LEGAL REGULATION ISSUES OF CRYPTOCURRENCY CIRCULATION IN UKRAINE

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Published: Oct 12, 2018
https://doi.org/10.30525/2256-0742/2018-4-3-254-258

  Vasyl Rossikhin

  Mykhailo Burdin

  Oleg Mykhalskyi

Abstract

The aim of the article is a comparative legal study of laws and regulations that determine the legal principles for the regulation of cryptocurrency circulation in some foreign countries and in Ukraine and, on this basis, a definition of ways to improve domestic legislation in this sphere. The subject of the study is an interrogation of legal regulation issues of cryptocurrency circulation in Ukraine. Methodology. The study is based on a legal comparison of the regulation of cryptocurrency circulation in Ukraine and in foreign countries. Based on a comparative legal study of certain provisions of Ukrainian legislation, the possibilities and limits of implementation of positive foreign experience in this sphere are determined. The results of the study revealed that to implement foreign experience for the legal regulation of cryptocurrency circulation, it is necessary to postpone the final transition to a floating rate regime by reinforcing state interference. Moreover, it is necessary to strengthen currency control not only for currency transactions with cryptocurrency but also for the activities of entities that determine the state policy on cryptocurrency regulation, as well as operate respectively using instruments provided for by the regulations of the current legislation. Practical implications. The positive experience of the formation of the foreign exchange market in other countries demonstrates that the gradual transition to cryptocurrency circulation is the beginning of the natural market rate, the balance of payments and gradual liberation of the national economy from the pressure of administrative and corruption restrictions. Relevance/originality. The legal analysis of the regulation of cryptocurrency circulation in Ukraine and the definition of problems is the basis for developing the most promising directions for the development of domestic legislation in this sphere.

How to Cite

Rossikhin, V., Burdin, M., & Mykhalskyi, O. (2018). LEGAL REGULATION ISSUES OF CRYPTOCURRENCY CIRCULATION IN UKRAINE. Baltic Journal of Economic Studies, 4(3), 254-258. https://doi.org/10.30525/2256-0742/2018-4-3-254-258
Article views: 2115 | PDF Downloads: 1370

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Keywords

legal regulation, currency, cryptocurrency circulation

References

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Issue
Vol. 4 No. 3 (2018): Baltic Journal of Economic Studies