LEGAL REGULATION OF THE CRYPTOCURRENCY MARKET AS AN ELEMENT OF INNOVATIVE MONETARY CIRCULATION

The article examines the legal aspects of regulating the cryptocurrency market as an element of innovative monetary circulation. Particular attention is paid to studying the impact of digital technologies, such as blockchain, artificial intelligence, tokenization and Internet platforms on the development of monetary policy. In the context of studying the state regulation of cryptocurrency in Ukraine, an analysis of national legislation and international experience was conducted in order to determine ways to improve the regulatory framework. The main approaches to introducing the practice of regulating the cryptocurrency market were identified. The stages of the historical development of legal regulation of cryptocurrency in Ukraine and the evolution of monetary policy were systematized and identified. The legal status of cryptocurrencies in Ukraine and the world, the features of their regulatory regulation, taxation, licensing and protection of the rights of market participants were analyzed. The need to create an effective regulatory framework to minimize the risks associated with cryptocurrency transactions, including money laundering and terrorist financing, was substantiated. The prospects for legislative initiatives in Ukraine aimed at regulating the circulation of cryptocurrencies and their impact on the country's economy were outlined. The adoption of a special law “On the Cryptocurrency Market in Ukraine” is proposed, which would determine the legal status of the cryptocurrency market and establish basic regulatory requirements. The need to develop regulations on the activities of cryptocurrency exchanges, including licensing conditions and mechanisms for state control over their activities, is proven. The need to amend the Code of Ukraine on Administrative Offenses and the Criminal Code of Ukraine to establish liability for offenses in the field of cryptocurrency circulation is determined. The work emphasizes the importance of legal regulation in the context of international experience and highlights the challenges faced by the state in creating a favorable legal environment for the development of cryptocurrency business

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Publication Details

Journal
Economies Horizons
Published
2024-12-06
DOI
https://doi.org/10.31499/2616-5236.4(29).2024.317109
Primary Topic
Economic and Technological Developments in Russia
Type
article
Field-Weighted Citation Impact
0.00
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article

LEGAL REGULATION OF THE CRYPTOCURRENCY MARKET AS AN ELEMENT OF INNOVATIVE MONETARY CIRCULATION

Ірина Заїчко, Liudmyla Bohrinovtseva, Vladyslava Zaichko
Economies Horizons
Economic and Technological Developments in Russia
article

LEGAL REGULATION OF THE CRYPTOCURRENCY MARKET AS AN ELEMENT OF INNOVATIVE MONETARY CIRCULATION

Ірина Заїчко, Liudmyla Bohrinovtseva, Vladyslava Zaichko
article en

Abstract

The article examines the legal aspects of regulating the cryptocurrency market as an element of innovative monetary circulation. Particular attention is paid to studying the impact of digital technologies, such as blockchain, artificial intelligence, tokenization and Internet platforms on the development of monetary policy. In the context of studying the state regulation of cryptocurrency in Ukraine, an analysis of national legislation and international experience was conducted in order to determine ways to improve the regulatory framework. The main approaches to introducing the practice of regulating the cryptocurrency market were identified. The stages of the historical development of legal regulation of cryptocurrency in Ukraine and the evolution of monetary policy were systematized and identified. The legal status of cryptocurrencies in Ukraine and the world, the features of their regulatory regulation, taxation, licensing and protection of the rights of market participants were analyzed. The need to create an effective regulatory framework to minimize the risks associated with cryptocurrency transactions, including money laundering and terrorist financing, was substantiated. The prospects for legislative initiatives in Ukraine aimed at regulating the circulation of cryptocurrencies and their impact on the country's economy were outlined. The adoption of a special law “On the Cryptocurrency Market in Ukraine” is proposed, which would determine the legal status of the cryptocurrency market and establish basic regulatory requirements. The need to develop regulations on the activities of cryptocurrency exchanges, including licensing conditions and mechanisms for state control over their activities, is proven. The need to amend the Code of Ukraine on Administrative Offenses and the Criminal Code of Ukraine to establish liability for offenses in the field of cryptocurrency circulation is determined. The work emphasizes the importance of legal regulation in the context of international experience and highlights the challenges faced by the state in creating a favorable legal environment for the development of cryptocurrency business

Economies Horizons(4(29))
National Academy of Engineering (US)
Openalex Percentile: Top 51%
Economic and Technological Developments in Russia
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