Prerequisites for the development and features of the regulation of the digital financial assets

Vitalii Havva


Introduction. Digital financial assets are innovative tools that have received rapid development in the world relatively recently. The lack of a single, universal approach to determining the essence of digital financial assets is a peculiar manifestation of the evolution of the views of financial market regulators and international financial organizations towards the inner essence of these instruments. The rapid growth of the market of digital financial assets in the world increases the risks of uncontrolled movement of capital both within individual national economies and at the global level. The lack of oversight of this market by central banks or other regulatory authorities increases the opportunities for market participants to use crypto-assets to evade taxes or finance prohibited activities. At the same time, the trend of recent years is a gradual increase in interest in the cryptoasset market on the part of central banks, which, due to the strengthening of currency regulation, are trying to limit the development of the shadow economy.

The purpose of the article is to justify the need for special approaches to their regulation on the part of central banks and the state, based on the definition of the essence of digital financial assets, the prerequisites for their emergence and the key factors that contribute to the growth of demand for these instruments in the world.

Method (methodology). The work used methods of analysis, synthesis, comparison, generalization and statistical processing of data.

The results. The essence, prerequisites for the development of digital financial assets are determined, and the factors contributing to the growth of demand for these instruments from the side of market participants are outlined. The evolution of approaches to the definition of digital assets from the side of international organizations and the potential influence of the crypto-asset market on the development of the shadow economy have been revealed. It was determined that since the market of digital assets has a global nature, and emission centers and centers of settlement operations are outside the influence of individual national regulators of the financial market, the consequence of applying strict approaches to its regulation at the level of a separate state may be the strengthening of the shadowing of the national economy.


virtual assets; currency regulation; cryptocurrency; digital financial assets; shadow economy

Full Text:



Report with advice for the European Commission on crypto-assets. (2019). EBA Report. European Banking Authority. Retrieved from:

Initial Coin Offerings and Crypto-Assets. Advice. (2019). European Securities and Markets Authority. Retrieved from:

Crypto-assets – trends and implications. (2019). MIP OnLine – 2019. European Central Bank. Retrieved from:

Investor Education on Crypto-Assets. Final Report. (2020). The Board of The International Organization of Securities Commissions. Retrieved from:

Virtual Assets and Virtual Asset Service Providers. Updated Guidance for a Risk-Based Approach. (2021). FATF /OECD. URL:

Law of Ukraine on the virtual assets № 2074-IX (2022, February 17). Retrieved from: [in Ukrainian].

Ong, Rebecca (2021). Remittance Flows Register Robust 7.3 Percent Growth in 2021. The World Bank Press release. Retrieved from:

FSB Publishes Initial Integrated Set of Recommendations to Strengthen Oversight and Regulation of Shadow Banking. (2012). FSB Press release. Retrieved from:

Joanna Ossinger and Zheping Huang (2021). Chinese Regulators Are Serious About Crypto Ban This Time. Bloomberg. Retrieved from:

Ofitsiinyi sait Natsionalnoho banku Ukrainy. Retrieved from:

Ofitsiinyi sait Ministerstva ekonomiky Ukrainy. Retrieved from:

World Bank Predicts Sharpest Decline of Remittances in Recent History. (2020). The World Bank Press release. Retrieved from:

Article Metrics

Metrics Loading ...

Metrics powered by PLOS ALM


  • There are currently no refbacks.

Copyright (c) 2023

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.


Articles are distributed under Creative Commons Attribution  International 4.0 (CC-BY-NC 4.0) 

Science Works Journal "Ekonomichnyy analiz"

ISSN 1993-0259 (Print)  ISSN 2219-4649 (Online) DOI: 10.35774/econa

© West Ukrainian National University

© «Ekonomichnyy analiz», 2007-2023