Regulation Practices of Decentralized Money Circulation: Global Experience and Implementation Opportunities in Ukraine

The relevance of the article is determined by the transformation of monetary circulation under the influence of digital technologies, leading to its decentralization and consequently requiring the development of new regulatory approaches. In Ukraine, the issue of harmonizing national legislation with international standards is particularly relevant, given the chosen vectors of economic development. The aim of the article is to outline global practices of regulating decentralized monetary circulation and to assess the prospects for implementing existing developments in Ukraine considering the need for harmonization with global standards and threats. The article systematizes the stages of the development of monetary circulation decentralization: from the spread of the Internet and e-commerce in the late 1990s to the current integration of artificial intelligence, biometrics, and CBDC. The differences between digital currencies and assets are analyzed, which are changing the traditional financial architecture, reducing the role of centralized intermediaries. Considering global scientific achievements related to the substantiation of risks associated with the use of digital currencies and digital assets, the high volatility of the FinTech market, and its insufficient regulation, there is a justified need to transform existing regulatory models. The international approaches to regulating decentralized monetary circulation, particularly in the USA and EU markets, are highlighted. It is noted that effective regulation requires taking into account global standards such as DORA, MiCAR, and G7 principles, adapted to national peculiarities. In Ukraine, processes are ongoing to establish a normative framework for regulating decentralized monetary circulation, indicating the need to strengthen infrastructure and digital literacy. In conclusion, it is emphasized that harmonizing regulatory approaches will contribute to Ukraine’s integration into the global financial space, ensuring a balance between innovation, stability, and protection for market participants.