PROSPECTS FOR THE DEVELOPMENT OF CRYPTOBANKING IN UKRAINE

Abstract

The purpose of the article is to identify the problems and justify the prospects for the
development of cryptobanking in Ukraine to increase investment activity, attract capital, raise the
standard of living, tax digital assets and improve economic development.
Scientific novelty. The question regarding the prospects for the development of cryptobanking
in Ukraine has been revealed. The need to create cryptobanks for the formation of safe and convenient
cryptocurrency transactions, the legalization of cryptocurrency income, the regulation of the
cryptomarket and the increase of tax revenues for the country's budget is substantiated.
Important aspects related to the development of the cryptocurrency market in Ukraine are
summarized, including the growing popularity of cryptoassets among the population, the need to
create a cryptobank to facilitate cryptocurrency operations and regulate this market, the problems of
legalizing cryptocurrency income and their taxation, as well as the economic consequences of the lack
of adequate regulation of the cryptomarket, which leads to the loss potential tax revenues for the state
budget. The analysis of the cases of foreign cryptobanks made it possible to identify the key
technologies used in this segment, such as cryptocurrencies, blockchain technologies and fintech
solutions, and conclusions about the possibility of their successful application in Ukraine for the
purpose of developing cryptobanks and the cryptocurrency market, emphasizing that the important
prerequisites for such development is the introduction of appropriate legislation and regulatory norms
to ensure safety and protect the interests of users.
Conclusions. The analysis of the experience of foreign companies made it possible to consider
the main technologies used by cryptobanks in their activities, and to draw conclusions about the possibilities of their implementation in Ukraine. In particular, it was found that most foreign cryptobanks actively use cryptocurrencies and blockchain technologies to carry out transactions with digital assets, ensure data protection and speed up transactions. In addition, they integrate fintech solutions
such as payment systems, mobile applications, online banking and much more into their operations.
In the domestic context, the introduction of such technologies can be an important step in the
development of cryptobanks and the general cryptocurrency market. However, in order to ensure the
safety and protection of the interests of users, it is necessary to establish relevant normative acts and
regulatory requirements