The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.

The focus of the research is to develop recommendations of smart specialization (SS) for Ukrainian policymakers using European approaches. The authors revealed that the main SS projects are presented in such sectors as agri-food, industrial modernization and energy. More than 12 EU countries were the plot for conducted analysis of SS, as a result of which the level of activity of each country was determined. The creation of consortiums, including SMEs, associations, universities and other participants, disclosed the successful way of SS realization. The structure of SME’s innovative potential in Ukraine was identified underlining their main characteristic features like types of innovations and innovative activity, differentiation according to enterprise size, their regional distribution. The authors explored lack of innovations on regional and national level and significant territorial disparities, which could be eliminated through policy implementation of regional SS. The existing legislative norms for possibility of SS implementation in Ukraine were analyzed due to correspondence with the EU ones. The analysis provides the opportunity to consider them only as general framework documents without any action plans and sectoral prioritization at all. The weak points of these law documents are emphasized. As a result of research, the authors developed recommendations presented by direct action plan for Ukrainian policymakers, which include such activities as underlining key priorities (especially ICT applicability in every SS project) and their correspondence with the EU ones; eliminating regional imbalances by focusing on innovation development and reorientation of some regions according to SS priorities; respecting regional existing capacities; providing organizational mechanism for cooperation of stakeholders and financial mechanism for SS support through the EU structural funds.

Abstract. The article deals with a new financial tool of attracting capital, known as Initial Coin Offering (ICO). In conditions of reduced banking lending and difficult access to finance for SMEs, ICO is viewed to be one of the possible ways to access capital. It considers the main advantages and disadvantages of ICO performance, including its typical features, challenges and regulatory approaches to tax regulation, cybersecurity. The authors of the article determine stages of the ICO mechanism, identifying potential risks and ways to mitigate them, focusing primarily on the need to control and regulate ICO projects. The authors identify the main types of ICO funding, including hybrid and pure funding. The research contains an analysis of ICO trends and their duration for the period of 2013-2017. The capital raised through ICO performance over the period of 2013-2017 is analysed, and determination of the exponential trend line showing the level of its approximation is determined. The study covers the territorial distribution of ICO, in which the top positions regarding the amount of capital raised by ICO are attributed to the USA and EU member states. The existence of ICO regulation in European countries, such as Switzerland and UK, was defined positive in terms of further development of the relevant regulation in the financial market. The article considers the best ICO practices in EU member states. To mitigate risks relating to ICO performance and to increase the level of investment, it would be reasonable to create regulatory rules in every country where cases of ICO performance are reported, based on the practice of the mentioned European countries. The authors give recommendations regarding ICO regulation in Ukraine, taking into consideration the relevant European experience. Keywords: ICO; Cryptocurrency; Token; Blockchain; Investment; Funding; Risk; Volatility; Regulation JEL Classification: G31; G32 DOI: https://doi.org/10.21003/ea.V169-13 Іващенко А. І. кандидат економічних наук, доцент, Київський національний економічний університет імені Вадима Гетьмана, Київ, Україна Поліщук Є. А. доктор економічних наук, професор, Київський національний економічний університет імені Вадима Гетьмана, Київ, Україна Брітченко І. Г. доктор економічних наук, професор, Державний вищий навчальний заклад імені професора Станіслава Тарновського, Тарнобжег, Польща Шляхи реалізації найкращих європейських практик ICO в діяльності підприємств МСБ Анотація. Метою статті є визначення шляхів реалізації найкращих практик ICO в діяльності підприємств МСБ в Україні. Розкрито сутність ІСО, його характерні риси та методичні основи. Авторами статті було розглянуто механізм здійснення ICO, а також названо як потенційні ризики, пов'язані з ICO, так і можливі шляхи їх усунення. Дослідження окреслює типи та моделі фінансування через процедуру ICO. Визначено тенденції та кращі практики розвитку ринку ІСО, а саме: територіальний розподіл ІСО, суми залучених коштів та темпи його зростання. Наголошено на відсутності відповідного законодавчого р...

The authors of the article have analysed different conditions and the level of business development which exist in post-socialist countries by using international methodologies such as «Doing Business» and «BDO International Business Compass». The main aim of the article is to outline the main features of every economy analysed by different criteria in order to identify the level of business development and its constraints in the period of 2012-2016 in countries such as the Czech Republic, Poland, Latvia, Lithuania, the Slovak Republic, Hungary, Estonia, Bulgaria, Moldova, Georgia and Ukraine. The presented analysis proves that some countries hold the leading positions in performing business (Estonia, Georgia and the Czech Republic), whereas others do not have such favourable conditions (Moldova and Ukraine). The authors described some of the advantages of the mentioned methodologies, among which are big databases, different categories of parameters, possibilities to overview risks and market potential and opportunities to make relevant comparisons. The disadvantages include a lack of corruption level assessment methods and the availability of financial and loan instruments for business. It has been proved that it is reasonable to use international ratings to avoid information asymmetries and to assess economy by different aspects. Keywords: Business Development; Economic Conditions; Rating Methodology; Country Ranking; Post-socialist Country JEL Classіfіcatіon: F23; F42; F47; G38 DOI: https://doi.org/10.21003/ea.V163-04 Іващенко А. І. кандидат економічних наук, доцент, Київський національний економічний університет імені Вадима Гетьмана, Київ, Україна Орлова Н. С. доктор з державного управління, професор, Київський університет імені Бориса Грінченка, Київ, Україна Порівняльний аналіз країн ЄС та асоційованих країн ЄС для виявлення феномену розвитку бізнесу в постсоціалістичних країнах Анотація Автори статті проаналізували рівень розвитку та різні умови ведення бізнесу, які існують у постсоціалістичних країнах, з використанням міжнародних методик як, наприклад, «Ведення бізнесу» та «БДО Міжнародний бізнес-компас». Метою статті є виявлення особливостей кожної аналізованої економіки за різними критеріями для визначення рівня розвитку бізнесу та його стримуючих факторів у 2012-2016 рр. у країнах, таких як Чехія, Польща, Латвія, Литва, Словаччина, Угорщина, Естонія, Болгарія, Молдова, Грузія та Україна. Проведений аналіз доводить, що деякі країни займають провідні позиції відносно ведення підприємницької діяльності (Естонія, Грузія та Чехія); інші країни (Молдова та Україна) перебувають в інших умовах. Було доведено, що доцільно використовувати міжнародні рейтинги для ліквідації інформаційної асиметрії та оцінки економіки за різними аспектами. Ключові слова: бізнес; економічні умови; рейтингові методики; рейтинг країни; постсоціалістичні країни. Иващенко А. И. кандидат экономических наук, доцент, Киевский национальный экономический университет имени Вадима Гетьмана, Киев, Украина Орлова Н. С. доктор государс...

SMART specialization is a basic approach to the development of regional innovation policy. It involves identifying priority sectors of the local economy with the involvement of key stakeholders. Currently, statistics on the development of regions are presented in terms of large business, small and medium. In this context, the generally accepted methodology from the Joint Research Center of the European Commission has limited application. Because it does not take into account the performance of microbusiness (individual entrepreneurs). For countries with economies in transition, this is critical, as they reach 80% of the business structure. Therefore, considering their voice is also necessary. Our approach involves a combination of quantitative (assessment of innovation and economic potential of the region) and qualitative (survey of microbusiness representatives) methods to identify priority areas of SMART specialization. Approbation of the offered method was carried out on the example of the Mykolaiv region which is in the south of Ukraine. The results of the study have shown that the innovation of microenterprises is at a low level. At the same time, they demonstrate a high level of desire to be involved in the process of SMART specialization and innovation of production.