Abstract
The article deals with an important and relevant topic – the definition of the concept and essence of cryptocurrencies, the study of the problems of their legal regulation, the rationale for control over their turnover, as well as the analysis of ways to counter money laundering that involves cryptocurrency. The authors emphasize that measures taken exclusively at the state level are not enough to create an effective, integrated and comprehensive system for regulating the legal status of cryptocurrencies. Therefore, international cooperation and the strengthening of cooperation between various states in the field of cryptocurrency regulation is important. The authors analyze the scientific doctrine regarding the essence of cryptocurrency. It was found out that there was no single approach to the definition of “cryptocurrency” among scientists. Moreover, cryptocurrencies in various laws of the world have different status. The authors used general scientific and special scientific methods, which provided an objective analysis of the purpose of the study. The research methods were used in interconnection and interdependence, which ensured the comprehensiveness and completeness of the research, as well as the validity of the obtained scientific results. The authors have determined states where cryptocurrency has an official status, is at the initial stage of legal regulation or completely prohibited at the state level. The relevance of the research consists in the actual absence of the legal framework for the regulation of cryptocurrencies, which is conditioned by the novelty of this phenomenon and the problems related to its functioning. The authors proposed their own definition of cryptocurrency based on its main features.
Highlights
The constant development of the market leads to the emergence of new financial instruments, goods, products and monetary surrogates, one of which is a cryptocurrency
The authors emphasize that it is a matter of time to determine ways to solve the identified problems, but there is no strategy to address the shortcomings of the cryptocurrency market
The authors want to note that the legal regulation of cryptocurrencies in Ukraine faces many problems, namely, the functioning of such a market is characterized by the presence of price risks in various industries and spheres of activity
Summary
The constant development of the market leads to the emergence of new financial instruments, goods, products and monetary surrogates, one of which is a cryptocurrency. The emergence of a new financial instrument necessitates the determination of the legislative regulation of this phenomenon and the definition of its legal status, which determines the relevance of this research. The aim of the article is to study and analyze the legal regulation of cryptocurrencies, which will allow for a more detailed study of the digital currency market in order to ensure the financial and digital security of Ukraine. Banking experts call the cryptocurrency "World Financial Pyramid" or "suspicious currencies." There is no common opinion among individuals. There are opponents of this phenomenon, who consider cryptocurrency a financial scam. Individuals and legal entities have the freedom to choose to use or not to use cryptocurrency in commodity-
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