Abstract:
The purpose of the article is to analyze the ways of using cryptocurrencies and their legal support.
Methods. The methodological basis of the study consists of the comparative law, which includes the study of the most effective foreign approaches in the field of legal regulation of cryptocurrency. In addition, in the course of the study historical and legal, system-structural, structural-functional methods, the method of ascending from abstract to specific were applied.
The results of the scientific development of the topic selected allows us to state that cryptocurrencies do not perform all the functions of money in Ukraine. At the level of administrative and legal regulation of cryptocurrencies, state measures in the field of cryptocurrencies are not defined systematically, there is no clear list of them and administrative cooperation of cryptocurrency entities is not regulated properly. The
multifaceted uncertainty of the possibilities of cryptocurrencies, as well as their legal definition, leads to the existence of significant risks when used in daily money circulation. Regulation of the legal status of cryptocurrencies should become one of the directions of the economic policy of the state at the present stage.
The conclusions of the study of the topic selected allow to point out that the current legal bases of implementation of state policy in adoption of the Draft Law of Ukraine “On virtual assets” № 3637 will be a successful step, as it will consolidate the legal status of cryptocurrencies as objects of law, and the state will receive additional proceeds
from such transactions from cryptocurrencies. However, it needs to be refined in the following areas: define the concept of cryptocurrency at the legislative level, taking into account the economic essence of this phenomenon; and establishing clear conditions and requirements for the transparency of cryptocurrency issuance.
Cryptocurrencies are currently not a reliable store of value and a measure of value due to the high volatility of the main cryptocurrencies.
