IMPLEMENTATION OF EUROPEAN STANDARDS FOR STABLECOIN REGULATION IN UKRAINE
Keywords:
stablecoins, crypto-assets, virtual assets, regulation, European standards, MiCA, legislative harmonization, financial stability, consumer protection, innovation
Abstract
The article analyzes challenges and prospects of implementing European stablecoin regulation standards in Ukraine amid its EU integration process. It emphasizes the swift expansion of global cryptocurrency markets and the increasing use of stablecoins—digital currencies backed by fiat money or other stable assets. The study stresses the urgent need for a comprehensive regulatory framework to reduce financial risks, ensure consumer protection, and prevent misuse in illicit activities such as money laundering and fraud. It discusses how adopting MiCA-inspired regulations could significantly strengthen Ukraine’s institutional capacity, address taxation and compliance challenges, and foster a favorable environment for innovation in digital finance and blockchain technologies. This regulatory alignment is crucial for Ukraine’s financial stability and growth.
References
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1. Ковальчук О. Адміністративно-правове регулювання ринку криптовалют в Україні. Науковий часопис НПУ імені М. П. Драгоманова. Серія 18. Право. 2021. № 5. С. 32–36.
2. Івахно В. Криптовалюта в Україні: регулювати чи дозволити згоріти? Loyer. 2023. URL: https://loyer.com.ua/uk/kryptovalyuta-v-ukrayini-regulyuvaty-chy-dozvolyty-zgority/
3. Черних О. С. Права споживачів фінансових послуг. Суперечливе правове регулювання віртуальних активів (криптоактивів) у законодавстві Європейського Союзу, Великої Британії та України. European potential for the development of legal science, legislation and law enforcement practice: матеріали міжнародної наукової конференції. 2023. С. 65–68. DOI: https://doi.org/10.30525/978-9934-26-334-7-15
4. Проєкт Закону України № 3637 «Про віртуальні активи». 2020. URL: https://itd.rada.gov.ua/billInfo/Bills/Card/2698
5. Alexander C., Dakos M. A critical investigation of cryptocurrency data and analysis. Quantitative Finance. 2020. Vol. 20, № 2. pp. 173–188. DOI: https://doi.org/10.1080/14697688.2019.1641347
6. Ante L., Fiedler I., Strehle E. The influence of stablecoin issuances on cryptocurrency markets. Finance Research Letters. 2021. Vol. 41. Article 101867. DOI: https://doi.org/10.1016/j.frl.2020.101867
7. Cheng H.-P., Yen K.-C. The relationship between the economic policy uncertainty and the cryptocurrency market. Finance Research Letters. 2020. Vol. 35. Article 101308. DOI: https://doi.org/10.1016/j.frl.2019.101308
8. Chernenko A. Cryptocurrency and financial risks / Mihus I. (eds.) International conference on economics, accounting and finance: Book of abstracts. – Tallinn: Scientific Center of Innovative Researches; Prague: Academy of Economics and Pedagogy, 2020. pp. 49–51. DOI: https://doi.org/10.36690/ICEAF.2020.80
9. Colon F., Kim C., Kim H., Kim W. The effect of political and economic uncertainty on the cryptocurrency market. Finance Research Letters. 2021. Vol. 39. Article 101621. DOI: https://doi.org/10.1016/j.frl.2020.101621
10. Fang F., Ventre C., Basios M., Kanthan L., Martinez-Rego D., Wu F., Li L. Cryptocurrency trading: A comprehensive survey. Financial Innovation. 2022. Vol. 8. Article 13. DOI: https://doi.org/10.1186/s40854-021-00321-6
11. Grobys K., Junttila J., Kolari J. W., Sapkota N. On the stability of stablecoins. Journal of Empirical Finance. 2021. Vol. 64. pp. 207–223. DOI: https://doi.org/10.1016/j.jempfin.2021.09.002
12. Zetzsche D., Arner D., Buckley R. Decentralised Finance. Journal of Financial Regulation. 2020. Vol. 6, № 2. pp. 172–203.
2. Ivakhno, V. (2023). Kryptovaluta v Ukraini: rehuliuvaty chy dozvolyty zhority? [Cryptocurrency in Ukraine: regulate or let it burn?] Loyer. Available at: https://loyer.com.ua/uk/kryptovalyuta-v-ukrayini-regulyuvaty-chy-dozvolyty-zgority/
3. Chernykh, O. S. (2023). Prava spozhyvachiv finansovykh posluh. Superechlyve pravove rehuliuvannia virtualnykh aktyviv (kryptoaktyviv) u zakonodavstvi Yevropeiskoho Soiuzu, Velykoi Brytanii ta Ukrainy [Financial services consumer rights. Contradictory legal regulation of virtual assets (crypto assets) in EU, UK and Ukraine legislation]. In European potential for the development of legal science, legislation and law enforcement practice: Materials of the international scientific conference (pp. 65–68). DOI: https://doi.org/10.30525/978-9934-26-334-7-15
4. Proiekt Zakonu Ukrainy No. 3637 “Pro virtualni aktyvy” [Draft Law of Ukraine No. 3637 “On Virtual Assets”] (2020). Available at: https://itd.rada.gov.ua/billInfo/Bills/Card/2698
5. Alexander, C., & Dakos, M. (2020). A critical investigation of cryptocurrency data and analysis. Quantitative Finance, vol. 20(2), pp. 173–188. DOI: https://doi.org/10.1080/14697688.2019.1641347
6. Ante, L., Fiedler, I., & Strehle, E. (2021). The influence of stablecoin issuances on cryptocurrency markets. Finance Research Letters, 41, Article 101867. DOI: https://doi.org/10.1016/j.frl.2020.101867
7. Cheng, H.-P., & Yen, K.-C. (2020). The relationship between the economic policy uncertainty and the cryptocurrency market. Finance Research Letters, 35, Article 101308. DOI: https://doi.org/10.1016/j.frl.2019.101308
8. Chernenko, A. (2020). Cryptocurrency and financial risks. In I. Mihus (Ed.), International conference on economics, accounting and finance: Book of abstracts (pp. 49–51). Tallinn: Scientific Center of Innovative Researches; Prague: Academy of Economics and Pedagogy. DOI: https://doi.org/10.36690/ICEAF.2020.80
9. Colon, F., Kim, C., Kim, H., & Kim, W. (2021). The effect of political and economic uncertainty on the cryptocurrency market. Finance Research Letters, no. 39, Article 101621. DOI: https://doi.org/10.1016/j.frl.2020.101621
10. Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, no. 8, Article 13. DOI: 10.1186/s40854-021-00321-6
11. Grobys, K., Junttila, J., Kolari, J. W., & Sapkota, N. (2021). On the stability of stablecoins. Journal of Empirical Finance, no. 64, pp. 207–223. DOI: https://doi.org/10.1016/j.jempfin.2021.09.002
12. Zetzsche, D., Arner, D., & Buckley, R. (2020). Decentralised finance. Journal of Financial Regulation, vol. 6(2), pp. 172–203.
1. Ковальчук О. Адміністративно-правове регулювання ринку криптовалют в Україні. Науковий часопис НПУ імені М. П. Драгоманова. Серія 18. Право. 2021. № 5. С. 32–36.
2. Івахно В. Криптовалюта в Україні: регулювати чи дозволити згоріти? Loyer. 2023. URL: https://loyer.com.ua/uk/kryptovalyuta-v-ukrayini-regulyuvaty-chy-dozvolyty-zgority/
3. Черних О. С. Права споживачів фінансових послуг. Суперечливе правове регулювання віртуальних активів (криптоактивів) у законодавстві Європейського Союзу, Великої Британії та України. European potential for the development of legal science, legislation and law enforcement practice: матеріали міжнародної наукової конференції. 2023. С. 65–68. DOI: https://doi.org/10.30525/978-9934-26-334-7-15
4. Проєкт Закону України № 3637 «Про віртуальні активи». 2020. URL: https://itd.rada.gov.ua/billInfo/Bills/Card/2698
5. Alexander C., Dakos M. A critical investigation of cryptocurrency data and analysis. Quantitative Finance. 2020. Vol. 20, № 2. pp. 173–188. DOI: https://doi.org/10.1080/14697688.2019.1641347
6. Ante L., Fiedler I., Strehle E. The influence of stablecoin issuances on cryptocurrency markets. Finance Research Letters. 2021. Vol. 41. Article 101867. DOI: https://doi.org/10.1016/j.frl.2020.101867
7. Cheng H.-P., Yen K.-C. The relationship between the economic policy uncertainty and the cryptocurrency market. Finance Research Letters. 2020. Vol. 35. Article 101308. DOI: https://doi.org/10.1016/j.frl.2019.101308
8. Chernenko A. Cryptocurrency and financial risks / Mihus I. (eds.) International conference on economics, accounting and finance: Book of abstracts. – Tallinn: Scientific Center of Innovative Researches; Prague: Academy of Economics and Pedagogy, 2020. pp. 49–51. DOI: https://doi.org/10.36690/ICEAF.2020.80
9. Colon F., Kim C., Kim H., Kim W. The effect of political and economic uncertainty on the cryptocurrency market. Finance Research Letters. 2021. Vol. 39. Article 101621. DOI: https://doi.org/10.1016/j.frl.2020.101621
10. Fang F., Ventre C., Basios M., Kanthan L., Martinez-Rego D., Wu F., Li L. Cryptocurrency trading: A comprehensive survey. Financial Innovation. 2022. Vol. 8. Article 13. DOI: https://doi.org/10.1186/s40854-021-00321-6
11. Grobys K., Junttila J., Kolari J. W., Sapkota N. On the stability of stablecoins. Journal of Empirical Finance. 2021. Vol. 64. pp. 207–223. DOI: https://doi.org/10.1016/j.jempfin.2021.09.002
12. Zetzsche D., Arner D., Buckley R. Decentralised Finance. Journal of Financial Regulation. 2020. Vol. 6, № 2. pp. 172–203.
Published
2025-06-30
Pages
38-43
Section
SECTION 2 MONEY, FINANCES AND CREDIT
