Issue: № 3/1, 2020
Doi: https://doi.org/10.37634/efp.2020.3(1).7
The purpose of the paper is to determine the financial and legal nature of cryptocurrency, its characteristic features, the history of cryptocurrency on the basis of domestic and foreign scientific intelligence, current legislation of Ukraine and foreign experience. Approaches to determining the nature of cryptocurrencies are available in the world and national practice. Research methods: documentary analysis and synthesis, comparative analysis, objective truth, cognitive-analytical, etc. The author analyzes the situation of determining the legal status of cryptocurrency in foreign countries and Ukraine, and substantiates the peculiarities of the application in the world practice of three basic approaches to regulation of the cryptocurrency market. The article presents a number of practical problems that determine the need to intensify the activity of the state on the legal regulation of cryptocurrency in Ukraine. Discussion: the analysis of the developments concerning the cryptocurrency market development was carried out, which made it possible to distinguish the relevant tendencies of its development in Ukraine for the future. The necessary determinants of implementation the efficient regulation approaches to the cryptocurrencies’ transactions and the ways of legislative base formation in Ukraine are shown. To our mind, the main steps for Ukrainian financial market regulators nowadays could be recognition of cryptocurrencies as digital currencies, introduction of favorable regime of cryptocurrencies market regulation, and development of fluent approaches to the taxation of incomes generated by transactions with cryptocurrencies. The author concludes that, in the long term, blockchain technology in Ukraine can be actively used not only for IT technologies and cybersecurity, but also for data storage in the real estate trade and property registration, cadastral accounting, public administration, banking, education, medicine, trade, insurance, etc. Therefore, the author calls the issue of regulatory regulation of cryptocurrency in the territory of our country relevant and necessary, because cryptocurrency is becoming more and more popular in international practice, and its development is almost impossible and economically impractical.
Keywords : cryptocurrency, legal regulation of cryptocurrency, bitcoin, virtual currency
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