MANAGEMENT PUBLIC FINANCE IN THE CONDITIONS OF DYNAMIC DEVELOPMENT OF THE TOKENIZED ECONOMY OF UKRAINE

Abstract

The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.