Current trends, concerns and peculiarities of the turnover of cryptocurrency

Abstract

Sponsorship of international terrorism and transnational criminal activity poses a significant threat to the financial system, and due to the rapid expansion of payment opportunities in the Internet, risks have increased significantly, which requires a study of foreign legal experience and the development of a law enforcement strategy to control the circulation of the cryptocurrency. The authors have come to the following conclusions. The use of cryptocurrencies is a promising way to maintain economic development by applying modern accounting and information technologies. International experience clearly demonstrates the importance and role of cryptocurrencies in the activities of transnational criminal groups relating to the financing of terrorism and human trafficking. In the context of globalisation and implementation of the European integration in Ukraine, the turnover of cryptocurrencies needs to be regulated at the legislative level. Thus, it is necessary to accelerate the approval of the Draft Law «On the turnover of cryptocurrency in Ukraine» No. 7183 as of 06 October 2017. It is advisable to introduce a system of registration (licencing) of crypto-currency exchange and exchangers at the national level. At the same time, it is necessary to impose an obligation on cryptoexchangers to collect information about customers. Also, it is necessary to regulate activities of companies that sell goods and services to customers for cryptocurrency, as it is accepted by PayPal, Braintree and other payment systems.