PROSPECTS FOR THE DEVELOPMENT OF THE GLOBAL CRYPTOCURRENCY MARKET

The rapid development of FinTech is transforming the modern economic system. Today, there are many areas of FinTech, of which cryptocurrencies deserve special attention. They became part of payment systems in a fairly short period of time, gaining wide popularity around the world. Despite difficulties with the legislative sphere, cryptocurrency is gaining leading positions in the global financial market. But not all countries have recognized it factually and legally, there are many obstacles to the legalization of cryptocurrency. The use of cryptocurrencies for criminal purposes as barter or payment for a service is quite common. It should be noted that the use of cryptocurrencies in personal finance is accompanied by a decrease in financial and investment security and an increase not only in profitability, but also in the risks of using the owner's investment portfolio. Disadvantages of the use of cryptocurrency mostly include: prohibition of the use of cryptocurrency by state institutions; after losing the password from the electronic wallet, the cryptocurrency owner can lose all virtual savings; the more complex the cryptocurrency algorithm, the more difficult it is to mine it at home; insecurity from cyber attacks; cryptocurrencies are not backed by the Deposit Guarantee Fund. The use of cryptocurrencies at the legislative level is just being formed in Ukraine and has a number of contradictions. The article is devoted to the definition of the main trends in the world of crypto currencies. At today's stage, there are many types of cryptocurrencies. Among the largest cryptocurrencies by capitalization are: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Monero, Litecoin, NEM, Augur, MaidSafeCoin and others. Also, the types of cryptocurrencies depend on the features of their mining, there are Bitcoin, Altcoin (Litecoin (LTC); Ethereum (ETH); Ripple (XRP) and Tokens (Ethereum; Omni; NEO; TRON. Today, the legal framework is insufficiently developed in most foreign countries and in Ukraine in particular. Therefore, international practice shows the existence of various options for regulating cryptocurrencies in the world. And it depends on what the legislator of one or another state understands by cryptocurrency: commodity, intangible asset, money, property (property), equivalent of property value, object of money transfers, means of payment or financial instrument, method of payment or exchange. In this state of consideration of the problem, the process of legalization of activity using cryptocurrencies becomes somewhat more complicated, and as a result, controversial issues arise regarding the taxation of operations related to cryptocurrencies.