Digitalization and legal regulation of public and private transactions in the digital environment: Concepts and development prospects

Abstract

Digitalization of social life, which has recently gained significant momentum, leads to an acceleration of the pace of development of all related areas that meet the needs of such a society. Information technology and private and public transactions were touched upon in the article. At the same time, currently, neither Ukraine nor any other state can claim a perfect normatively established settlement of issues of public and private transactions in the digital environment, which can include the prospect of introducing future innovations, since the daily rapid development of information technologies makes any the existing legislation is partially outdated and irrelevant. In turn, the analysis of the essence and features of electronic transactions, and the comparison of the regulation of their use in different countries will allow to development of a basis for a quick response to digitalization changes taking place, in particular, in the field of financial services. The method of analysis and synthesis, the method of theoretical generalization, and systematization serve as the methodological foundation of this study. The result of this study is the identification of problematic issues of regulation of public and private transactions in the digital environment in the conditions of digitalization, as well as the determination of the vector for future research on this topic and the introduction of changes to the regulatory and legal framework of Ukraine. A conclusion was made about the need to take digitalization into account in order to build an effective competitive digital economy with the appropriate tools to protect the rights of subjects of economic legal relations.