Transformation of the digital financial assets market in Ukraine: assessment and ways to improve

Abstract

The purpose of the study was to analyze the development of the digital financial assets market in Ukraine, in particular cryptocurrencies, as well as to determine their impact on the country's economy in the context of global digital transformation and military and economic challenges. The study found that Ukraine demonstrates high potential in the cryptocurrency market, entering the top 10 countries in terms of cryptocurrency transactions. Given the active development of this segment, it can become an important source of investment and a tool for diversifying financial flows in the context of global digital transformation. Exchanges such as Binance and Bybit occupy leading positions in the Ukrainian market, contributing to the active development of cryptocurrency trading. Local platforms such as Kuna Exchange also have their role, offering personalized services for Ukrainian users. The variety of scales and business models of exchanges indicates the versatility and dynamism of the market. The sale of bitcoins in Ukraine has a significant impact on the national economy, providing a share in GDP of more than 0.25%. This shows the high efficiency of mining in the country compared to other economically developed countries. Although the digital asset market in Ukraine is developing, the country's share in the global volume of cryptocurrencies is gradually decreasing. This may be due to increased competition with other regions and changes in regulatory policies. Operations with virtual assets have a high degree of risk, which is confirmed by the dynamics of profits from cryptocurrency operations in different countries. Ukraine is experiencing a decline in profitability in this sector, which requires the implementation of appropriate regulatory and economic changes. For the further development of the CFA market, it is necessary to improve legislative regulation and create a transparent, stable environment for investors and users. Investments in infrastructure and increasing the level of public awareness of digital financial assets are also important.