PROBLEMS OF FINANCIAL MONITORING AND TAXATION OF THE ACTIVITY OF CRYPTOCURRENCY EXCHANGES IN UKRAINE

Анотація

The article considers urgent issues of financial monitoring and taxation in the field of crypto business. It is stated that cryptocurrency exchanges are powerful players in the global crypto markets, and one of their main activities is cryptocurrency trading on special online services. Today the activities of crypto companies are not legalized in most countries. This creates potential risks both for the financial system of the state and each citizen, on the one hand, and for the activities of crypto companies, on the other hand. Due to the lack of legal mechanisms for taxing cryptocurrency exchanges, the state loses the opportunity to replenish its budget. Since the activities of crypto companies (crypto exchanges) are outside the scope of legal regulation, there is no definition of the concept of crypto exchange as a legal entity in normative and legal acts. In addition, the legal status of cryptocurrency as a widely used virtual asset in Ukraine remains unclear. The main prospects for the introduction of legal regulation of the activity of crypto exchanges are considered. Analysis of the Law of Ukraine "On Virtual Assets" that is aimed at regulating legal relations arising due to the circulation of virtual assets in Ukraine, the provisions of the legislation on financial monitoring of virtual assets, as well as the draft law on taxation of virtual assets is carried out. The mechanisms of cryptocurrency transactions on special online services provided by crypto companies and possible ways of legalization of such transactions are considered. Conclusions were made concerning the need to improve the legislation in order to ensure effectiveness of the legal regulation of virtual assets, eliminate future legislative gaps, develop common terminology in the field of legal regulation of virtual assets and adjust it in accordance with Ukraine's international obligations.

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