SETTLEMENTS IN THE CONTEXT OF INTERNATIONAL DIGITALISATION OF THE ECONOMY: ASPECTS OF LEGAL REGULATION

Abstract

In the context of the international digitalisation of the economy, settlements are a critically important area at the intersection of technological innovation, economic necessity and legal regulation. The development of public relations shows that the world is moving from experimenting with digital payment solutions to implementing them on a large scale, which requires a clear legal basis to ensure security, efficiency and inclusiveness. For Ukraine, studying international experience and current legal norms is a prerequisite for successfully integrating into the global digital financial space. This will increase the competitiveness of the national economy, create a favourable environment for innovation, and maintain an appropriate level of consumer protection and financial stability. The study aims to provide a comprehensive analysis of the legal aspects of digital payment systems in cross-border transactions, identify issues with the current legal framework, and develop evidence-based recommendations to enhance Ukrainian legislation on digital payments. This will be achieved by considering international experience and the country's aspirations for European integration. The research methodology consists of the following methods: comparative legal analysis, formal legal analysis, systemic analysis, and the analysis and synthesis method. The research involved carrying out a comparative analysis of the regulatory approaches of leading jurisdictions to the legal support of digital payments. Particular attention was paid to analysing the European regulatory package, which includes the Third Generation Payment Services Directive, the Crypto-Asset Market Regulation, the Digital Operational Stability Regulation and the Instant Payment Regulation. The conceptual approaches of international financial organisations—particularly the Bank for International Settlements, the International Monetary Fund, and the European Central Bank—to the tokenisation of money and assets as the basis of the future monetary system were studied. Current Ukrainian legislation on electronic document management, banking, and the digitalisation of the economy was critically analysed. Gaps and contradictions in the legal regulation of digital payment systems have been identified that hinder the effective implementation of innovative financial technologies. Based on the generalisation of international experience and analysis of domestic legal doctrine, scientifically sound recommendations have been developed to improve Ukrainian legislation while taking into account the state's aspirations for European integration. The results of the study are of practical significance for the improvement of Ukrainian legislation in the field of digital payments, the formation of regulatory policy by the National Bank of Ukraine and the development of methodological recommendations for financial institutions. They can also be used in the teaching of financial law, banking law and information technology law.