GLOBAL TRENDS IN THE DEVELOPMENT OF THE CRYPTOCURRENCY MARKET AND THEIR IMPACT ON THE UKRAINIAN ECONOMY

Abstract

The article analyzes the current global transformations in the cryptocurrency market and their impact on the Ukrainian economy. It highlights the evolution of cryptocurrencies from a marginal technological innovation into a structural element of the world financial architecture, influencing the mechanisms of capital circulation, cross-border transactions, and investment flows. The study explores the processes of institutionalization, regulatory adaptation, and the global expansion of central bank digital currencies (CBDCs) as a response to digitalization and financial globalization. Particular attention is given to the analysis of the international regulatory landscape formed by the MiCA Regulation, FATF recommendations, OECD standards, and IMF approaches that define global rules for the crypto-asset ecosystem. The paper identifies the main structural features of Ukraine’s crypto market, assessing its dynamics, technological potential, and risks related to volatility, cybersecurity, and money laundering. The adoption of the Law “On Virtual Assets” is defined as a fundamental step toward legalization, transparency, and investor protection, while the absence of a comprehensive fiscal and supervisory framework continues to limit full integration into the national financial system. The results prove that under transparent regulation cryptocurrencies can become an anti-crisis instrument, a driver of innovation, and a mechanism for financial inclusion, investment attraction, and post-war recovery. Aligning Ukraine’s legal framework with EU standards will strengthen economic resilience and transform the domestic crypto sector into a competitive and secure part of the European digital economy. The implementation of consistent state policy and cooperation with international partners will be crucial for ensuring sustainable and inclusive growth of the crypto industry. Such an approach will enable Ukraine to become a regional leader in digital finance and a model for responsible integration of blockchain technologies into the global digital economy. Ultimately, the study substantiates the necessity of developing an adaptive regulatory strategy that balances innovation with economic security and long-term stability.