Instituto de Estudios Políticos y Derecho Público "Dr. Humberto J. La Roche"
de la Facultad de Ciencias Jurídicas y Políticas de la Universidad del Zulia
Maracaibo, Venezuela
Esta publicación cientíca en formato digital es continuidad de la revista impresa
ISSN-Versión Impresa 0798-1406 / ISSN-Versión on line 2542-3185Depósito legal pp
197402ZU34
ppi 201502ZU4645
Vol.39 N° 70
2021
Recibido el 03/05/2021 Aceptado el 08/08/2021
ISSN 0798- 1406 ~ De pó si to le gal pp 198502ZU132
Cues tio nes Po lí ti cas
La re vis ta Cues tio nes Po lí ti cas, es una pu bli ca ción aus pi cia da por el Ins ti tu to
de Es tu dios Po lí ti cos y De re cho Pú bli co “Dr. Hum ber to J. La Ro che” (IEPDP) de la Fa-
cul tad de Cien cias Ju rí di cas y Po lí ti cas de la Uni ver si dad del Zu lia.
En tre sus ob je ti vos fi gu ran: con tri buir con el pro gre so cien tí fi co de las Cien cias
Hu ma nas y So cia les, a tra vés de la di vul ga ción de los re sul ta dos lo gra dos por sus in ves-
ti ga do res; es ti mu lar la in ves ti ga ción en es tas áreas del sa ber; y pro pi ciar la pre sen ta-
ción, dis cu sión y con fron ta ción de las ideas y avan ces cien tí fi cos con com pro mi so so cial.
Cues tio nes Po lí ti cas apa re ce dos ve ces al año y pu bli ca tra ba jos ori gi na les con
avan ces o re sul ta dos de in ves ti ga ción en las áreas de Cien cia Po lí ti ca y De re cho Pú bli-
co, los cua les son so me ti dos a la con si de ra ción de ár bi tros ca li fi ca dos.
ESTA PU BLI CA CIÓN APA RE CE RE SE ÑA DA, EN TRE OTROS ÍN DI CES, EN
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nes Cien tí fi cas y Tec no ló gi cas Ve ne zo la nas del FO NA CIT, La tin dex.
Di rec to ra
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M. C
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Co mi té Edi tor
Eduviges Morales Villalobos
Fabiola Tavares Duarte
Ma ría Eu ge nia Soto Hernández
Nila Leal González
Carmen Pérez Baralt
Co mi té Ase sor
Pedro Bracho Grand
J. M. Del ga do Ocan do
José Ce rra da
Ri car do Com bel las
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Frie drich Welsch
Asis ten tes Ad mi nis tra ti vos
Joan López Urdaneta y Nil da Ma rín
Re vis ta Cues tio nes Po lí ti cas. Av. Gua ji ra. Uni ver si dad del Zu lia. Nú cleo Hu ma nís ti co. Fa-
cul tad de Cien cias Ju rí di cas y Po lí ti cas. Ins ti tu to de Es tu dios Po lí ti cos y De re cho Pú bli co
“Dr. Hum ber to J. La Ro che”. Ma ra cai bo, Ve ne zue la. E- mail: cues tio nes po li ti cas@gmail.
com ~ loi chi ri nos por til lo@gmail.com. Te le fax: 58- 0261- 4127018.
Vol. 39, Nº 70 (2021), 153-164
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Legal aspects of cryptocurrency’s
circulation: international experience and
possibilities of its application in Ukraine
DOI: https://doi.org/10.46398/cuestpol.3970.09
Mykola Karchevskyi *
Artem Kovalenko **
Anatolii Matviichuk ***
Mykhailo Volodymyrovych Zavalnyi ****
Abstract
Based on documentary scientic methodology, the legal
aspects of the circulation of cryptocurrencies in Ukraine and
other countries of the world are analyzed. The relationship
between the state’s level of economic development and the level
of its interest in cryptocurrencies is demonstrated. It was shown
that almost all successful states can create and implement their
own cryptocurrency. In addition, it was noted how important the issue of
choosing the proper form of legal regulation of the cryptocurrency industry
is today. For example, many researchers and experts have emphasized that a
kind of compromise must be reached on issues related to the legal regulation
of cryptocurrencies. It is therefore concluded that this applies to both the
sphere of domestic and international law, where clarity, transparency and
unambiguousness of legal norms must prevail. Regarding the latter, it is
claried that cryptocurrencies should no longer exist as a shadow source
of income for unidentied individuals. Instead, they should be completely
banned and eliminated in both the economic and legal elds, or they should
be legalized and regulated by current legislation.
Keywords: cryptocurrency; legal regulation; international experience;
legislative support; state policy.
* Doctor of Law, Professor, First Vice-Rector, Luhansk State University of Internal Aairs named after E.
Didorenko. ORCID ID: https://orcid.org/0000-0002-2693-3592. Email: comcriminal@gmail.com
** PhD in Law, Associate Professor in the Chair of Criminal-Law Disciplines, Luhansk State University
of Internal Aairs named after E. Didorenko. ORCID ID: https://orcid.org/0000-0003-3665-0147.
Email: ew4or@gmail.com
*** Doctor of Science of Law, Associate Professor of the Department of Justice Faculty of Law, Institute
of Management, Technology and Law, State University of Infrastructure and Technology. ORCID ID:
https://orcid.org/0000-0003-2991-3236. Email: lawart.ma@gmail.com
**** Doctor of Jurisprudence, Senior Researcher, Associate Professor of the Department of Administrative
Law and Process of the Faculty No. 1, Kharkiv National University of Internal Aairs. ORCID ID:
https://orcid.org/0000-0003-4191-061X. Emaill: mzavalny@pp-ss.pro
154
Mykola Karchevskyi, Artem Kovalenko, Anatolii Matviichuk y Mykhailo Volodymyrovych
Zavalnyi
Legal aspects of cryptocurrency’s circulation: international experience and possibilities of its
application in Ukraine
Aspectos legales de la circulación de criptomonedas:
experiencia internacional y posibilidades de su aplicación
en Ucrania
Resumen
Con base a metodología cientíca de tipo documental se analizan los
aspectos legales de la circulación de criptomonedas en Ucrania y otros
países del mundo. Se demuestra la relación entre el nivel de desarrollo
económico del estado y el nivel de su interés en las criptomonedas. En
particular, se demostró que casi todos los estados exitosos pueden crear e
implementar su propia criptomoneda. Además, se señaló cuán importante
es hoy en día el tema de elegir la forma adecuada de regulación legal de
la industria de la criptomoneda. Por ejemplo, muchos investigadores y
expertos han enfatizado que se debe llegar a una especie de compromiso en
cuestiones relacionadas con la regulación legal de las criptomonedas. Por
lo tanto, se concluye que esto se aplica tanto a la esfera del derecho interno
e internacional, donde debe prevalecer la claridad, la transparencia y la
falta de ambigüedad de las normas jurídicas. Con respecto a esto último,
se aclara que las criptomonedas ya no deberían existir como una fuente
de ingresos en la sombra para las personas no identicadas. En cambio,
deberían ser completamente prohibidos y eliminados tanto en el campo
económico como legal, o deberían legalizarse y regularse por la legislación
vigente.
Palabras clave: criptomoneda; regulación legal; experiencia
internacional; apoyo legislativo; política de Estado.
Introduction
The modernization of the economic sector is primarily related to
information technologies, which are essentially objects of intellectual
property rights and are designed to improve it by adapting to the growth
rate and the nature of demand from users of such a system. Thus, the
introduction and further application of information technologies in the,
for example, banking sector aim to expand the range of users (customers),
maintain the competitiveness of the bank, attract foreign investment,
and increase the reputation of the banking sector of Ukraine abroad.
Trying to reach a new level of economic relations, institutions are actively
implementing information know-how in the main aspects of their activities
(Gramatskyy et al., 2020).
There are currently countries in the world that have introduced the legal
regulation of cryptocurrency’s circulation in any form into their own national
systems. Thus, such states include economically developed Asian countries,
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such as Japan, Singapore, Thailand, South Korea, and others. Most of the
indicated Asian countries have either recognized any cryptocurrency (for
instance, bitcoin) as a legal payment instrument or allowed cryptocurrency
payments only under certain conditions. Instead, most countries in
Northern and Western Europe have refused to simultaneously recognize
any of the cryptocurrencies as a legal payment instrument. Instead of this,
they have chosen the path of gradual adoption and gradual introduction of
the rules and regulations for the use of cryptocurrencies.
Details and individual specics of using cryptocurrencies by each state
are dierent. In particular, we note that some countries although have not
recognized cryptocurrencies as a legal payment instrument, but at the same
time have received certain rights and certainty in the legal eld. Given
the extremely high relevance of the problems and issues addressed in this
article, a lot of attention of scholars was paid to their research.
Topicality of the research is determined by: rstly, the need of
cryptocurrency market functioning in the legal eld, which will unify
understanding of the legal nature of cryptocurrency by all subjects of
currency legal relations, public authorities, business entities, individuals;
secondly, the need to harmonize Ukrainian legislation governing the
cryptocurrency market with European considering Ukraine’s European
integration course; thirdly, the importance of balancing interests of state
and interests of cryptocurrency market participants; fourthly, the need for
timely prevention, detection and response to the commission of oenses
in the eld of cryptocurrency circulation, which are carried out using the
latest information technology; fthly, the need to expand the client base
of nancial institutions at the expense of individuals who prefer to use
cryptocurrencies to pay for goods and services (Ivaniuk, 2021).
1. Purpose and objectives of the research
The purpose of this article is based on the recognition of the growing
importance of cryptocurrencies in society, especially in its nancial
and accounting sphere. Therefore, it is planned to analyze and compare
currently existing ways and methods of legal regulation of cryptocurrencies’
circulation in dierent world countries and to nd the legal regime of
circulation and use of cryptocurrencies among them, which would better
interact with the domestic realities of today.
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Legal aspects of cryptocurrency’s circulation: international experience and possibilities of its
application in Ukraine
2. Methodological basis of the research
The methodological basis of the article consists of modern methods of
scientic cognition, which are currently used while conducting research.
The authors of the article have combined generally scientic and special
methods in order to best achieve the purpose set in the article. All methods
have been used in conjunction and complementarity that ensured the
objectivity of the conclusions.
The formal and legal method has been used while studying scientic
sources focused on the problems of legal regulation of cryptocurrencies
in various foreign countries. It is through the analysis of dierent
scientic points of view, in particular regarding the legal regulation of
cryptocurrencies, the authors were able to rethink the issue raised in the
article more thoroughly.
Applying the hermeneutic method, the texts of scientic works in the
eld of legal regulation of cryptocurrencies in Ukraine and some foreign
countries of the world have been interpreted. The authors have also claried
the relationships between the norms explaining the essence and certain
norms concerning the legal eld of cryptocurrency’s circulation.
The analytical method has been used in the analysis and substantiation
of some theoretical authors’ positions, for example, it is advisable to use the
experience of European rather than Asian countries during the improvement
of Ukrainian legislation in terms of legal regulation of cryptocurrency.
The deduction method has assisted to study the relationship between
amendments at the international level and their possible implementation
in the legislation of Ukraine in regard to legal regulation of cryptocurrency.
This method has been used mainly in conjunction with the comparative and
legal method, which provided the identication of common and distinctive
features of legal regulation of cryptocurrency activities and its circulation.
The authors have compared the positions of dierent states on the legal
regime of cryptocurrencies in order to identify advantages, disadvantages,
risks and perspectives for the development; have suggested favorable ways
to integrate international experience into Ukrainian practice.
3. Results and discussion
There are generally accepted views on cryptocurrency as a thing (a mean
of nancial arrangement) in the scientic and legal environment, which
sooner or later should be the subject to proper legal regulation.
Cryptocurrencies are a completely new economic and legal phenomenon,
dierent from traditional at or electronic money. One of the current
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tendencies in the development of information technology is the spread of
cryptocurrencies (Kaznacheyeva and Dorosh, 2020). One of the rst and
most well-known cryptocurrency is bitcoin. The bitcoin wallet software
can operate with any number of addresses, or each address can be served
by a separate wallet (Nosov and Manzhai, 2021). However, the world has
not formed so far, a stable terminology and unied approaches to the
denition, regulation, economic and legal substantiation for the use of
cryptocurrencies. Cryptocurrencies are decentralized convertible digital
currencies based on mathematical principles that are generated and
managed automatically by software. Blockchain technology has become
widespread in parallel with the introduction of cryptocurrency. The most
popular cryptocurrency in the world – bitcoin is functioning based on such
technology (Kaznacheyeva and Dorosh, 2020).
Researchers are actively discussing the path that Ukraine should chose
regarding its possible methods and ways of legal regulation of public legal
relations in the eld of cryptocurrency’s circulation. Domestic researchers
and scholars having such discussions often refer to the experience of their
foreign colleagues. They are interested in countries that have already made
or are currently making signicant successful changes in this direction
especially in the context of legal regulation of the circulation and use of
cryptocurrencies (Cvetkova, 2018). Discussions are currently underway
regarding the choice Ukraine should take in the area of cryptocurrency’s
legal regulation. Namely, whether it should be the model of legal regulation
and the state’s attitude to cryptocurrencies that take place in the countries
of East and South Asia, or Ukraine should be in line with its European and
North American allies and partners. In order to better understand the choice
that Ukraine should make in the nearest future, rst of all represented by
its leading researchers and scholars, and later represented by its state and
political leadership, it is necessary to consider in detail the nature and
characteristic features of models of legal regulation of cryptocurrencies,
which take place in dierent, mostly economically developed countries of
the world (Papantoniou and Hilton, 2021).
Having studied the economic and legal characteristics of economically
successful Asian countries, researchers state that one of the characteristic
features of these countries is their innovation nature and desire to be
“leaders in everything”. Of course, the desire to succeed in various spheres
of public life is inherent in many (if not all) countries. However, such a
desire is observed among the above-mentioned Asian countries more
strongly than among others. Thus, it is noted that the high thirst for
innovation motivates the “economic tigers” of Asia to actively implement the
norms of legal regulation of those spheres of public life that have not been
regulated anywhere else in the world yet. It is also pointed out that besides
the experience of ocial use and legal regulation of cryptocurrencies, the
indicated countries have already proven their success as world leaders in
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Zavalnyi
Legal aspects of cryptocurrency’s circulation: international experience and possibilities of its
application in Ukraine
the eld of economic, cultural, and legal innovations (Sadok and Maknouzi,
2020). Singapore, already mentioned above in this article, is one of the
leading countries in the context of Ease of Doing Business and economic
prosperity. Taiwan and South Korea are close to Singapore within the world
economic and business rankings.
Summing up the essence and specic nature of the functioning of
economic, legal, and other sectors of society in Asian countries, one can
argue that they have no peers in their drive to break records in various
spheres of life sustaining activity. However, at the same time, we note that
the speed of implementing certain changes or innovations does not always
mean their quality and usefulness to society. On the contrary, careless
reforms or innovations that have been introduced into the existing system
in a particular area of public life without taking into account the specics
of the region can be extremely harmful (Gómez et al., 2020). Although
some of the achievements of Asia’s economic and political “giants” can be
truly impressive and fascinating, they are not the product of a coherent and
integrated organization of society, but rather the result of separate, not
related to each other political and economic manifestations.
Having studied European countries, we observe that certain innovations
(including cryptocurrency) are trying to introduce into society more
harmoniously. Revealing this statement in detail, we note that most of
developed Western countries pay not so much attention to the speed of
carrying out reforms or to introduce a new object of public legal relations,
but to maintain existing harmony in society without violating it (Chandy
and Bhardwaj, 2020). Thus, before ocially recognizing a cryptocurrency or
several of them, politicians and, above all, legislators of European countries
will study and analyze whether their relative social harmony, which is
expressed by the stability and prosperity of the nancial system among
other things, suer from negative consequences in case of recognition of
cryptocurrency. On this basis European countries have set a course for the
gradual ocial recognition of cryptocurrencies and their legal regulation.
European countries independently decide on the degree of recognition or
regulation of a cryptocurrency in the country.
Thus, some EU Member States recognize cryptocurrency as an unocial,
but not prohibited mean of nancial payments. And cryptocurrency in
some other EU Member States has the ocial status of a legal payment
instrument (Garcia-Teruel, 2020). It should be also noted that considering
the degrees of legal regulation of cryptocurrencies in dierent European
countries, researchers have concluded that they directly depend on which
legal family a particular country specically belongs to. For example, it is
a well-known and proven fact that countries belonging to the Romano-
Germanic legal family are traditionally more prone to codied or non-
codied legal regulation of certain processes. Accordingly, this state of
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aairs has not bypassed the legal regulation of cryptocurrency’s circulation.
It is expected that we will see a signicant increase of legal acts in the next
few years aimed at global and at the same time detailed legal regulation of
cryptocurrency’s circulation (Pahl et al., 2019).
In addition, countries that are part of the Anglo-Saxon or it is also
called Anglo-American legal family do not likely have such a large scope of
codied and non-codied regulatory legal acts. Instead, given the fact that
the states belonging to this legal family have strong traditions of the legal
system and a large number of court precedents, which mean a number of
court decisions made by courts of dierent instances at a certain period
of time, which establish the features of legal “behavior” (regulation) in
any particular sphere of public life, they also have signicant success in
resolving relations whose object is a cryptocurrency. Therefore, based on
the dierences between the legal systems of Western countries, which were
identied and emphasized as a result of the above consideration, we note
that Ukraine, which, according to the generally accepted view of the vast
majority of lawyers, is part of the Romano-Germanic legal family, which
is characterized by the strong and comprehensive codication of written
sources of law in almost all spheres of public life, should follow the examples
of those countries that are also part of the Romano-Germanic legal family.
Despite some useful elements in the eective organization of the
functioning of a particular area of public legal relations (including the
circulation of cryptocurrencies), which take place among the countries
of the Anglo-American system, which includes the United Kingdom, the
United States, Canada and some other countries that were colonies of
the former British Empire and now part of the British Commonwealth,
their traditions, which are based more on precedents than on elements of
written law (Crompton and Jensen, 2018), are not useful for Ukraine. After
all, Ukraine has been building a legal system for many past centuries with
regard to the states of the Romano-Germanic legal family. Among other
things we can single out the period when the Ukrainian lands were under
the rule of the Russian Empire. At that time, when building own branches of
law, including civil, criminal, and administrative, the rulers of the Empire
of that period took as an example mostly German states, especially Prussia,
as well as France and Austria (Montes and Goertzel, 2018).
Taking into account the problems and issues that domestic and foreign
lawyers have when they begin to consider options (methods and ways) to
implement legal regulation of cryptocurrencies’ circulation in Ukraine, we
note that discussions about this are in most cases reduced to statements
about the possibility or impossibility to introduce certain innovations
into the domestic system, taking into account its specics and many local
subtleties. Instead, we consider it appropriate to note that in response to
such statements, researchers, whose opinion we fully agree, state that the
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successful solution to the above problem will be the reform of the domestic
specics and the legal system in the whole.
Revealing the above, we state that “domestic specics” and “local
features” are often understood as low overall eciency of the Ukrainian
state system and its inability to eectively respond to the threats and
challenges of the present time. This ineciency and “non-viability” of state
authoritative mechanisms of the country is supported by a high level of
corruption in any form, which prevents the country and Ukrainian society
from being properly developed, forcing citizens to continue living and
functioning under old and ineective “rules of the game” (Dimitropoulou
et al., 2018). The mentioned corruption, in turn, is a fairly broad and
pervasive phenomenon within domestic society, covering almost all spheres
of daily life. It can exist and still successfully exists in the form of nepotism,
stealing state and local budgets (embezzlement), receiving illegal benets
by statesmen and other criminal acts (Lin et al., 2018).
Foreign researchers considering all those facts insist that Ukraine
should conduct systematic and high-quality work on reforming all, without
exception, government mechanisms, as well as that they will be fully cleansed
of corruption schemes. With regard to the latter, it has been noted that in
order to clean up government agencies and departments from corruption
crimes, we must carry out a full and objective lustration of persons about
whom information is legally conrmed in their illegal activities while
holding state positions. Appropriate conditions must be created for the fair
certication of new and current sta within state agencies for the gradual
and high-quality cleansing of the state system from low eciency and past
atrocities.
All the above changes are of great importance to understand how the
legal regulation of cryptocurrency’s circulation can be potentially eective
in Ukraine, if it is introduced in the country (McGinn et al., 2018).
Thus, the country urgently needs to achieve the right balance in terms of
harmony and stability of state mechanisms and institutions’ functioning,
but at the same time to provide appropriate conditions for further positive
development of the state, especially in the eld of new technologies, which
include cryptocurrencies. Because we must remind that the stability of
any legal relations in a particular area without timely development and
the necessary improvement will quickly turn into stagnation and decline.
Therefore, considering all the challenges and needs of today, we state that
no country in the world can be currently eective and powerful, if it does not
pay enough attention to its own capabilities in the eld of high technologies
(Ochiai et al., 2018).
Cryptocurrencies are certainly an integral part of the high-tech industry
and the guide of the country in the future. Besides, it is impossible to
disagree with the points of view that cryptocurrencies will function in the
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world nancial systems in the nearest future on a par with the current,
ocial national currencies of dierent countries. There are even theories in
the scientic community that cryptocurrencies can eventually completely
replace existing currencies and thus completely reformat the entire world
system of nancial and monetary arrangements. In this regard it should
be noted that the countries of the world, including Ukraine, need to
properly prepare for possible changes in the future and start working to
improve domestic legislation so that it allows eective legal regulation of
cryptocurrencies’ circulation, allowing the latter to fully demonstrate its
enormous benet to society.
It should be emphasized that the purpose of the state and its lawyers,
as well as domestic legislators, should be not only the adaptation of
domestic legal norms for the proper introduction of circulation and use
of cryptocurrencies in Ukraine (Li et al., 2017). Instead, it is recognized
that the work on improving the national legal base should be broader and
include all the conditions necessary to increase the scope and pace of the
development of domestic scientic and technological sector of the economy.
It is applied to the high-tech industry as part of the scientic and technical
sector of any country. It has been emphasized that the development and
eective implementation of technologies into society will assist the latter to
remain eective (Brambilla et al., 2016).
Conclusions
Cryptocurrencies have every chance to become the main nancial and
accounting currencies around the world in the nearest future. In this regard
researchers insist that the necessary qualitative reforms in the eld of legal
regulation of the circulation and use of cryptocurrencies will be carried out
in Ukraine as soon as possible. Taking into account the results of scientic
and legal discussions between researchers and scholars, we emphasize that
scholars have chosen the example of Western allies and partners of Ukraine
in choosing the direction of the development and adaptation of domestic
legislation to the realities and challenges of the present day. It has been
determined that the option of carrying out reforms in line with the model of
some economically developed countries in Asia is not acceptable. Despite
some impressive achievements of those countries in terms of innovations
in business and economics, we note that their ability to rapidly introduce
innovations is not common to the Ukrainian state system.
European countries in contrast to Asian countries are gradually
introducing the circulation of cryptocurrencies. It has been indicated that
they rst remove the circulation of cryptocurrencies from the criminal and
legal eld, later they allow the use of cryptocurrencies as one of the alternative
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currencies for certain types of nancial and accounting operations. And
nally, they ocially recognize any cryptocurrency as a legislative payment
instrument. The quality and speed of all necessary changes and adaptations
to the circulation of cryptocurrencies depends on the prosperous status of
Ukraine in terms of further development of the global nancial system.
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Esta revista fue editada en formato digital y publicada
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