Search results

1

Prawo własności jednostek waluty kryptograficznej

100%

Górniak K.

Kwartalnik Prawa Prywatnego

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2019

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vol. 28

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issue 3

561-642

EN

Cryptocurrencies have been a major topic of debate for many lawyers. So far, in Poland, the majority of private law experts take the view that the possession of cryptocurrencies may only be considered a positive legal situation (an interest protected by law) and may not be associated with any right. This paper actually proves the opposite point of view. In the author’s opinion, cryptocurrency units resemble, in all aspects that are important for the construction of ownership, things considered to be physical objects. First of all, just like things, cryptocurrency units are the object of rivalry as regards their consumption (rivalrousness), and they can also be taken away from their possessor (excludability). That is why Polish legislator has decided to classify things as the objects of property. Today, however, it turns out that certain digital goods also meet such criteria. Therefore, it is justified to apply the provisions on ownership rights to cryptocurrency units by way of an analogy. The article broadly justifies the permissibility of such an analogy, as well as its theoretical structure. The arguments that could be raised against it have also been examined. As it appeared, neither the numerus clausus principle (however understood), nor the wording of Article 45 of the Polish Civil Code, create an obstacle for the application of the provisions on ownership to cryptocurrencies by way of an analogy. This has been proven by a comprehensive historical and comparative legal analysis. As a consequence, it should be acknowledged that cryptocurrency units are to be considered objects of property. This right is protected by rei vindicatio and actio negatoria, but protection in tort and the protection against unjust enrichment are to play a key role in this respect. Digital currencies can be considered a sign that the concept of ownership is evolving and that it will become more and more detached from material objects.

2

COMPARATIVE REVIEW OF REGULATORY FRAMEWORK OF VIRTUAL CURRENCY (CRYPTOCURRENCY) IN SELECTED COUNTRIES

100%

Kasprzyk M.

Review of European and Comparative Law

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2018

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vol. 35

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issue 4

7-26

PL

In the era of rapid technological progress, the legislators of individual countries face the challenge of submitting new technological phenomena to the legal framework. The business operation in the field of virtual currencies (cryptocurrencies),widely, in the financial technology sector (hereinafter referred to in as “fintech”), create a chance to attract investors and develop the economy. On the other hand, the same might be misused for illegal purposes, such as, in particular,money laundering or financing of terrorism. This study provides for an overview of the legal regulations of selected states in the field of virtual currencies (cryptocurrencies). Although, presented laws and regulations herein are in favour of thecryptocurrencies, the scope of implemented acts varies significantly.

3

Corruption and Cryptocurrency : Blockchains as corruption tools

100%

Ibrahimi A., Arifi B.

Academicus. International Scientific Journal

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2022

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vol. 13

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issue 26

93-103

EN

Cryptocurrency has become ubiquitous and is evolving constantly. The question is if our legal framework is catching up with it. Therefore, this article analyzes the arguments on the legitimacy and legality of cryptocurrency in order to emphasize the relation between corruption and cryptocurrency. The research has enlightened some cogent arguments on the possibility of perpetrators committing corruption acts through cryptocurrency. These arguments basically refer to some of the unique characteristics of cryptocurrency such as the quick value fluctuation, the difficulties in tractability and the lacking current legislation. The unique features of it may headline cryptocurrency as an immensely attractive environment for corruption activities. Hence the world has already faced some tangled scamming scandals with cryptocurrency specified herein. Therefore, the aim of this article is to highlight the possibility for corruption acts to be committed through cryptocurrency as a form of corruption unknown before.

4

Fintech i blockchain – kierunki rozwoju gospodarki cyfrowej

100%

Szpringer W.

Studia BAS

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2019

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issue 1(57)

9-35

EN

The paper looks at the selected issues connected with the digital economy, namely innovations such as FinTech and blockchain, as a possible direction of its development. First, the author discusses FinTech, a technology that aims to compete with traditional methods of delivery of financial services. Next, he raises the question of blockchain that records and maintains transactions made in cryptocurrency in a peer-to-peer network. The relevant definitions, key areas, regulatory framework, benefits and challenges related to both innovations are also presented.

5

The emergence and development of the cryptocurrency as a sign of global financial markets financialisation

100%

Poskart R.

Central European Review of Economics & Finance

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2022

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vol. 36

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issue 1

53-66

EN

The article presents one of the most important, in the author's opinion, manifestations of further intensification of the processes of financialisation of global financial markets, which was the emergence of decentralized digital currencies (so-called cryptocurrencies) based on blockchain technology. Their creation and existence on the global financial market have been widely considered as one of significant effect of the global financial crisis, which symbolic beginning is September 15, 2008, when one of the largest US investment banks Lehman Brothers collapsed. The worldwide COVID-19 pandemic has only highlighted the importance of this effect of financialization. The purpose of the article is to present the impact of cryptocurrencies, including bitcoin, on the deepening of the processes of financialisation of modern financial markets. Author analysis is based on statistical data, on the literature review and documents of world financial institutions.

6

Cryptocurrency Market and Tax Regulations in Turkey: an Analysis in the European Emerging Economy

100%

Zengin B., Kocoglu S.

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2022

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vol. 3

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issue 35

83-106

EN

The aim of the article: The purpose of this study is to provide a thorough review of the current state of cryptocurrency market and how governments perceive and deal with the threats and opportunities brought by the block chain technology. Cryptocurrencies were certainly the most popular investment in the last decade with a skyrocketing trading volume. However, cryptocurrency abilities in money laundering, financing terrorism and tax evasion overshadow the great opportunities and potential of this new technology. Therefore, the major economies in the world have been working on an efficient and effective strategy to control and tax the cryptocurrency market. In this study, the current state in Turkey regarding cryptocurrency taxation is analysed and a tax system is proposed. The authors claim that the Tobin tax, or in other words, low tax rates would be the best tax system to be applied in Turkey. Methodology: The study is based on a detailed literature review on the subject, academic papers, news releases and legal acts of the USA, Europe and Turkey. Different attitudes of varied groups are discussed and proposed solutions in the subject are being considered. Results of the research: Cryptocurrency market has a great potential and block-chain technology is full of opportunities. However, it is essential to control this market without harming the appeal of cryptocurrencies, yet this is not an easy task. Therefore, we argue that Turkey should extend the usage of cryptocurrencies, create a tax strategy with low tax rates and we claim that a regulation similar to the Tobin tax application would be effective here.

7

Cryptocurrency, Artificial Intelligence and Basic Income as Innovative Technological System

88%

Sopilnyk L., Shevchuk A., Kopytko V.

Path of Science

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2018

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vol. 4

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issue 8

2024-2030

EN

The common signs of development and its financing of cryptocurrency, artificial intelligence and basic income were determined. The main tendencies and problems of the development of cryptocurrency and artificial intelligence from their appearance to the present time were considered. The combination of cryptocurrency, artificial intelligence and basic income in a unified system of innovative tools for the creation of a new global financial and technological system was substantiated. These three technologies have the features of combining into one innovative system of interaction at different levels from hardware and software to the level of ultimate practical implementation and application in the future. The perception and consideration of these technologies as a single system makes it possible to significantly simplify the approach to their study, design and implementation.

8

Rynek kryptowalut – sytuacja bieżąca i kierunki rozwoju

88%

Wikarczyk A.

Studia BAS

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2019

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issue 1(57)

143-160

EN

The article provides a general overview of blockchain technology and its influence on cryptocurrency development. It is based on asymmetric cryptology, peer-to-peer technology, hash functions, consensus mechanism, and smart contracts. Since 2008, when Satoshi Nakamoto published online the Bitcoin blueprint, cryptocurrency market has grown. There are more than 1000 cryptocurrencies now (e.g. Ethereum, Dogecoin, Monero), as well as many stock exchange markets, exchange offices and bitcoin cash machines. It is also possible to “mine” cryptocurrencies by yourself, however special hardware solutions are required. The author claims that cryptocurrency has redefined the way of thinking and viewing the concept of money, and it will expand even further.

9

Stablecoin – the stable cryptocurrency

88%

Kołodziejczyk H., Jarno K.

Studia BAS

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2020

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issue 3(63)

155-170

EN

This article deals with the emerging topic of stablecoins, which is an umbrella term used to refer to a stable cryptocurrency. The authors shall address a number of questions, namely: what are stablecoins; when are they used; what are the most common characteristics of stablecoins. The authors shall also present a taxonomy of stablecoins based on the mechanism employed to stabilize their value. A more thorough exploration of the market for stablecoins will follow, with particular attention given to the controversies surrounding the most popular of stablecoins – Tether.

10

Digital asset capital market law - a new discipline of private law

75%

Zacharzewski K.

Krytyka Prawa. Niezależne studia nad prawem

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2021

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vol. 13

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issue 2

195-208

EN

The research objective of the publication is expressed in its content devoted to the general analysis of the solutions adopted in the draft regulation of the European Union on the digital asset market. The entry of this legal act into force will fill the so-called ‘regulatory gap’ as the digital asset sector is not regulated in the EU. The research approach has been determined by the subject of the legal analysis, namely the provisions of the proposed new EU regulation on the digital asset market. The study describes the proposed legal regulation and its systemic importance, as well as indicates the similarity of the proposed solutions to well-known legal institutions in the area of the capital market. The main theses are as follows: the proposed legal act will order the digital asset market in terms of law (firstly); the proposed legal act in terms of content is based on solutions provided for in the capital market law (secondly); the proposed legal act provides for legal institutions ensuring the so-called safety of trading (thirdly). The results should be considered original because the publication constitutes a pioneering study on the proposed legal act. With its entry into force (the date is unknown), a discussion on specific topics will begin in the science of law. Therefore, it is worth speaking up and evaluating the proposed regulation before the new law is passed. The cognitive value of the publication results from its pioneering nature, and the impact on social relations is significant. The digital asset market is developing extremely dynamically, and the interest in this sector is very high.

11

Cryptocurrencies as a tool accelerating the process of globalisation

75%

Majewski M.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2019

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issue vol. 63, nr 4

7-18

EN

This article is about the process of globalisation supported by cryptocurrencies. It discusses the influence of cryptocurrencies on three major aspects: the political, economic and social spheres. The section on the political sphere highlights the way the authorities of some countries react towards cryptocurrencies. The evolving legal status of cryptocurrency in different regions is described. The section on the economic sphere enumerates examples of cryptocurrencies used on the financial markets. It shows how cryptocurrency might be used by the business sector. The social sphere section illustrates the major kinds of internet societies which are created around cryptocurrencies and what tools are facilitating cryptocurrency transfers. Many examples of important cryptocurrencies are used. The analysis of statistical data and literature have been used in order to evaluate the topic. The study provides additional evidence proving that cryptocurrencies have a significant impact on the process of globalisation.

PL

Niniejszy artykuł jest poświęcony procesowi globalizacji wspieranemu przez kryptowaluty. Omawiany jest wpływ kryptowalut na trzy najważniejsze aspekty: sferę polityczną, ekonomiczną oraz socjalną. W sferze politycznej podkreślono sposób, w jaki władze niektórych krajów reagują na kryptowaluty. Opisano również ewoluujący status prawny kryptowalut w różnych regionach. W sferze ekonomicznej wymieniono przykłady kryptowalut używanych na rynkach finansowych. Pokazano, jak kryptowaluty mogą być wykorzystane w sektorze biznesowym. W części tekstu poświęconej sferze socjalnej zilustrowano główne rodzaje społeczeństw internetowych powstających wokół kryptowalut oraz narzędzi, które ułatwiają ich transfery. Użyto wielu przykładów istotnych kryptowalut. W celu omówienia tematu wykorzystano analizę danych i literatury. Artykuł dostarcza dowodów na to, że kryptowaluty mają znaczny wpływ na proces globalizacji.

12

Prospects for introducing the concept of “digital things” and “digital content”: expanding the scope of regulation of virtual assets

75%

Hrytsai S.

Krakowskie Studia Małopolskie

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2023

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vol. 2(38)

7-25

EN

The lack of a legal framework did not prevent Ukraine from ranking third among the world leaders in the use of cryptocurrencies in 2022. In terms of the sum of indicators, Ukraine is ahead of such tech giants as the United States (5th place), China (10th place), and the United Kingdom (17th place). The purpose of the study is to identify the underlying principles for the introduction of a new legal definition of “digital things” and “digital content” and their prospects for use, which are laid down in draft laws No. 6447 and No. 6576, as initiatives that are satellites to the relevant law on virtual assets. As a reminder, the Parliament of Ukraine adopted the Law of Ukraine “On Virtual Assets” No. 2074-IX on February 17, 2022. Since the adoption of Law 2074 by the Parliament of Ukraine on February 17, 2022 and until the period of 2023, significant events have taken place. They have significantly affected the plans of the Parliament of Ukraine to launch mandatory amendments to the Tax Code of Ukraine provided for in the Draft Law 7150 and simultaneously enact Law 2074 from October 1, 2022. The study was based on the analysis of the legislative framework of Ukraine, the European Union and other international acts, including those ratified by the Parliament of Ukraine. The study has led to a number of conclusions. Draft Law No. 6447 introduces the definition of a “digital thing” that is in circulation only in digital form; these include virtual assets, digital content, online accounts, money and securities that exist exclusively in digital form. Its adoption will help potential consumers to protect their rights to digital content, online accounts, virtual assets, even money and securities that exist exclusively in digital form. Comparing the concepts of “digital thing” and “digital content” proposed by draft laws No. 6447 and No. 6576, we found signs of legal tautology in determining what is primary and what is secondary. The addition of the words “digital content” to Article 177 of the Civil Code and the expansion of the concept of a thing to “material and digital things” is at least more declarative.

13

EFEKT ZARAŻANIA NA RYNKU KRYPTOWALUT

63%

Siwek-Skrzypek A.

Metody Ilościowe w Badaniach Ekonomicznych

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2018

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vol. 19

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issue 2

162-170

PL

W artykule podjęto próbę odpowiedzenia na pytania: czy po wstrząsie, 5-go stycznia 2018 roku, na rynku kryptowalut wystąpił efekt zarażania oraz czy wahania kursu Bitcoina mają wpływ na kształtowanie się cen innych kryptowalut. Dodatkowo sprawdzono czy czynnik zewnętrzny ma wpływ na notowania kryptowalut. Badania przeprowadzono na danych z przełomu 2017 i 2018 roku. Do celów badawczych użyto modelu VAR-DCC-GARCH. Przeprowadzone analizy wykazały, że wystąpił efekt zarażania na badanym rynku oraz spadki zanotowane dla kryptowaluty Bitcoin, spowodowały spadki cen innych badanych kryptowalut.

EN

The aim of this paper was to answer two questions: whether the contagion effect occured in the cryptocurrency market after the shock of the 5th of January 2018 and whether the price changes observed for Bitcoin had an impact on other examined cryptocurrencies. This paper examined whether adding external factors affected the cryptocurrency market. Data used in this article were from the turn of 2017 and 2018. In addition, the VAR-DCC-GARCH model was employed for research purposes. Above all, this paper argued that contagion effect did occur in the market analysed. Secondly, the decreases recorded for Bitcoin cryptocurrency indeed caused price drops for other cryptocurrencies examined.

14

Anonimowe płatności internetowe wykorzystywane w cyberbeprzestępczości. Istota kryptowaluty Bitcoin

63%

Mazurczak K.

De Securitate et Defensione. O Bezpieczeństwie i Obronności

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2015

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issue 2(1)

107-119

PL

Cyberprzestępcy korzystają z kryptowaluty Bitcoin od momentu jej powstania. To idealna, anonimowa platforma do globalnego przesyłania pieniędzy. Bitcoin nie ma zwierzchnic-twa ani emitenta centralnego, przez co nie sposób go skraść jego posiadaczowi. Jest więc wyko-rzystywany przez ugrupowania przestępcze na całym świecie. Celem artykułu jest powiększenie wiedzy czytelnika na temat nowych technologii przesyłania pieniędzy. Wiedza ta pozwoli czytel-nikowi na poprawienie jakości bezpieczeństwa personalnego w internecie. W efekcie zmniejszy potencjalne ryzyko wystąpienia różnego rodzaju fraudów i innych cyber-przestępstw.

EN

Cybercriminals use cryptocurrency Bitcoin since it come to existence. It is an ideal, anonymous platform for global money transfer. Bitcoin does not have authority or cen-tral issuer, so there is no way to steal it from its holder. It is therefore used by the criminal groups around the world. This article aims to increase the reader’s knowledge on new technolo-gies of money transfer. This knowledge will help the reader to improve the quality of personal security on the Internet. In effect it will reduce the potential risk of various types of frauds and other cybercrimes.

15

BLOCKCHAIN TECHNOLOGY — INNOVATION AND SECURITY

63%

BOROWIK G., WAWRZYNIAK Z., CICHOSZ P.

Przegląd Policyjny

|

2019

|

vol. 136(4)

60-78

EN

Blockchain is one of the most revolutionary technologies of the 21st century, which is still under development, and whose potential is not yet fully exploited. Although blockchain gained importance in 2009, scientists and entrepreneurs are still at an early stage of understanding its mechanisms and fully appreciating its potential, especially from the perspective of the technical challenges and limitations of the technology. Blockchain fi nds a variety of applications, especially in areas that have so far been based on third-party transactions in order to maintain a certain level of trust. Although blockchain is a promising technology for the reorganisation of business processes and many industrial applications, it still has many weaknesses despite various implementations in many forms. An innovative element, and one of the most attractive functions, of blockchain is intelligent contracts, as they reduce or even completely eliminate the administrative costs associated with the lack of trust in the transaction. However, the existing software that is built on this infrastructure has many shortcomings and unfortunately, combined with the lack of maturity of the scripting language to write the contract representation in the computer language, leads to errors or gaps in security that are not noticed or addressed by the author of the script. So far, no blockchain-based system has been completely broken. Nevertheless, phishing is the main trend in the operation of criminals in blockchain networks. Research has shown that over $115 million has been stolen from nearly 17,000 victims in the Ethereum blockchain alone. It is estimated that in total about 10% of the money invested in Ethereum’s ICO has ended up in the hands of criminals.

16

Legalizacja kryptowaluty Bitcoin. Aspekty cywilnoprawne

63%

Szczerbowski J. J.

Journal of Modern Science

|

2017

|

issue 4(35)

91-104

EN

Pojawienie się w obrocie gospodarczym kryptowalut jest wyzwaniem dla systemów prawnych, których reakcja zależy od uwarunkowań społecznych, politycznych i międzynarodowych. Pierwsze próby ulokowania kryptowalut zwykle dotyczyły kwalifikacji podatkowej, która jednakże jest związana z cywilistycznym rozumieniem zjawiska. Na gruncie polskiego systemu prawnego do czynienia mieliśmy z brakiem regulacji wprost odnoszącej się do kryptowalut, który powodował ścisłe ich kwalifikowanie jako instrumentu, którego wymiana na pieniądze nie jest zwolniona z VAT ze względu na to, że Bitcoin był kwalifikowany jako pieniądz. Sytuacja ta uległa zmianie w wyniku orzecznictwa Trybunału Sprawiedliwości Unii Europejskiej, który uznał jednostki Bitcoin za alternatywny środek płatniczy. W ostatnim czasie pojawiły się także nowe regulacje rangi ustawowej w pozaeuropejskich systemach prawnych, tj. w Japonii i w Arizonie, które w szerszy sposób regulują problematykę kryptowalut. Pozwala to na zaproponowanie klasyfikacji systemów prawnych ze względu na to, jaki stosunek mają do posiadania i obrotu kryptowalutami.

17

Об’єкти цифрових технологій та їхнє правове регулювання

63%

Мічурін (Michurin) Є. I.

Copernicus Political and Legal Studies

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2022

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issue 3

22-29

UK

Постановка проблеми. Із подальшим розвит- ком цифрових технологій їхнє впровадження в суспільне життя буде поглиблюватися. Наразі відбувається процес впровадження цифрових технологій у право. Право залежно від предмету та методу свого правового регулювання включає вказані суспільні відносини у сферу відповідного правового регулювання. Через новизну взаємин із цифровими об’єктами їхнє правове регулювання перебуває в розвитку. Сьогодні наукову проблему складає класифікація об’єктів цифрових технологій. Потрібно з’ясувати правову природу цих об’єктів. Метою роботи є визначити тенденції правового регулювання об’єктів цифрових технологій. Завдання такі: з’ясувати напрями розвитку правової доктрини щодо об’єктів цифрових технологій; визначити напрями та сутність правового регулювання об’єктів цифрових технологій (зокрема, у приватному праві). Методи дослідження. Формально-логічний метод використано під час дослідження теорій щодо визначення об’єктів цифрових технологій. Діалектичний метод застосовано щодо визначення об’єктів цифрових технологій у системі права: приватному праві, публічному праві. Системно-структурний метод дав змогу дослідити об’єкти цифрових технологій у системі приватного права. Логіка дослідження побудована від загальних уявлень про об’єкти цифрових технологій у праві до окремих особливостей таких об’єктів у приватному праві. Результати. З’ясовано, що існують такі підходи до дослідження об’єктів цифрових технологій: технократичний, комплексно-правовий, спеціально-правовий. Спеціально-правовий підхід має кілька напрямів: публічно-правовий, приватно-правовий та дослідження об’єктів цифрових технологій як об’єкт права інтелектуальної власності. Проаналізовано особливості правової термінології, а саме: «віртуальні активи», «віртуальні блага», «цифрові речі», «об’єкти цифрових технологій». Слово «віртуальний актив» притаманне економічній термінології. У приватному праві точнішим вважаємо термін «віртуальне благо». Досліджено концепцію абсолютних прав. Доведено можливість застосовувати концепцію речових прав для правового регулювання об’єктів цифрових технологій. Виявлено особливості володіння об’єктами цифрових технологій. Запропоновано вважати фактичним володільцем об’єкта цифрових технологій особу, що має права доступу до нього. Цей доступ відбувається через автентифікацію та верифікацію, тобто введення логіна та пароля належного користувача. Проаналізовано застосування класифікацій договорів у цивільному праві до об’єктів цифрових технологій. Зокрема, за правовою метою виокремлюють договори про перехід права власності, права користування, надання послуг, виконання робіт. З’ясовано, що з урахуванням особливостей об’єктів цифрових технологій ці класифікації можуть бути застосовані до них.

EN

Problem statement. With the further development of digital technologies, their introduction into public life will deepen. The process of implementing digital technologies in law is currently underway. Depending on the subject and method of its legal regulation, the law includes the specified social relations in the sphere of the corresponding legal regulation. Due to the novelty of relationships with digital objects, their wired regulation is under development. Currently, the scientific problem is the classification of digital objects. The legal nature of these objects needs to be clarified. The aim of the work is to identify trends in the legal regulation of digital technology. The tasks are: to find out the directions of development of legal doctrine on objects of digital technologies; to determine the directions and essence of legal regulation of digital technology objects (in particular, in private law). Research methods. The formal-logical method is used in the study of theories to determine the lens of digital technology. The dialectical method is used to define the lens of digital technology in the legal system: private law, public law. The system-structural method allowed to study the objects of digital technologies in the system of private law. The logic of the study is built from general ideas about the objects of digital technology in law to the individual features of such objects in private law. Results. It was found that there are the following approaches to the study of digital technologies: technocratic, complex law, special law. The special legal approach has the following directions: public law, private law and research of digital technologies as an object of intellectual property law. The peculiarities of legal terminology are analyzed, namely: „virtual assets”, „virtual goods”, „digital things”, „digital technology objects”. The word „virtual asset” is inherent in economic terminology. In private law, it is more correct to use the concept of „virtual good”. The concept of absolute rights is studied. Conclusions. The possibility of applying the concept of property rights to the legal regulation of digital technologies has been proved. Features of digital technology ownership have been identified. It is proposed to consider the de facto owner of a digital technology object as a person who has access rights to it. This access is through authentication and verification. That is, entering the login and password of the appropriate user. The application of classifications of contracts in civil law to digital technology objects is analyzed. In particular, for legal purposes: agreements on the transfer of ownership, rights of use, provision of services, performance of works. It has been found that these classifications can be applied to them, taking into account the characteristics of digital technology objects.

18

The Current Legal Regulation of Cruptocurrancies and Blockchain in the World. Sistematisation of Definitions

63%

Chernykh O.

Krakowskie Studia Małopolskie

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2021

|

vol. 1(29)

41-55

EN

The author analyses the legislation of different countries, analytical studies of international experts in order to determine trends in the legal regulation of blockchain. Regulations of government banks, regulatory organizations regarding the operation of the virtual assets and growing demand for virtual currency leads to high risks in the area crypto actives. Uncertainty and complexity of legal support for the development of blockchain technologies and artificial intelligence in economic activity leads to limited practice of regulatory definition and government processes. However, state order is to sanction the stabile existing social relations from considering international legal institutions of legal regulation, such as the protection of personal data, identification and verification subjects of entrepreneurial activity, prevention of laundering money, prevention of evasion from payment of taxes. The author draws attention to the fact that it is necessary to concentrate analyses on resolving not only virtual currency, but the system blockchain in general, to provide legal definition of those phenomena which are not associated with just speculation or payments of cryptocurrency. In the article discusses current problems of the EU, Asia, Ukraine on implementation of international standards in the field of prevention of laundering of money, protection of per sonal data and the possibility of crypto actives and use the technology of artificial intelligence, which will develop business operations, including technology blockchain.

19

Digitization of government as a global trend of the future: implementation of the “electronic state” policy (on the example of Ukraine)

63%

Hrytsai S.

Reality of Politics

|

2023

|

issue 24

45-81

EN

Digitalization of public services is a global trend throughout the civilized world. Progressive governments of developed countries are actively implementing initiatives that have been given a very young acronym – GovTech. These are the latest digital technology solutions that make the work of the state more efficient and the lives of citizens easier. Implementation of the GovTech policy is a priority for many international projects and programs: Lisbon Council, Digital Europe, European Blockchain Partnership (EBP), International Association for Trusted Blockchain Applications (INATBA), DT4UA. The purpose of the article is to form a general vision of the current trend of GovTech policy implementation, using Ukraine as an example for the period of 2020-2023. In order to achieve the goal and formulate reasonable results, the study was structured in three sections: 1) Digitalization of Ukraine: introduction of modern digital technologies; 2) Ukraine’s participation in international digital projects; 3) Sharing Ukraine’s digitalization experience with other countries. The study has led to a number of conclusions. The ideology of GovTech is a two-vector message to humanity about the future: where instead of analog officials and certificates, “PaperLess” will work, and instead of cash currency “CashLess” – CBDC / cryptocurrency in a smartphone. Digital public services in a smartphone, and even a citizen’s passport, are already GovTech realities confirmed by the Ukrainian digital project “DIJA”. Ukraine’s successful experience in forming a GovTech e-state has begun to spread actively in other European Union countries (code name: “DIJA”). This shows a trend towards the development and formation of a precedent for the international GovTech format, in the form of a certain future standard (we are sure that this will be developed and researched). However, this study has shown that there are legal difficulties on the way to creating a precedent for the formation of the international GovTech format in Ukraine. The introduction of the intergovernmental GovTech format requires separate legal regulation and consideration of the issue of a fair balance of bilateral state agreements when it is introduced, which also lack relevant legal developments.

20

Emerging Trends in Entrepreneurial Finance: The Rise of ICOs

63%

Pietrewicz L.

Studia i Materiały

|

2018

|

issue 1(27) cz. 2

65-78

PL

ICO, czyli Initial Coin Offering, to zasadniczo nowy model finansowania, który można postrzegać jako przełom w finansowaniu przedsiębiorczości. ICO to nieregulowane emisje kryptowalut wykorzystywane przez start-upy rozwijające technologię blockchain, czyli łańcucha bloków, do finansowania rozwoju rozproszonych aplikacji, dzięki którym użytkownicy wchodzą ze sobą w interakcje bez konieczności korzystania z centralnego ośrodka, którym tradycyjnie była firma rozwijająca aplikację, ustalająca reguły i czerpiąca z tego zyski. Celem przeprowadzonych studiów rozpoznawczych było wyjaśnienie źródeł spektakularnego rozwoju ICO i jego znaczenie w finansowaniu przedsiębiorczości. Przeprowadzone analizy pokazały, w jaki sposób ta nowatorska forma pozyskiwania kapitału zmienia obraz rynku finansowania przedsiębiorczości, obniżając bariery tworzenia kapitału, umożliwiając finansowanie projektów, które wcześniej nie miały takiej możliwości, wspierając nowe formy organizacji i nadzoru, demokratyzując dostęp do zysków z kapitału i wspierając budowę cyfrowej gospodarki współdzielenia.

EN

Initial Coin Offering (ICO), a fundamentally new funding model, can be viewed as “the next big thing” in entrepreneurial finance. ICOs are unregulated issuances of cryprocurrencies used by blockchain startups to fund the development of distributed applications where users interact directly with each other rather than through a central hub of the company which developed and controls the application. The aim of this exploratory study is to explain the spectacular rise of the ICOs and their relevance for entrepreneurial finance. The main finding is that ICOs effectively change the landscape of entrepreneurial finance, shifting barriers to capital formation, enabling funding previously unfundable projects, supporting new organizational and governance forms, democratizing finance, and contributing to the building of sharing digital economy.

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Digitization of government as a global trend of the future: implementation of the “electronic state” policy (on the example of Ukraine)

Emerging Trends in Entrepreneurial Finance: The Rise of ICOs