Designing the future for Ukraine: from intuitive prophecy towards scientific synthesis

Dunayev, Igor; Kud, А. A.

doi:10.32405/2522-9931/2522-9958-2020-12(41)-142-159

Cited by 4 publications

(2 citation statements)

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“…Забезпечення традиційної державності й суверенітету є, мабуть, дуже серйозним ризиком для урядів демократичних країн у середньостроковій перспективі [27], оскільки стрімка світова популярність децентралізованих фінансів і особливо криптоактивів майже гарантуватиме стрімке скорочення податкових надходжень у державні бюджети і масштабне поширення анонімних розрахунків у світі, а це вже є прямою загрозою для національної безпеки десятків розвинених країн. Однак такий песимістичний сценарій розвитку світової економіки вже ніким не сприймається як базовий: уряди і наддержавні регулятори впевнені, що їм скоро вдасться політично врегулювати сферу обігу віртуальних активів [26; 4] і особливо найбільш небезпечний її сегмент -сегмент криптоактивів.…”

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Modern approaches to global and governmental regulation of virtual assets: what to choose to support digital innovations?

Kud

2023

Pressing Problems of Public Administration

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The paper offers a critical outlook at modern approaches to supranational and governmental regulation of the circulation of virtual assets, which have already developed with confidence and which actually determine the conflict between generally global and national views on a very heterogeneous category – virtual assets. The purpose of this article is to summarize some key regulatory approaches spread globally – from global to state levels – regarding the circulation of virtual assets and their critical analysis from the point of view of supporting digital innovation in a national economy. The paper is a continuation of the ongoing wide-ranging expert and political debate about what government officials and presidents should be guided by in matters of circulation of virtual and, in particular, backed (secured) tokenized assets. The logic of the presentation and judgments in the paper is related to the step-by-step consideration of such issues: (1) the basic political approach of the International Monetary Fund and its discussion from a public-management point of view; (2) institutional and administrative risks for governments regarding the full implementation of the IMF’s 2023 policy recommendations on the regulation of virtual assets; (3) widespread standards for the prudent (prudential) circulation of virtual assets, which were developed by other authoritative supranational organizations; (4) an overview of key problems in the coordination of multi- and single-level approaches to the regulation of virtual assets; (5) highlighting 5 regulatory approaches in the ways and scope of governmental (national) regulation of virtual assets currently operating in the world; (6) author’s comparison and assessment of regulatory approaches; (7) assessment of Ukrainian prospects in supporting technological innovations in the field of circulation of virtual assets in the context of the adoption of the new law «On Virtual Assets» in 2023. The author makes the final conclusion that, generally, modern regulatory efforts of supranational and state regulators in the field of circulation of virtual assets are mostly focused on the problems of illegal financing, unfair competition and the integrity of new and old markets of financial assets, as well as focused on requirements for experience and financial stability of private service providers in the field of virtual assets. However, there is a growing understanding that regulators will arrive at a more or less single or multiple regulatory approach, which will be set at the supranational level, and this will only facilitate technological innovation. Such an approach will most likely be combined – based on regulatory flexibility and on the basis of principles (expected results).

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Modern approaches to global and governmental regulation of virtual assets: what to choose to support digital innovations?

Kud

2023

Pressing Problems of Public Administration

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“…І це створює парадокс: центральна роль цифрових платформ дозволяє їм бути корисними для мереж зацікавлених сторін, але така позиція також створює можливість для експлуататорської поведінки, яка загрожує довгостроковій стійкості екосистеми. Як наслідок, низові соціальні рухи та регуляторні дії часто виникають, щоб протистояти такій поведінці [1]. Вкрай важливо знайти способи збалансувати переваги цифрових платформ із необхідністю запобігання їх потенційно негативного впливу на екосистеми та зацікавлених сторін.…”

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New traces of regulation of information platforms and a platform-based economy for the new public good

Dunayev,

Kovalenko

2022

Pressing Problems of Public Administration

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The paper offers the authors’ vision of a new problem for Ukraine, but not new for the Western and Eastern world – how to regulate some rising information platforms and the platform-based economy. The purpose of this article is to critically analyze the current global practice of public regulation of information platforms and, based on this, to determine new trajectories of their regulation for the greater public good and renewal of public administration. The step-by-step logic of the presentation of further material in the article is as follows: 1) critical generalization of the essential effects of information platforms for the economy and public administration; 2) modern transformations in the essence of the platform economy; 3) an overview of the essence of the existing state regulation of platforms, which departs from the regulation of purely competition, and is more aimed at the regulation of socio-economic development, 4) clarify the state and supranational regulatory approaches to platforms and the directions of their changes now in the Western world. In general, the paper is a continuation of the ongoing broad expert and political debates about what, how and who to regulate in the new platform environment, the participants of which are or soon will be almost all people. The authors pay considerable attention to the overview of regulatory issues, practices and approaches, and in particular to the latest European laws on digital markets and digital services. Together, these two laws establish a new trend to regulate not only competition, but also very broad socio-economic processes in countries that have already encountered practical difficulties in social transformations and conflicts, and this process will definitely not be quick.

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Decentralized Information Platforms in Public Governance: Reconstruction of the Modern Democracy or Comfort Blinding?

Kud

2021

International Journal of Public Administration

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Designing the future for Ukraine: from intuitive prophecy towards scientific synthesis

Cited by 4 publications

References 1 publication

Modern approaches to global and governmental regulation of virtual assets: what to choose to support digital innovations?

Modern approaches to global and governmental regulation of virtual assets: what to choose to support digital innovations?

New traces of regulation of information platforms and a platform-based economy for the new public good

Decentralized Information Platforms in Public Governance: Reconstruction of the Modern Democracy or Comfort Blinding?

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