MANAGEMENT PUBLIC FINANCE IN THE CONDITIONS OF DYNAMIC DEVELOPMENT OF THE TOKENIZED ECONOMY OF UKRAINE
DOI:
https://doi.org/10.34132/pard2024.23.13Keywords:
public administration, virtual assets, crypto market, neofinance, public finance, tokens, tokenised economy, digital currency.Abstract
The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.
References
2. Chainalysis Global Crypto Adoption Index 2023. (n.d.). www.chainalysis.com. Retrieved from: https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/ [in English].
3. Lahoida, V.M. (2021). Perspektyvy vrehuliuvannia pravovoho statusu kryptovaliuty v Ukraini [Prospects for regulating the legal status of cryptocurrency in Ukraine]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia: Pravo – Scientific Bulletin of the Uzhhorod National University. Series: Law, 63, (pp. 152-157) [in Ukrainian].
4. Spilna zaiava finansovykh rehuliatoriv shchodo statusu kryptovaliut v Ukraini [Joint statement of financial regulators regarding the status of cryptocurrencies in Ukraine]. (2017). bank.gov.ua. Retrieved from: https://bank.gov.ua/ua/news/all/spilna-zayava-finansovih-regulyatoriv-schodo-statusu-kriptovalyut-v-ukrayini [in Ukrainian].
5. Fareniuk, N.V. (2023). Neofinansy svitovoi ekonomiky [Neofinance of the world economy]. Kyiv: Navchalno-naukovyi instytut mizhnarodnykh vidnosyn Kyivskoho natsionalnoho universytetu im. Tarasa Shevchenko [in Ukrainian].
6. Prutska, O.O, & Martynova, L.B. (2023). Upravlinnia publichnymy finansamy pid chas viiny [Management of public finances during the war]. Ekonomika ta suspilstvo – Economy and society, 55. Retrieved from: https://doi.org/10.32782/2524-0072/2023-55-57 [in Ukrainian].
7. Veb-storinka Ministerstva finansiv Ukrainy [Web page of the Ministry of Finance of Ukraine]. (n.d.). index.minfin.com.ua. Retrieved from: https://index.minfin.com.ua/ua/finance/budget/ gov/income/2023/ [in Ukrainian].
8. Zakon Ukrainy Pro Derzhavnyi biudzhet na 2024 rik vid 09.11.2023 r. No. 3460-IX [Law of Ukraine About the State Budget for 2024 dated November 9, 2023 No. 3460-IX]. zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/3460-20#Text [in Ukrainian].
9. Markuts, Yu., Andriienko, D., Studennikova, I., Marshalok, T., Zadorozhnia, L., Naumenko, K., & Iierusalymov, V. (2023). Bez reform ne obiitysia: vlasnykh koshtiv Ukraini vystachyt tilky na polovynu vydatkiv [Reforms are indispensable: Ukraine's own funds will only be enough for half of expenses]. Kyiv: Tsentr analizu publichnykh finansiv ta publichnoho upravlinnia, Kyivska shkola ekonomiky. Retrieved from: https://www.epravda.com.ua/publications/2023/09/26/ 704763/ [in Ukrainian].
10. Natsionalna stratehiia dokhodiv do 2030 roku [National income strategy until 2030]. (n.d.). mof.gov.ua. Retrieved from: https://mof.gov.ua/storage/files/National%20Revenue%20Strategy2030. pdf [in Ukrainian].
11. Zakon Ukrainy Pro virtualni aktyvy vid 17.02.2022 r. No. 2074-IX [Law of Ukraine About virtual assets dated February 17, 2022, No. 2074-IX]. zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/2074-20#Text [in Ukrainian].
12. Zakon Ukrainy Pro platizhni posluhy vid 30.06.2021 r. No. 1591-IX [Law of Ukraine About payment services dated 30.06.2021 No. 1591-IX]. zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/1591-20#Text [in Ukrainian].
13. Zakon Ukrainy Pro zapobihannia ta protydiiu lehalizatsii (vidmyvanniu) dokhodiv, oderzhanykh zlochynnym shliakhom, finansuvanniu teroryzmu ta finansuvanniu rozpovsiudzhennia zbroi masovoho znyshchennia vid 06.12.2019 r. No. 361-IX [Law of Ukraine On the prevention and countermeasures against the legalization (laundering) of proceeds obtained through crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction dated 06.12.2019 No. 361-IX]. zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/361-20#Text [in Ukrainian].
14. Podatkovyi Kodeks Ukrainy vid 02.12.2010 No. 2755-VI [Tax Code of Ukraine dated 02.12.2010 No. 2755-VI]. zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/ 2755-17#Text [in Ukrainian].
15. Lysenko, O. (2023). Podatok na operatsii z kryptoiu mozhe ziavytysia vzhe u 2024 rotsi: nazvano umovy yoho zaprovadzhennia [A tax on transactions with crypto may appear as early as 2024: the conditions for its introduction are named]. minfin.com.ua. Retrieved from: https://minfin.com.ua/ ua/crypto/articles/nalog-na-operacii-s-kriptoy-mozhet-poyavitsya-uzhe-v-2024-g-nazvany-usloviya-ego -vvedeniya/ [in Ukrainian].
16. Proekt Zakonu Ukrainy Pro vnesennia zmin do Podatkovoho kodeksu Ukrainy ta inshykh zakonodavchykh aktiv Ukrainy shchodo vrehuliuvannia oborotu virtualnykh aktyviv v Ukraini vid 07.11.2023 r. No.10225 [Draft Law of Ukraine On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine regarding the regulation of the turnover of virtual assets in Ukraine dated 07.11.2023 No. 10225]. itd.rada.gov.ua. Retrieved from: https://itd.rada.gov.ua/billInfo/Bills/Card/ 43123 [in Ukrainian].
17. Proekt Zakonu Ukrainy Pro vnesennia zmin do Podatkovoho kodeksu Ukrainy ta inshykh zakonodavchykh aktiv Ukrainy shchodo vrehuliuvannia oborotu virtualnykh aktyviv v Ukraini vid 17.11.2023 r. No. 10225-1 [Draft Law of Ukraine On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine regarding the regulation of the turnover of virtual assets in Ukraine dated 17.11.2023 No. 10225-1]. itd.rada.gov.ua. Retrieved from: https://itd.rada.gov.ua/billInfo/Bills/ Card/43232 [in Ukrainian].
18. Kanton Zug. Income and Wealth Tax. (n.d.). www.zg.ch. Retrieved from: https://www.zg.ch/international/english/individuals/tax/income-and-wealth-tax [in English].
19. Tovkun, L.V. (2022). Pravovi aspekty opodatkuvannia dokhodiv vid operatsii iz virtualnymy aktyvamy: mizhnarodnyi dosvid i yoho realizatsiia v Ukraini [Legal aspects of taxation of income from transactions with virtual assets: international experience and its implementation in Ukraine]. Yurydychnyi naukovyi elektronnyi zhurnal – Legal scientific electronic journal, 12, (pp. 336-339). Retrieved from: https://doi.org/10.32782/2524-0374/2022-12/78 [in Ukrainian].
20. Lifshyts, I.M., & Losieva, A.V. (2020). Pravovoe rehulyrovanye kryptoaktyvov v Shveitsaryy [Legal regulation of crypto assets in Switzerland]. Mezhdunarodnoe parvo – International law, 4, (pp. 1-10). Retrieved from: https://nbpublish.com/library_read_article.php?id=34370 [in Ukrainian].
21. Ohliad zakonodavstva shchodo rehuliuvannia virtualnykh aktyviv u sferi borotby z vidmyvanniam koshtiv ta finansuvanniam teroryzmu [Review of the legislation on the regulation of virtual assets in the field of combating money laundering and terrorist financing]. (2022). Retrieved from: https://drive.google.com/drive/folders/1McQBiPF-Y212VbwpMUh-B1R2PeovLdd5 [in Ukrainian].
.png)
.png)
