ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ
One of the more notable developments in financial infrastructure framework during recent years has been the emergence of networking alternative financing platforms, aimed at bringing together firms and individuals looking for capital and others that have money to lend, invest or donate. That was upt...
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V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine
2019
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Economics and Law| _version_ | 1856543961704824832 |
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| author | Kovalchuk, A.T. Kotlyarevskyy, Ya.V. Knyazev, S.I. |
| author_facet | Kovalchuk, A.T. Kotlyarevskyy, Ya.V. Knyazev, S.I. |
| author_sort | Kovalchuk, A.T. |
| baseUrl_str | |
| collection | OJS |
| datestamp_date | 2019-09-23T08:02:15Z |
| description | One of the more notable developments in financial infrastructure framework during recent years has been the emergence of networking alternative financing platforms, aimed at bringing together firms and individuals looking for capital and others that have money to lend, invest or donate. That was upticked by establishment of innovative financing platforms and different business models, starting with peer-to-peer lending and equity crowdfunding and evolving to cryptocurrencies and virtual services providers. The emergence of crypto-assets is an important area of interest for regulatory authorities, including those dealing with issuance and secondary trading of crypto-assets. This article focuses on the innovative financial technologies impact phenomena, acknowledging FinTech imputed substantial benefits to the financial sector infrastructure, as well as considerable risks. Along with the analysis of theoretical developments of domestic and foreign scholars, an attention is paid to global discourse involving G20 and G7 countries, Financial Stability Board, Financial Action Task Force on Money Laundering (FATF), The International Organization of Securities Commissions (IOSCO) that raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented in full scope and integration prospects. Thus, emphasized the necessity to introduce the highest standards of financial regulation, especially with regards to anti-money laundering and counteraction to financing terrorism (AML/CFT), anti-corruption, financial transparency, accountability and inclusion in order to guarantee the stability of the financial system and consumer protection with awareness towards possible regulatory gaps. Addressing a consideration of modern developments of virtual assets regulation framework abovementio ned issues are investigated inter alia with regard to aspects of sustainable development and coordination in measures of institutional economy and Financial Law.
REFERENCES
Hasanov S.S. Strukturni transformatsii ekonomiky i derzhavni finansy: problemy metodolohii, teorii, ekonomichnoi polityky. Kyiv: DNNU "Akad. fin. upravlinnia", 2012. 352 p. [in Ukrainian].
Bilorus O.H. Strukturna transformatsiia hlobalnoho kapitalu ta hiperfinansializatsiia vidtvoriuvalnykh protsesiv. Finansy Ukrainy. 2016. No. 1. P. 7-19 [in Ukrainian].
Kotliarevskyy Ya.V., Kolosova V.P., Maksymenko L.P. Rozvytok zbalansovanoho rehuliuvannia u sferi innovatsiinykh finansovykh tekhnolohii dyhitalizatsii zahalnoi miry vartosti. Biznes Inform. 2017. No. 11. P. 402-417 [in Ukrainian].
Douglass C. North. Institutions, Institutional Change and Economic Performance. Washington University, St Louis, 1991. 164 p.
Yefymenko T.I., Zhuk V.M., Lovinska L.H. Informatsiia v antykryzovomu upravlinni: hlobalnyi aspekt standar tyzatsii obliku ta finansovoi zvitnosti. Kyiv: DNNU "Akad. fin. upravlinnia", 2015. 400 p. [in Ukrainian].
Schumpeter, Joseph A. Capitalism, Socialism and Democracy. London and New York: Routledge, 1994. 437 p.
Kovalchuk T., Palyvoda K. Tsyfrova valiuta yak virtualne dzherelo fiktyvnoho kapitalu. Bankivska sprava. 2014. No. 1-2. P. 3-11 [in Ukrainian].
Hetmantsev D. Suchasnyi svit. Novyi pohliad na lehitymnist publichnykh finansiv. Pravo Ukrainy. 2018. No. 4. P. 181-203 [in Ukrainian].
Derevyanko B. Pro porivniannia hospodarskoi diialnosti z vydobutkom kryptovaliuty ("maininhom") ta zdiisnennia operatsii z neiu. Pravo Ukrainy. 2018. No. 5. P. 164-175 [in Ukrainian].
Yarova K. Kryptovaliuta: vyznachennia pravovoho statusu v Ukraini. Molodyi vchenyi. 2017. No. 10. P. 1117—1120 [in Ukrainian].
Kovalchuk A. Finansove pravo: problemy utverdzhennia ta efektyvnoho zastosuvannia. Publichne pravo. 2017. No. 1. P. 10-17 [in Ukrainian].
Kovalchuk A., Stetsenko S. Finansovo-pravovi zasady rehuliuvannia krypto valiutnoho rynku. Publichne pravo. 2018. No. 1. P. 85-92 [in Ukrainian].
Kornieieva Yu.V. Mizhnarodne instytutsionalne finansuvannia stratehichnykh derzhavnykh pidpryiemstv na osnovi suchasnoi tekhnolohii smart-kontraktu. Ekonomika Ukrainy. 2019. No. 1. P. 16-33 [in Ukrainian].
Virtual currencies: key definitions and potential AML/CFT risks. 2014, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf
Guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services. 2013, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-RBA-NPPS.pdf
Guidance for a Risk-Based Approach for Money or Value Transfer Services. 2016, Feb. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-money-value-transfer-services.pdf
The FATF position on FinTech and RegTech. 3 November 2017. FATF. URL: http://www.fatf-gafi.org/publications/fatfgeneral/documents/fatf-position-fintech-regtech.html
Kovalchuk A.T., Kotliarevskyi Ya.V. Zapobihannia ta protydiia vidmyvanniu koshtiv: ryzyk-oriientovanyi pidkhid u konteksti mizhnarodnoho spivrobitnytstva. Finansy Ukrainy. 2016. No. 10. P. 77-88 [in Ukrainian].
Guidance for a risk-based approach to virtual assets and virtual asset service providers. 2019, June. FATF. URL: https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf
IOSCO Research Report on Financial Technologies (Fintech). February 2017. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf
Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Consultation Report. May 2019. IOSCO. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD627.pdf
Decentralised financial technologies. Report on financial stability, regulatory and governance implications. 6 June 2019. Contacting the Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P060619.pdf
Cyber Incident Response and Recovery Progress. Report to the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, 8-9 June 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P280519-1.pdf
Crypto-assets. Work underway, regulatory approaches and potential gaps. 31 May 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P310519.pdf
Crypto-assets regulators directory. 5 April 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P050419.pdf
Osaka Declaration on Digital Economy. G20 Summit Japan. 2019. URL: https://www.g20.org/pdf/special_event/en/special_event_01.pdf
Communiqué, G20 Finance Ministers and Central bank Governors Meeting, Fukuoka. 8-9 June 2019. G20 Summit Japan. URL: https://www.g20.org/pdf/documents/FINAL_G20_Osaka_Leaders_Declaration.pdf
Chair’s summary: G7 finance ministers and central bank governors’ meeting. 17-18 July 2019. URL: https://www.gouvernement.fr/sites/default/files/locale/piece-jointe/2019/07/g7_chairs_summary.pdf
Update from the Chair of the G7 working group on stablecoins. BANQUE DE FRANCE. URL: https://www.banque-france.fr/sites/default/files/media/2019/07/18/update_from_the_chair_of_the_g7_working_group_on_stablecoins_18072019_noon.pdf
Pro skhvalennia Kontseptsii derzhavnoi polityky u sferi virtualnykh aktyviv: Proekt Rozporiadzhennia Kabinetu Ministriv Ukrainy. Ministerstvo ekonomichnoho rozvytku i torhivli Ukrainy. 2018. URL: http://www.me.gov.ua/Documents/Download?id=68b47292-ee09-4545-85e2-a969a0d0330c [in Ukrainian].
Voloshenko A. Antykoruptsiinyi dyryzhyzm. Kyiv: Parlamentske vydavnytstvo, 2018. 392 p. [in Ukrainian].
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| first_indexed | 2026-02-08T08:11:33Z |
| format | Article |
| id | oai:ojs.economiclaw.kiev.ua:article-952 |
| institution | Economics and Law |
| language | Ukrainian |
| last_indexed | 2026-02-08T08:11:33Z |
| publishDate | 2019 |
| publisher | V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine |
| record_format | ojs |
| spelling | oai:ojs.economiclaw.kiev.ua:article-9522019-09-23T08:02:15Z INSTITUTIONAL ASPECTS OF INNOVATIVE FINANCIAL TECHNOLOGIES REGULATION IN A CRYPTOCURRENCIES DEVELOPMENT CONTEXT ИНСТИТУЦИОНАЛЬНЫЕ АСПЕКТЫ РЕГУЛИРОВАНИЯ ИННОВАЦИОННЫХ ФИНАНСОВЫХ ТЕХНОЛОГИЙ В КОНТЕКСТЕ РАЗВИТИЯ КРИПТОВАЛЮТ ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ Kovalchuk, A.T. Kotlyarevskyy, Ya.V. Knyazev, S.I. One of the more notable developments in financial infrastructure framework during recent years has been the emergence of networking alternative financing platforms, aimed at bringing together firms and individuals looking for capital and others that have money to lend, invest or donate. That was upticked by establishment of innovative financing platforms and different business models, starting with peer-to-peer lending and equity crowdfunding and evolving to cryptocurrencies and virtual services providers. The emergence of crypto-assets is an important area of interest for regulatory authorities, including those dealing with issuance and secondary trading of crypto-assets. This article focuses on the innovative financial technologies impact phenomena, acknowledging FinTech imputed substantial benefits to the financial sector infrastructure, as well as considerable risks. Along with the analysis of theoretical developments of domestic and foreign scholars, an attention is paid to global discourse involving G20 and G7 countries, Financial Stability Board, Financial Action Task Force on Money Laundering (FATF), The International Organization of Securities Commissions (IOSCO) that raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented in full scope and integration prospects. Thus, emphasized the necessity to introduce the highest standards of financial regulation, especially with regards to anti-money laundering and counteraction to financing terrorism (AML/CFT), anti-corruption, financial transparency, accountability and inclusion in order to guarantee the stability of the financial system and consumer protection with awareness towards possible regulatory gaps. Addressing a consideration of modern developments of virtual assets regulation framework abovementio ned issues are investigated inter alia with regard to aspects of sustainable development and coordination in measures of institutional economy and Financial Law. REFERENCES Hasanov S.S. Strukturni transformatsii ekonomiky i derzhavni finansy: problemy metodolohii, teorii, ekonomichnoi polityky. Kyiv: DNNU "Akad. fin. upravlinnia", 2012. 352 p. [in Ukrainian]. Bilorus O.H. Strukturna transformatsiia hlobalnoho kapitalu ta hiperfinansializatsiia vidtvoriuvalnykh protsesiv. Finansy Ukrainy. 2016. No. 1. P. 7-19 [in Ukrainian]. Kotliarevskyy Ya.V., Kolosova V.P., Maksymenko L.P. Rozvytok zbalansovanoho rehuliuvannia u sferi innovatsiinykh finansovykh tekhnolohii dyhitalizatsii zahalnoi miry vartosti. Biznes Inform. 2017. No. 11. P. 402-417 [in Ukrainian]. Douglass C. North. Institutions, Institutional Change and Economic Performance. Washington University, St Louis, 1991. 164 p. Yefymenko T.I., Zhuk V.M., Lovinska L.H. Informatsiia v antykryzovomu upravlinni: hlobalnyi aspekt standar tyzatsii obliku ta finansovoi zvitnosti. Kyiv: DNNU "Akad. fin. upravlinnia", 2015. 400 p. [in Ukrainian]. Schumpeter, Joseph A. Capitalism, Socialism and Democracy. London and New York: Routledge, 1994. 437 p. Kovalchuk T., Palyvoda K. Tsyfrova valiuta yak virtualne dzherelo fiktyvnoho kapitalu. Bankivska sprava. 2014. No. 1-2. P. 3-11 [in Ukrainian]. Hetmantsev D. Suchasnyi svit. Novyi pohliad na lehitymnist publichnykh finansiv. Pravo Ukrainy. 2018. No. 4. P. 181-203 [in Ukrainian]. Derevyanko B. Pro porivniannia hospodarskoi diialnosti z vydobutkom kryptovaliuty ("maininhom") ta zdiisnennia operatsii z neiu. Pravo Ukrainy. 2018. No. 5. P. 164-175 [in Ukrainian]. Yarova K. Kryptovaliuta: vyznachennia pravovoho statusu v Ukraini. Molodyi vchenyi. 2017. No. 10. P. 1117—1120 [in Ukrainian]. Kovalchuk A. Finansove pravo: problemy utverdzhennia ta efektyvnoho zastosuvannia. Publichne pravo. 2017. No. 1. P. 10-17 [in Ukrainian]. Kovalchuk A., Stetsenko S. Finansovo-pravovi zasady rehuliuvannia krypto valiutnoho rynku. Publichne pravo. 2018. No. 1. P. 85-92 [in Ukrainian]. Kornieieva Yu.V. Mizhnarodne instytutsionalne finansuvannia stratehichnykh derzhavnykh pidpryiemstv na osnovi suchasnoi tekhnolohii smart-kontraktu. Ekonomika Ukrainy. 2019. No. 1. P. 16-33 [in Ukrainian]. Virtual currencies: key definitions and potential AML/CFT risks. 2014, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf Guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services. 2013, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-RBA-NPPS.pdf Guidance for a Risk-Based Approach for Money or Value Transfer Services. 2016, Feb. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-money-value-transfer-services.pdf The FATF position on FinTech and RegTech. 3 November 2017. FATF. URL: http://www.fatf-gafi.org/publications/fatfgeneral/documents/fatf-position-fintech-regtech.html Kovalchuk A.T., Kotliarevskyi Ya.V. Zapobihannia ta protydiia vidmyvanniu koshtiv: ryzyk-oriientovanyi pidkhid u konteksti mizhnarodnoho spivrobitnytstva. Finansy Ukrainy. 2016. No. 10. P. 77-88 [in Ukrainian]. Guidance for a risk-based approach to virtual assets and virtual asset service providers. 2019, June. FATF. URL: https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf IOSCO Research Report on Financial Technologies (Fintech). February 2017. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Consultation Report. May 2019. IOSCO. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD627.pdf Decentralised financial technologies. Report on financial stability, regulatory and governance implications. 6 June 2019. Contacting the Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P060619.pdf Cyber Incident Response and Recovery Progress. Report to the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, 8-9 June 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P280519-1.pdf Crypto-assets. Work underway, regulatory approaches and potential gaps. 31 May 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P310519.pdf Crypto-assets regulators directory. 5 April 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P050419.pdf Osaka Declaration on Digital Economy. G20 Summit Japan. 2019. URL: https://www.g20.org/pdf/special_event/en/special_event_01.pdf Communiqué, G20 Finance Ministers and Central bank Governors Meeting, Fukuoka. 8-9 June 2019. G20 Summit Japan. URL: https://www.g20.org/pdf/documents/FINAL_G20_Osaka_Leaders_Declaration.pdf Chair’s summary: G7 finance ministers and central bank governors’ meeting. 17-18 July 2019. URL: https://www.gouvernement.fr/sites/default/files/locale/piece-jointe/2019/07/g7_chairs_summary.pdf Update from the Chair of the G7 working group on stablecoins. BANQUE DE FRANCE. URL: https://www.banque-france.fr/sites/default/files/media/2019/07/18/update_from_the_chair_of_the_g7_working_group_on_stablecoins_18072019_noon.pdf Pro skhvalennia Kontseptsii derzhavnoi polityky u sferi virtualnykh aktyviv: Proekt Rozporiadzhennia Kabinetu Ministriv Ukrainy. Ministerstvo ekonomichnoho rozvytku i torhivli Ukrainy. 2018. URL: http://www.me.gov.ua/Documents/Download?id=68b47292-ee09-4545-85e2-a969a0d0330c [in Ukrainian]. Voloshenko A. Antykoruptsiinyi dyryzhyzm. Kyiv: Parlamentske vydavnytstvo, 2018. 392 p. [in Ukrainian]. Бурное развитие инновационных финансовых технологий отражается в появлении новых и революционном обновлении сложившихся форм отношений между субъектами в национальных экономиках и международных финансах. Соответственно данные тенденции требуют все большего внимания от глобальных регуляторов, поскольку содержат как потенциал опережающего развития, так и системные риски для устойчивости денежно-кредитных систем. Рассмотрены актуалитеты установления сбалансированного режима регулирования криптовалют на основе дискурса ведущих наднациональных организаций, потребности учета особых положений о противодействии отмыванию денег, принятии во внимание основополагающих аспектов институционализма и финансового права применительно к особенностям объекта регулирования, приоритизации специального характера антикоррупционного дирижизма в ходе разработки и реализации соответствующей политики в национальном контексте. Бурхливий розвиток інноваційних фінансових технологій, що відбивається у появі нових та революційному оновленні усталених форм відносин між суб’єктами в національних економіках і міжнародних фінансах, потребує дедалі більшої уваги від глобальних регуляторів, адже містить як потенціал випереджального розвитку, так і системні ризики для стійкості грошово-кредитних систем. Розглянуто актуалітети встановлення збалансованого режиму регулювання криптовалют на основі дискурсу провідних наднаціональних організацій, потреби врахування особливих положень щодо протидії відмиванню грошей, урахування аспектів інституціоналізму та фінансового права стосовно особливостей об’єкта регулювання, пріоритизацію спеціального характеру антикорупційного дирижизму в ході розроблення та реалізації відповідної політики у національному контексті. V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine 2019-09-12 Article Article application/pdf https://economiclaw.kiev.ua/index.php/economiclaw/article/view/952 10.15407/econlaw.2019.03.097 Economics and Law; No 3 (54) (2019): Economics and Law; 97 - 106 Экономика и право; No 3 (54) (2019): Economics and Law; 97 - 106 Економіка та право; No 3 (54) (2019): Economics and Law; 97 - 106 2523-4838 1681-6277 10.15407/econlaw.2019.03 uk https://economiclaw.kiev.ua/index.php/economiclaw/article/view/952/910 |
| spellingShingle | Kovalchuk, A.T. Kotlyarevskyy, Ya.V. Knyazev, S.I. ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title | ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title_alt | INSTITUTIONAL ASPECTS OF INNOVATIVE FINANCIAL TECHNOLOGIES REGULATION IN A CRYPTOCURRENCIES DEVELOPMENT CONTEXT ИНСТИТУЦИОНАЛЬНЫЕ АСПЕКТЫ РЕГУЛИРОВАНИЯ ИННОВАЦИОННЫХ ФИНАНСОВЫХ ТЕХНОЛОГИЙ В КОНТЕКСТЕ РАЗВИТИЯ КРИПТОВАЛЮТ |
| title_full | ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title_fullStr | ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title_full_unstemmed | ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title_short | ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ РЕГУЛЮВАННЯ ІННОВАЦІЙНИХ ФІНАНСОВИХ ТЕХНОЛОГІЙ У КОНТЕКСТІ РОЗВИТКУ КРИПТОВАЛЮТ |
| title_sort | інституціональні аспекти регулювання інноваційних фінансових технологій у контексті розвитку криптовалют |
| url | https://economiclaw.kiev.ua/index.php/economiclaw/article/view/952 |
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