NORMATIVE AND LEGAL REGULATION OF THE MARKET CRYPTOCURRENCY AND ACTIVITIES OF CRYPTO EXCHANGE IN UKRAINE AND WORLDWIDE

Authors

  • Vitalii Levytskyi dr.sc.(hist.), assoc. prof., associate professor at the department of economics and finance, Ternopil Ivan Puluj National Technical University
  • Serhii Radynskyi сand.sc.(econ.), assoc. prof., associate professor at the department of economics and finance, Ternopil Ivan Puluj National Technical University
  • Sofiia Radynska student of the bachelor’s degree, University of Information Technologies and Management, Rzeszów (Poland)

DOI:

https://doi.org/10.37332/2309-1533.2023.3.4

Keywords:

cryptocurrency, cryptocurrency market regulation, virtual asset, digital economy, virtual assets, digital assets, civil rights object, money, means of payment, crypto market, law, bill, adaptation, financial circulation.

Abstract

Levytskyi V.O., Radynskyi S.V., Radynska S.S. NORMATIVE AND LEGAL REGULATION OF THE MARKET CRYPTOCURRENCY AND ACTIVITIES OF CRYPTO EXCHANGE IN UKRAINE AND WORLDWIDE

Purpose. The aim of the article is the determination of the normative and legal regulation of the cryptocurrency market, operations with cryptocurrencies; study of the main draft laws on the regulation of legal relations related to such assets; analysis of the activity of crypto exchanges in Ukraine and the world, prospects and possibilities of state control over trading operations as well as financial operations; studying the peculiarities of legal regulation and approaches to cryptocurrency.

Methodology of research. The methodological basis of the article is an ordered system of general scientific methods of cognition, scientific deduction and induction, a method of comparison, abstraction and synthesis. Along with this, general scientific methods of research and special methods of scientific and legal knowledge were used in the article: descriptive and analytical, creative and critical, economic analysis.

Analytical and synthetic, comparative and legal, hermeneutic, imitative and prognostic, phraseological methodological approaches are applied. This made it possible to find out the possibilities and legality of using virtual assets in entrepreneurial activity in Ukraine and the world; to analyse and compare the content of norms of international acts and norms that reflect the specifics of the legislative regulation of relevant relations; determine the prospects for legal regulation of the use of virtual assets; formulate conclusions, recommendations and suggestions.

Findings. The development of the cryptocurrency market was considered. The essence of the main concepts and compliance with the rules in the field of normative and legal regulation of the cryptocurrency market and the activities of crypto exchanges in Ukraine and the world were studied. Features of the unification and consolidation of the legal regulation of crypto exchanges at the national and international levels are revealed. Ways of implementing regulatory and legal mechanisms for the stimulation and development of the cryptocurrency system in Ukraine at the current stage of economic development are proposed.

Originality. An analysis of the legislation of Ukraine was conducted and the experience of foreign countries in the field of legal control over trading operations with cryptocurrencies and activities of crypto exchanges was substantiated for implementation in domestic practice. It is proposed to finalize the legislative framework for the regulation of the cryptocurrency market and the activity of crypto exchanges in Ukraine.

Practical value. The results of the conducted research can become the basis for further scientific investigations regarding the normative and legal regulation and use of cryptocurrencies, the functioning of crypto exchanges in Ukraine for the harmonization and unification of legal norms at the national and international levels.

Key words: cryptocurrency, cryptocurrency market regulation, virtual asset, digital economy, virtual assets, digital assets, civil rights object, money, means of payment, cryptocurrency, crypto market, law, bill, adaptation, financial circulation.

References

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Published

2023-12-06

Issue

No. 3 (2023): INNOVATIVE ECONOMY

Section

Economy and innovative development of the national economy

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How to Cite

“NORMATIVE AND LEGAL REGULATION OF THE MARKET CRYPTOCURRENCY AND ACTIVITIES OF CRYPTO EXCHANGE IN UKRAINE AND WORLDWIDE”. INNOVATIVE ECONOMY, no. 3, Dec. 2023, pp. 38-43, https://doi.org/10.37332/2309-1533.2023.3.4.