FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION
The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of t...
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| Format: | Article |
| Language: | English |
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FINTECH Alliance LLC
2023-09-01
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| Series: | Соціально-економічні відносини в цифровому суспільстві |
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| Online Access: | https://ser.net.ua/index.php/SER/article/view/508 |
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| author | Almagul Nurgaliyeva Mariia Blikhar Ruslan Oleksiv |
| author_facet | Almagul Nurgaliyeva Mariia Blikhar Ruslan Oleksiv |
| author_sort | Almagul Nurgaliyeva |
| collection | DOAJ |
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The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of the level of adoption of cryptocurrencies in the context of national policy. The meaning and characteristics of cryptocurrencies are revealed. Attention is focused on the problems of forming regulatory and normative needs in Ukrainian legislation. Systematized principles of legal support for taxation of transactions with cryptocurrency and prevention of the use of cryptocurrency for the purpose of legalizing income (money laundering). The trends of threats of cybercriminal content in cryptocurrency transactions are summarized and the main provisions of the government's plan to resolve the situation with cryptocurrency for 2023‒2024 are defined. Ways to improve the legal support of the cryptocurrency industry in Ukraine are outlined. The reasons and significance of the popularization of cryptocurrencies in Ukraine are determined. In particular, it was determined that one of the main elements of financial support for the circulation of cryptocurrencies is the legal framework that regulates the interaction between the participants of the cryptocurrency market. Legislation should define rules and norms of conduct, requirements for security and confidentiality of personal data, liability for violations of rules and other aspects of cryptocurrency circulation. Planned ways of further development of the Ukrainian crypto industry and improvement of its regulatory and legal regulation. It is substantiated that the financial and legal support of cryptocurrency circulation should include mechanisms for the protection of consumer rights, such as mechanisms for insurance, dispute resolution, and conflict resolution between market participants. Such mechanisms can help ensure interaction between market participants, increase the level of trust and ensure market stability.
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| format | Article |
| id | doaj-art-793db5df4655400d98e4b6a71ee47b2d |
| institution | OA Journals |
| issn | 2786-5800 2786-5819 |
| language | English |
| publishDate | 2023-09-01 |
| publisher | FINTECH Alliance LLC |
| record_format | Article |
| series | Соціально-економічні відносини в цифровому суспільстві |
| spelling | doaj-art-793db5df4655400d98e4b6a71ee47b2d2025-08-20T02:01:45ZengFINTECH Alliance LLCСоціально-економічні відносини в цифровому суспільстві2786-58002786-58192023-09-0134910.55643/ser.3.49.2023.508FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATIONAlmagul Nurgaliyeva0Mariia Blikhar1https://orcid.org/0000-0003-2974-0419Ruslan Oleksiv2PhD in Economics, DBA, Professor, Department of Management and Tourism, Kazakh University Of Technology and Business, Nur-Sultan, KazakhstanD.Sc. in Law, Professor, Head of the Department of Administrative and Informational Law, Institute of Jurisprudence, Psychology and Innovative Education, National University «Lviv Polytechnic», Lviv, UkraineStudent, Institute of Jurisprudence, Psychology and Innovative Education, National University «Lviv Polytechnic», Lviv, Ukraine The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of the level of adoption of cryptocurrencies in the context of national policy. The meaning and characteristics of cryptocurrencies are revealed. Attention is focused on the problems of forming regulatory and normative needs in Ukrainian legislation. Systematized principles of legal support for taxation of transactions with cryptocurrency and prevention of the use of cryptocurrency for the purpose of legalizing income (money laundering). The trends of threats of cybercriminal content in cryptocurrency transactions are summarized and the main provisions of the government's plan to resolve the situation with cryptocurrency for 2023‒2024 are defined. Ways to improve the legal support of the cryptocurrency industry in Ukraine are outlined. The reasons and significance of the popularization of cryptocurrencies in Ukraine are determined. In particular, it was determined that one of the main elements of financial support for the circulation of cryptocurrencies is the legal framework that regulates the interaction between the participants of the cryptocurrency market. Legislation should define rules and norms of conduct, requirements for security and confidentiality of personal data, liability for violations of rules and other aspects of cryptocurrency circulation. Planned ways of further development of the Ukrainian crypto industry and improvement of its regulatory and legal regulation. It is substantiated that the financial and legal support of cryptocurrency circulation should include mechanisms for the protection of consumer rights, such as mechanisms for insurance, dispute resolution, and conflict resolution between market participants. Such mechanisms can help ensure interaction between market participants, increase the level of trust and ensure market stability. https://ser.net.ua/index.php/SER/article/view/508cryptocurrencyfinancial securityInternetcryptocurrency exchangeseconomyprotection |
| spellingShingle | Almagul Nurgaliyeva Mariia Blikhar Ruslan Oleksiv FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION Соціально-економічні відносини в цифровому суспільстві cryptocurrency financial security Internet cryptocurrency exchanges economy protection |
| title | FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION |
| title_full | FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION |
| title_fullStr | FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION |
| title_full_unstemmed | FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION |
| title_short | FINANCIAL AND LEGAL PRINCIPLES OF CRYPTOCURRENCY MARKET REGULATION |
| title_sort | financial and legal principles of cryptocurrency market regulation |
| topic | cryptocurrency financial security Internet cryptocurrency exchanges economy protection |
| url | https://ser.net.ua/index.php/SER/article/view/508 |
| work_keys_str_mv | AT almagulnurgaliyeva financialandlegalprinciplesofcryptocurrencymarketregulation AT mariiablikhar financialandlegalprinciplesofcryptocurrencymarketregulation AT ruslanoleksiv financialandlegalprinciplesofcryptocurrencymarketregulation |