv), the study systematizes strategies for the capitalization of digital assets and identifies their impact on the economic and legal sustainability of urban systems. Three key levels of institutional support for digital transformation are distinguished: strategic planning and regulatory legitimization of digital initiatives; the creation of local regulatory sandboxes for testing innovative technological solutions; and the regulation of digital interaction between local authorities, residents, and business entities. It is proven that under decentralization conditions, digitalization gradually transforms the city into an autonomous digital governance entity capable of responding promptly to external challenges, mitigating the risks associated with centralized management systems, and ensuring the uninterrupted functioning of municipal services even during crisis or wartime conditions. The obtained results highlight the systemic role of digital transformation in strengthening the economic and legal resilience of Ukrainian cities and outline promising directions for further research related to the quantitative assessment of the impact of digital platforms on governance risks, investment attractiveness, and the stability of local economies.
Abstract The rapid digitalization of financial systems has significantly transformed the landscape of anti-money laundering (AML) frameworks, reshaping both the opportunities for financial innovation and the risks associated with illicit financial flows. While technological advancements such as cryptocurrencies, artificial intelligence (AI), blockchain technology, and fintech innovations have enhanced operational efficiency, transaction speed, and financial inclusion, they have simultaneously introduced complex vulnerabilities that can be exploited for money laundering and related financial crimes. These developments challenge the adequacy of traditional AML mechanisms, which were primarily designed for centralized and institution-based financial systems. This paper critically examines the evolution of AML frameworks, tracing their development from rule-based and compliance-driven approaches to more dynamic, risk-based, and technology-enabled systems. It explores how digital transformation has altered the typologies of money laundering, enabling increasingly sophisticated methods such as the use of decentralized finance (DeFi), mixing services, and cross-platform transactions that obscure financial trails. The study further analyzes key challenges arising in the digital era, including the pseudonymity and anonymity of digital assets, the speed and scale of cross-border transactions, regulatory fragmentation across jurisdictions, and limitations in data integration and information sharing. Additionally, it highlights the growing tension between effective AML enforcement and the protection of individual privacy and data rights. A central focus of the paper is the identification of critical regulatory gaps, particularly in the governance of digital assets, the lack of harmonized international standards, insufficient oversight of emerging financial technologies, and weaknesses in beneficial ownership transparency. These gaps reduce the effectiveness of AML regimes and create opportunities for regulatory arbitrage. The paper concludes by proposing a set of policy recommendations aimed at strengthening global AML compliance. These include enhancing international coordination, adopting advanced technological tools for monitoring and detection, developing comprehensive regulatory frameworks for digital assets, and promoting a balanced approach that safeguards both financial integrity and individual rights. Ultimately, the study argues that adaptive, technology-driven, and globally coordinated AML strategies are essential to effectively combat money laundering in the evolving digital financial ecosystem.
The rapid development of financial technologies and the spread of blockchain infrastructure have contributed to the emergence of new digital financial assets, among which stablecoins hold an important place. Unlike traditional cryptocurrencies, they are characterized by relative price stability, which is ensured by pegging to fiat currencies, commodity assets, or the use of algorithmic mechanisms for regulating token supply, creating conditions for their use in payment systems, international settlements, and decentralized financial services. The aim of the article is to study the economic essence of stablecoins, determine their role in modern payment systems, and analyze trends in the development of the stable digital asset market based on an assessment of their market capitalization. In the course of the research, general scientific and specialized methods of scientific knowledge were used, in particular methods of system analysis, generalization, comparative analysis, and structural study of the crypto-asset market. The article examines approaches to the classification of stablecoins depending on the type of their backing, in particular fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins. The main directions of the use of stablecoins in the modern financial infrastructure are identified, including cryptocurrency exchanges, decentralized finance platforms, and cross-border payments. A comparative analysis of traditional payment systems and payment systems based on stablecoins was carried out, which made it possible to determine their advantages in transaction speed, global accessibility, and reduction of transaction costs. Special attention is paid to the analysis of the market structure of stablecoins. It was found that at the beginning of 2026, the total capitalization of this segment exceeds USD 300 billion, which indicates its rapid growth. At the same time, the market is characterized by a high level of capital concentration, as more than 80% of its volume is concentrated in the two largest stablecoins, namely USDT and USDC. As a result of the study, it was concluded that stablecoins are gradually transforming from an auxiliary tool of cryptocurrency trading into an important element of the global payment infrastructure. A further development of this segment will depend on the improvement of regulatory mechanisms, increased transparency of reserve backing, and the integration of stablecoins into the traditional financial system.
Type of the article: Research ArticleAbstractThe freelance economy opens new ways for direct interaction between freelancers and customers without intermediaries. This study aims to systematize the forms of the freelance economy in the context of Industry 5.0. A structured review methodology focusing on technological progress and human-centric solutions of the freelance economy is used. Freelancing and Industry 5.0 are closely intertwined and complement each other, forming new economic models and work processes. Their relationship lies in the combination of technological development and human creativity, which allows for the formation of efficient and flexible economic structures. Personalization and customization of consumption within Industry 5.0 promote the freelancing (individualization) of the production sphere, building a win-win strategy both for consumers and producers. Freelancing economy focuses on information processing of work, enables remote communications, promotes creativity of work, provides opportunities for the synergistic combination of human cognitive abilities with AI, ensures the development of personalization and customization of consumption, and contributes to the social development of workers. The structure of the forms of the freelance economy is characterized by the integration of decentralized financial systems, the use of artificial intelligence and blockchain, and the transition to new forms of labor organization based on global digital platforms and self-regulated organizations. One of the key barriers to the freelance economy is the lack of legal regulation of cryptocurrencies and decentralized autonomous organizations (DAOs), as well as the associated cybersecurity risks. To summarize, the significance lies in creating a more adaptive, flexible, and decentralized labor market that meets the challenges of today’s digital world.AcknowledgmentsThis research was funded by a grant “Fundamental grounds for Ukraine’s transition to a digital economy based on the implementation of Industries 3.0; 4.0; 5.0” (No. 0124U000576) and “Digital transformations to ensure civil protection and post-war economic recovery in the face of environmental and social challenges” (No. 0124U000549). 
This paper investigates the resilience and dynamic behavior of energy-conserving cryptocurrencies (ECCs) during two major global crises: the COVID-19 pandemic and the Russia–Ukraine conflict. Unlike traditional proof-of-work (PoW) assets, ECCs—primarily proof-of-stake (PoS) and low-energy blockchain tokens—are increasingly promoted as sustainable digital alternatives. Using a balanced panel of major ECCs across 10 countries with cryptocurrency markets from January 2019 to December 2023, we apply a panel ARDL–PMG model combined with panel causality tests and structural break analysis to examine the long- and short-run effects of global uncertainty on ECC returns and volatility. Our findings show that ECCs exhibit stronger crisis resilience compared with high-energy cryptocurrencies, with limited long-run exposure to pandemic shocks but moderate sensitivity to geopolitical tensions following the Russia–Ukraine conflict. COVID-19 uncertainty has a short-run negative pressure on ECC markets, whereas geopolitical risk (GPR) driven by the conflict generates asymmetric responses. Cross-country results reveal that ECC markets in technologically advanced, energy-transition economies (EU, Singapore, UAE) exhibit greater stability than those in emerging markets. These findings highlight the potential role of ECCs in sustainable finance, offering policymakers, investors, and regulators insights into the feasibility of promoting energy-efficient digital assets amid extreme global uncertainty.
Abstract Money laundering is one of the most insidious and sophisticated threats to the integrity of worldwide financial systems. With criminals increasingly employing sophisticated methods to disguise the origin of ill-gotten gains, formal and informal financial structures are acutely exposed to abuse. This chapter discusses the underlying mechanisms and stages of the laundering process—placement, layering, and integration. It discusses the profound interlinkages between money laundering and other criminal activities, such as drug trafficking, terrorist financing, and kleptocracy, to establish its status as the fulcrum of world illicit economies. Economic consequences of illicit financial flows are carefully weighed, citing their role in undermining market integrity, facilitating capital flight, undermining tax systems, and exacerbating social inequality. Case studies, such as the FinCEN Files and the Danske Bank case, expose structural weaknesses in regulation and enforcement. An assessment of international legal mechanisms—such as the FATF Recommendations, EU AML Directives, and US PATRIOT Act—examines their efficacy, implementation, and cross-border cooperative frameworks. Key compliance tools such as know-your-customer (KYC), suspicious transaction reporting (STR), and beneficial ownership registers are evaluated in the context of the evolving role of financial intelligence units. Lastly, this chapter discusses the new challenges posed by digital finance, namely with regard to crypto-assets and decentralized finance platforms. It assesses the potential of regulatory technology, artificial intelligence, and blockchain analytics in strengthening enforcement measures. This chapter concludes with recommendations for reforms aimed at enhancing transparency, institutional coordination, and global financial resilience against laundering operations.
Crime, Illicit Activities, and Governance
Business and Economic Development
Legal, Health, Environmental and COVID-19 Challenges
The article is devoted to the development of a hybrid strategy for the innovative growth of the Ukrainian neobank Monobank through the integration of cryptocurrency services in the context of the draft law on cryptocurrency legalization under consideration in the Verkhovna Rada. The relevance of the study is determined by the need to diversify neobanks’ income sources amid market saturation and regulatory changes in the field of digital assets. The classification of Monobank as a neobank is substantiated according to the criteria of the European Banking Authority: a fully digital model without physical branches, a client-centric business model, its own technological platform, and a methodology for rapid product development. A SWOT analysis of the bank’s competitive position revealed an imbalance between opportunities and threats under martial law, cyber risks, and regulatory uncertainty. A comparative analysis of the crypto-strategies of international neobanks Revolut and Nubank confirmed the advantages of the intermediary role over issuing a proprietary token. Revolut’s success is based on phased integration and obtaining regulatory licenses, while Nubank’s failure with its own token demonstrates the risks of hasty decisions without a clear regulatory strategy. The concept of the Monobank Crypto Hub has been developed with a three-phase implementation: the first stage focuses on basic functionality with mandatory transaction limits and an educational module to minimize reputational risks; the second stage provides for expanded functionality through staking and premium subscription; the third stage includes a full ecosystem with crypto-deposits and integrations with decentralized finance protocols. Financial modeling demonstrates a gradual achievement of break-even with emphasis on managing operational and reputational risks. The practical value of the study lies in the formation of a concrete roadmap for crypto-integration for Ukrainian fintech companies.
Mykhailo Huz, Artur Oleksyn, Inna Kulko-Labyntseva
The article is devoted to the analysis of the application of cryptocurrency instruments in the diversification of investment portfolios. The study considers specific security risks, high market volatility, and behavioral instability of the digital financial environment. The cryptocurrency market is gradually integrating into the global financial architecture. It demonstrates sensitivity to central bank monetary policy, information flows, geopolitical crises, and technical failures of digital platforms. The purpose of the study is to develop an adaptive model for controlling the risks and volatility of digital assets within a diversified portfolio. The empirical basis was formed using market data for 2023–2025. The analysis covers the dynamics of Bitcoin, Ethereum, stablecoins, decentralized finance instruments, environmentally oriented crypto assets, traditional stock indices, gold-based instruments, and green bonds. The research methodology is based on correlation analysis, volatility spillover modeling, economic and mathematical calculations, Conditional Value at Risk, downside risk assessment, as well as the use of safe haven and portfolio stability indices. The results indicate that digital assets optimize the risk-return ratio only under conditions of limited exposure and regular rebalancing. Empirical data confirm the higher resilience of Bitcoin and stablecoins during banking and inflationary shocks. In contrast, decentralized finance tokens, NFT instruments, and meme coins generate substantial losses and high instability. Based on the obtained results, standard portfolio models were developed for conservative, balanced, institutional, and ESG-oriented investors. The highest stability indicators were recorded in hybrid structures and algorithmic balancing models. These models include automated rebalancing and a moderate share of Bitcoin, stablecoins, environmentally oriented crypto assets, and gold-based instruments. The practical significance of the study lies in the development of methodological recommendations for constructing resilient investment strategies under conditions of increased market instability.
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.
The development of network-type organizations is accompanied by the transformation of traditional management approaches, particularly the shift from centralized to distributed responsibility within business processes. Such transformation necessitates a reconsideration of management architecture, integrating responsibility into interconnected processes, roles, and digital environments. The study’s relevance stems from the need to enhance organizational flexibility, adaptability, and resilience in dynamic, uncertain environments. The purpose of the study is to identify mechanisms for implementing distributed responsibility in the architecture of business processes in modern network-type organizations, substantiate approaches to integrating it, and analyze its impact on the effectiveness of managerial decision-making and on interaction among process participants. The study applies systemic and process-based approaches, structural-functional analysis, business process modeling, comparative analysis of modern management practices, and the generalization of theoretical provisions on organizational design and decentralized management. It has been established that implementing distributed responsibility involves decomposing business processes into autonomous yet interconnected elements with clearly defined roles and areas of responsibility. The effectiveness of such a model is ensured through the use of digital platforms, horizontal coordination mechanisms, and transparent tools for monitoring task execution. It is substantiated that integrating decentralization principles leads to faster decision-making, greater employee engagement, and reduced managerial risk. The implementation of distributed responsibility in the architecture of business processes forms a new management paradigm focused on flexibility, adaptability, and collaborative interaction. The combination of a process-based approach with network principles of organizational activity enhances the efficiency of modern organizations and lays the groundwork for their sustainable development in the context of digital transformation.
Svetlana V. KRIVORUCHKO, Viktor L. DOSTOV, Irina A. RIZVANOVA
Subject. The decentralized finance (DeFi) ecosystem. Objectives. To identify the key features of its functioning based on an analysis of the DeFi ecosystem. Methods. The study applied general scientific methods, as well as generalized, object-subject, systems, process, and functional approaches, and conducted a structural analysis. Results. A decomposition of the DeFi ecosystem by levels has been carried out. Key features have been identified, including the absence of mandatory institutional separation of products, high flexibility of ecosystem interactions, a specific mechanism for liquidity generation, and hybridization with TradFi into a new type of high-level unified ecosystem. A mapping of levels, elements, and products has been developed. The analysis has also distinguished four analytical approaches: technological architecture, product environment, institutional composition, and hybrid solutions with TradFi. Conclusions. The DeFi ecosystem is characterized by high algorithmic connectivity and a weak institutional structure. Its operational features include technological neutrality, modularity, de-institutionalized interaction, and expansion towards TradFi. At the technological level, the DeFi ecosystem is vertical. At the product level, it is largely localized on the lower layers of the technology stack and is rather horizontal: various products interact without a pronounced hierarchy. The external ecosystem enables interaction with the traditional financial system. There is a clear trend towards increasing connectivity between DeFi and TradFi.
The article provides a comprehensive study of the systemic transformation of corporate governance in the context of global digitalization, characterized by the transition from hierarchical models to decentralized structures. It is substantiated that blockchain technology emerges as a new institutional foundation, where traditional bureaucratic verification mechanisms are replaced by algorithms based on cryptographic protocols. A particular emphasis is placed on the distinctions between public (permissionless) and private (permissioned) blockchain networks regarding the immutability of records. The study examines the concept of decentralized governance and the functional specifics of Decentralized Autonomous Organizations (DAOs), where operational logic and management regulations are implemented directly into the software code of smart contracts. This minimizes the influence of traditional administrative management and mitigates "single point of failure" risks. The theoretical framework of the work builds upon classical theories, such as Oliver Williamson’s "Transaction Cost Theory," Michael Jensen and William Meckling’s "Principal-Agent Theory," and the scholarly works of Harold Demsetz. Blockchain is analyzed as a tool that renders market exchange more economically viable than hierarchy. The author proposes an original interpretation of a multi-tier blockchain model for enterprise management, encompassing the infrastructure, network, consensus, data, and application layers. The essence of consensus algorithms (PoW, PoS, DPoS) is disclosed through the prism of management. Special attention is devoted to international experience in legal regulation and the processes of implementing these standards within the legislative framework of Ukraine. The economic effect and practical aspects of the study are analyzed through successful case studies of global corporations (IBM, Amazon, Oracle, Walmart, Nestlé) and Ukrainian business initiatives (TASCOMBANK, SETAM, Agroxy, Softengi). These cases demonstrate a significant reduction in verification costs, lower operating expenses, and increased transparency in supply chains. The transition to an innovative "Management-as-a-Service" paradigm is justified, where blockchain serves not merely as software but as a new firm architecture. Conclusions are drawn regarding a shift in the management ontology – moving from "governance by humans" to algorithmic "governance by code," which ensures data immutability, cyber resilience, and the possibility of real-time preventive risk monitoring. References: 1. Kuzmina, T. O., Berezovskyi, Yu., Kalinskyi, Ye., Arliukova, Yu., & Trofymchuk, A. (2024). 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