Purpose This paper aims to illustrate how virtual assets are used in such criminal offenses as money laundering and seeks to study the role of financial intelligence (monitoring) of transactions with virtual assets effectively in combating money laundering. Design/methodology/approach This research methodology includes system and structural methods that help analyze the theoretical, organizational and legal bases of the financial intelligence (monitoring) of transactions with virtual assets. The authors use the doctrinal legal research approach to analyze and describe the legislation connected to the financial intelligence (monitoring) operations with virtual assets. To identify critical issues of understanding the “virtual assets” and “cryptocurrency” essence, the peculiarities of the scientific community views on the given definitions, the authors use the method of terminological analysis and concepts operationalization. The authors use the extrapolation method to determine the possibility of implementing the analyzed best practices of foreign countries in the domestic practice of financial intelligence (monitoring) of transactions with virtual assets as an effective way in combating money laundering. Findings This study demonstrates the role of financial intelligence (monitoring) of transactions with virtual assets as an effective way to combat money laundering. Originality/value The article is devoted to comprehensively studying “virtual assets” and “cryptocurrency” concepts. The authors carried out a comparative analysis of these two concepts with the definition of their features and the main characteristics and features that separate them from each other. The authors also stressed the need for countries to strengthen the requirements for situations and activities with virtual assets, where there is a high level of risk in a risk-based approach.

The relevance of this paper is conditioned by the study of the regulation of electronic money circulation in the countries of the world, in particular in Ukraine, the specifics of carrying out activities in the field of issuing electronic money and establishing the regulatory basis for such activities. The purpose of this study is to investigate and analyse the financial and legal regulation of electronic money circulation, and to establish the specifics of issuing electronic money. The following methods were used: dialectical method, formalisation, hermeneutical, legal, formal and legal, logical and legal methods, system, structural and functional method, axiomatic method, induction and deduction, analysis, synthesis, etc. The findings are the definition and establishment of the features of the concept of "electronic money" and "electronic money circulation"; the establishment of the regulatory framework for regulating electronic money; investigation of the history of the establishment of electronic money in the world; the regulations of the sphere of electronic money circulation in Ukraine are studied and ways to improve this sphere are proposed. Subjects who can engage in activities aimed at issuing electronic money were identified and the features of their activities were determined. The provisions set out in this paper are of practical value primarily for subjects whose activities are aimed at implementing electronic money circulation and regulating this activity, and for persons who somehow participate in electronic money circulation and whose rights may be violated by the providers of such services.

The article systematically investigates the legal bases of planning and formation of the defense budget of Ukraine. It is stated that the legal bases of the defense budget of Ukraine are the Constitution of Ukraine, the Budget Code of Ukraine, the Law of Ukraine «On National Security of Ukraine», the Strategic Defense Bulletin of Ukraine, the National Security Strategy, the Military Doctrine of Ukraine, the laws of Ukraine on the state budget for the respective year. It is stated that at the legislative level the sources of financing of defense expenditures are fixed: funds of the state budget of Ukraine, charitable donations, income from own economic activity of the Armed Forces of Ukraine. The mechanism and conditions for providing charitable assistance to the Armed Forces of Ukraine are described. The expediency of revising the Concept of economic and economic activity of the Armed Forces of Ukraine approved on April 19, 1997, approved by the President. The current Concept does not meet current conditions. It needs revision, based on Ukraine’s NATO course, of military aggression, reformatting the structure of the Armed Forces of Ukraine. It has been determined that the amount of defense expenditures as a percentage of the gross domestic product meets international standards. However, the weakness of the national economy indicates a lack of defense spending in dollar terms and in terms of one soldier. The expediency of optimizing the structure of expenditures, reorientation of creation of new administrative and economic units for project management in the sphere of defense, creation of an effective mechanism of public control over the distribution of defense expenditures is argued. Keywords: defense budget, legal framework, gross domestic product, national security, defense, budget, charitable donation, economic activity.

Problem settings. The article examines the legal provisions for determining the measures of state regulation of the activities of virtual assets market participants which the Ukrainian legislator decided to apply in the sphere of circulation of such assets in Ukraine. The article analyzes the provisions of the Law of Ukraine No. 2074-IX “On Virtual Assets” dated February 17, 2022, which defines the State regulation of the virtual assets market as the implementation by the State, represented by the National Securities and Stock Market Commission and the National Bank of Ukraine, of comprehensive measures to streamline, control and supervise the virtual assets market, regulate the rules of operation of service providers related to the circulation of virtual assets, as well as measures to prevent and counteract abuses and violations in the virtual assets market. The study of legal regulation problems in the field of virtual assets was carried out such scientists as: S. Honcharenko [1, p. 152-157], A. Ovcharenko [2, p. 200-202], N. Arkhireyska, O. Kuchkova [3], V. Korneev [4, p. 40-46], O. Lyzunova [5, p. 196-199], O. Kud, M. Kucheryavenko, E. Smуchok [6, p. 33], V. Ryadinska [7, p. 152-157], A. Protsenko [8, p. 130-134], V. Polatai [9, p. 155-162] and others. The target of the research is to analyze the norms of Law No. 2074-IX to determine measures of state regulation of the activities of participants in the virtual assets market, which the Ukrainian legislator decided to apply in the sphere of circulation of such assets. Article’s main body. It is stated that the legislator has classified service providers related to the circulation of virtual assets and users of such services as participants of the virtual assets market. Services related to the circulation of virtual assets include services for the storage or administration of virtual assets or virtual asset keys, services for the exchange of virtual assets, services for the transfer of virtual assets, intermediary services related to virtual assets. The author emphasizes that the activities of service providers related to the circulation of virtual assets are allowed only subject to obtaining a permit for the provision of services related to the circulation of virtual assets of the relevant type. In addition, the amount of the fee for issuing a permit for the provision of services related to the circulation of virtual assets for residents and non-residents of Ukraine is fixed and it is noted that the issuance of such a permit is carried out in accordance with the procedure established by the National Securities and Stock Market Commission. At the same time, it is not clear what exactly the legislator meant by “permission”. Conclusions and prospects for the development. Taking into account that for such a permit providers of services related to the circulation of virtual assets will have to pay a certain amount of money, the author assumes that it will be a “state permit for the right to provide services related to the circulation of virtual assets” and in order to obtain it, service providers will have to meet certain conditions established by the relevant state body. This shows that the Ukrainian legislator introduces licensing of service providers related to the circulation of virtual assets, although for some reason does not use the term “licensing”. This fact is also confirmed by the requirements established by this Law for persons who plan to carry out activities for the supply of such services, which are essentially “licensing conditions”. The requirements for the procedure of obtaining a “permit” are similar to the requirements for the procedure of obtaining licenses enshrined in the Law of Ukraine No. 222-III “On Licensing of Economic Activities” dated March 2, 2015. It is summarized that the Ukrainian legislator in the formation of measures of state regulation of the activities of virtual assets market participants applied licensing, taking advantage of positive foreign experience.

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