The current trends of the development of the domestic crypto sector in the conditions of the martial law

Abstract

The threats and challenges facing the digital economy is facing in wartime conditions have been updated. The priorities for the development of the domestic crypto sector have been determined. The place and role of the domestic crypto sector in the global financial system is outlined. The basical norms of the Law of Ukraine “On Virtual Assets” have been analyzed. Based on the analysis of this law, the conceptual approaches to cryptocurrencies, laid down in the current legislation, are revealed. The methodological principles of functional activity and achievements of domestic startups, their place in the system of digital economy are defined. The role, significance and possibilities of crypto-assets as systemic humanitarian aid and additional financing for the support of the Armed Forces of Ukraine were detailed. The attention is focused on the provisions of the unified EU Law “Markets in cryptoassets” (MiCA) and its features are revealed through the prism of the functioning of the global digital market. The goal experience of France with the aim of strengthening regulatory requirements for crypto companies and crypto exchanges is detailed. The experience of the policy of cooperation and the construction of a criminal ecosystem of relations between the crypto exchange “Binance” and the Iranian “Nobitex” is summarized. The method of evasion of sanctions was revealed using the example of the Iranian crypto exchange “Nobitex” in 2022. The potential mechanisms of using virtual assets and cryptocurrencies in order to circumvent sanction pressure by the aggressor state are considered. The modern best practices of foreign regulatory experience in the sphere of virtual assets (UAE, USA) have been determined. A forecast of the future development of the global crypto industry is provided. The directions for further improvement of the national sphere of the crypto industry have been determined. The directions of the development of the national cryptosector are outlined, taking into account the novelties of domestic legislation in this area and the expediency of accelerating the implementation of EU regulatory requirements (the MiCA Law) into Ukrainian realities.