The impact of the cryptocurrency market on the transformation of financial relationships: national and international dimensions

Кужелєв, Михайло Олександрович and Нечипоренко, Аліна Володимирівна (2026) The impact of the cryptocurrency market on the transformation of financial relationships: national and international dimensions Європейський науковий журнал Економічних та Фінансових інновацій, 20 (2). pp. 396-406. ISSN 2617-8648

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Abstract

The article examines the impact of the cryptocurrency market on the transformation of financial relations at both the national and international levels. It is argued that the rapid expansion of crypto-assets has become not merely a technological innovation, but a structural factor reshaping the architecture of modern finance. Cryptocurrencies influence the mechanisms of financial intermediation, monetary circulation, investment decision-making, cross-border capital movement, payment systems and state regulation. The study identifies the main channels through which the cryptocurrency market affects monetary policy, financial stability, tax policy, the banking sector, and household and business behavior. Particular attention is paid to the comparison between the traditional SWIFT-based financial messaging infrastructure and blockchain networks, which offer an alternative model of transferring value based on decentralization, transparency, and programmability. The article also examines the international dimension of cryptocurrency development, including its role in global financial integration, regulatory competition, capital mobility, and the emergence of new risks related to money laundering, regulatory arbitrage, and the weakening of monetary sovereignty. International approaches to crypto-asset regulation are summarized, with emphasis on the need for a balanced combination of innovation support, consumer protection, market transparency, and financial monitoring. The paper substantiates the view that the experiences of different countries, particularly regarding restrictive and adaptive regulatory models, should be taken into account when designing national policy frameworks. Special attention is devoted to Ukraine, where the growing use of crypto-assets requires establishing a clear legal framework, effective institutional oversight and alignment with international standards. It is concluded that the cryptocurrency market is an important driver of the digital transformation of financial relations and requires a coherent legal and institutional framework that balances innovation, financial security and macroeconomic stability.

Item Type:	Article
Uncontrolled Keywords:	cryptocurrency; cryptocurrency market; financial services; financial relations; international finance; financial intermediaries; cybersecurity
Subjects:	Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Факультет економіки та управління > Кафедра фінансів
Depositing User:	Аліна Володимирівна Нечипоренко
Date Deposited:	01 Jun 2026 17:39
Last Modified:	01 Jun 2026 17:39
URI:	https://elibrary.kubg.edu.ua/id/eprint/57749

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