Current trends, concerns and peculiarities of the turnover of cryptocurrency

Abstract

Sponsorship of international terrorism and transnational criminal activity poses a significant threat to the financial system, and due to the rapid expansion of payment opportunities in the Internet, risks have increased significantly, which requires a study of foreign legal experience and the development of a law enforcement strategy to control the circulation of the cryptocurrency. The authors have come to the following conclusions. The use of cryptocurrencies is a promising way to maintain economic development by applying modern accounting and information technologies. International experience clearly demonstrates the importance and role of cryptocurrencies in the activities of transnational criminal groups relating to the financing of terrorism and human trafficking. In the context of globalisation and implementation of the European integration in Ukraine, the turnover of cryptocurrencies needs to be regulated at the legislative level. Thus, it is necessary to accelerate the approval of the Draft Law «On the turnover of cryptocurrency in Ukraine» No. 7183 as of 06 October 2017. It is advisable to introduce a system of registration (licencing) of crypto-currency exchange and exchangers at the national level. At the same time, it is necessary to impose an obligation on cryptoexchangers to collect information about customers. Also, it is necessary to regulate activities of companies that sell goods and services to customers for cryptocurrency, as it is accepted by PayPal, Braintree and other payment systems.

Escenarios para el mercado de criptodivisas a partir de un estudio estadístico

“…Dentro de estas discusiones, más allá de la parte económica, Taran et al (2015) destacaron la existencia de dos posturas: los que creen que el uso de criptodivisas es una trampa y los que piensan que será la moneda del futuro. Por una parte, el uso masivo resulta prometedor dado el nivel de avance tecnológico (Ashimbayev y Tashenova, 2018), y por el otro, al existir una falta de regulación legislativo, podría advertirse como un peligro (Lukianchuk et al, 2017). En este sentido, Makarov y Schoar (2020) mencionaron la necesidad de análisis sistemático de estos mercados, especialmente en el arbitraje y la formación de precios.…”

The Role of Digital Technologies in Combating Cyber-Trafficking in Persons Crimes

“…The spread of phishing through cyberspace is due to the fact that traffickers of trafficking in persons and clients are trying to keep themselves anonymous, whether to prevent disclosure of the fact that they committed the crime or to avoid arrest. Moreover, cyberspace enables trafficking offenders to exploit victims to exchange money through crypto currencies, thus obscuring their illicit activities, as cryptographic techniques allow people engaged in illicit activities to make payments in a way that is difficult to trace, reducing the risk of locating offenders (Lukianchuk et al, 2017), the International Labor Organization (ILO) has estimated that traffickers of trafficking in persons reap $150 billion in profits each year, of which $99 billion is generated from exploiting sexually. In other words, the largest and most lucrative form of trafficking in persons is sex trafficking (ILO, 2014).…”

Cryptocurrency: present-day challenges and prospects of development

“…Some experts think that the state must establish a system of registration (licensing) of crypto exchange offices. Still, it is necessary to oblige these exchange offices to collect the clients' data and ensure proper regulation of activities of companies selling commodities and services for cryptocurrencies (as done by PayPal, Braintree and other payment systems) [22,[69][70][71][72].…”