Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)

Abstract

Problem of Protection against Cyber Crimes in the Field of Cryptocurrency Circulation

Author(s): Kateryna Chyzhmar, Oleksandr Yunin, Iryna Paterylo, Ihor Alieksieienko, Serhii Shevchenko

In the course of the study, cases of interaction of a cryptocurrency system with external subjects were identified. Such connections are manifested mainly in the protection of rights of participants in the cryptocurrency market in the event of an offense, respectively, the issue of punishment of offenders, taxation issues, as well as the performance of the cryptocurrency as a medium of circulation outside the cryptocurrency market. Due to the misregulating of the algorithm of such relationships at the legislative level, many violations of the rights and interests of both the participants of the cryptocurrency market and these very external actors arise. The way to resolve problematic issues is to develop a legislative framework. First, since each state at the national level regulates the process of cryptocurrency circulation in its own way, and the cryptocurrency market covers the whole world, it becomes necessary to establish common rules, as well as to develop a conceptual and categorical apparatus at the international level. Such an act can even be documented as a legal custom, such as IncotermsÑÂŽ After determining the main points regarding the circulation of cryptocurrency in the world at the international level, each state will be able to develop norms at the level of national legislation on some basis. Today it is very important to realize that the emergence of a cryptocurrency (digital money) is a globalization phenomenon. Cryptocurrency is a class of financial assets that is developing and gains popularity more quickly than others and is both a prospect and a threat to the entire global financial system. Therefore, it is necessary to take control of this phenomenon in advance in order to be ready for its appearance in the financial markets.