The cumulative work of S. Volosovich and
A. Vasilenko (2019) is aimed at determining the
place of Regtech in the ecosystem of financial
technologies. The term Regtech refers to a set of
technologies that optimize the control system
over the fulfillment of regulated requirements.
These technologies are aimed at facilitating and
automating the submission of various types of
reports, and data accumulation, but they are not
devoid of many risks. The mentioned authors
proved that the digitalization of relations
between subjects of the economic sphere
contributes to the digitization of those internal
processes that take place locally in the institution.
No less productive is the collaboration of
scientists M. Korol and S. Parlag (2020), who
studied the impact of digitalization on the
banking sphere. In their works, the issues of
implementation of programs for the development
of the banking sector of the economy,
implementation of electronic payments and
electronic document flow in the banking
institution, the emergence, problems, and further
development of the Fintech market, and the
provision of cyber protection were manifested in
their works.
O. Stashchuk and R. Martyniuk (2021) studied
the processes of introducing innovations in the
banking sphere, considering the need to improve
the tools for ensuring financial security.
S. Reverchuk and O. Tvoridlo (2022) also
studied the peculiarities of the development and
state regulation of banking services in Ukraine in
the conditions of digitalization. The authors
considered the cryptocurrency market, the
prospect of the creation and further functioning
of neo-banks, and the activities of banks using
digital technologies in general. The result of the
research was, in particular, the consolidation of
the position that cryptocurrency creates many
inconveniences for the existing economic
system, which are connected, in particular, with
the impossibility of controlling and monitoring
the emission and circulation of cryptocurrency at
the state level.
The modernization of modern payment systems
is analyzed by O. Dzyublyuk (2020). It can be
seen from their content that electronic money is
the latest financial instrument that will eventually
replace traditional forms of monetary relations.
The theoretician-economist was also engaged in
the analysis of the place and role of electronic
money in the digital economy, its further
formation and functioning in ensuring the
movement of goods, services, and works, the
need to implement monetary policy in order to
ensure the financial stability of modern society.
In the writings of O. Malakhova (2019), her own
vision of approaches to the implementation of a
system for the development and implementation
of digital services for transactions is revealed.
The scientist determined, in particular, the
necessary degree of involvement in the
implementation of digital technologies in the
banking sphere of relevant specialist developers
with the aim of adaptive transformation of the
banking industry into a digital ecosystem.
The basic theoretical foundation for the further
study of digitalization in the sphere of economic
relations was created by lawyer K. Nekit (2022),
who treated digitalization from a legal point of
view. The scientist paid a lot of attention to
determining the legal status of cryptocurrency
both in Ukraine and abroad, namely in such
countries as the USA (or separate states), China,
Canada, Great Britain, Germany, Austria,
Estonia, Singapore, Portugal, Qatar, Bangladesh,
Brazil, Colombia, Ecuador, and Bolivia. The
works of K. Nekit prove that leaving crypto-
assets outside the legal field contributes to their
use in illegal activities and deprives the state of
significant revenues of their proper taxation.
Thus, it is necessary to establish the legal
regulation of the circulation of crypto-assets.
The articles of V. Logoida (2021) are also
devoted to the study of foreign experience in the
perception of digital assets using the example of
cryptocurrencies. The scientist's detailed
comparative analysis included the countries of
Latin America: El Salvador, Mexico, Brazil,
Argentina, Cuba, Chile, Colombia, Costa Rica,
Ecuador, Dominican Republic, Venezuela,
Uruguay, Panama, Paraguay, and Bolivia. The
author researched the current legislative acts of
the countries of the region and the main existing
legislative proposals regarding the status and
circulation of cryptocurrencies, in particular
bitcoin, as well as administrative and, in part,
judicial practice in matters of qualification of
cryptocurrency as an object of civil rights.
Qin et al., (2021) took a closer look at
decentralized finance, debuting as an ecosystem
offering transparency and control, partly due to
the integrity-protected underlying blockchain, as
well as the current higher returns on financial
assets.
The analysis of the works of the above-
mentioned authors makes it possible to state that
the issues of digitalization of the financial sphere