The article is devoted to the study of the impact of unregulated cryptocurrency activity on Ukraine's economy in the context of forming a regulatory framework for virtual assets. The relevance of the topic is due to the rapid growth of the cryptocurrency market in Ukraine, where the country ranks fourth globally in cryptocurrency adoption rates, and the need to assess risks associated with activities outside the official regulatory field. The purpose of the study is to analyze the consequences of unregulated cryptocurrency activity for various sectors of the Ukrainian economy and develop recommendations for minimizing negative effects. The research methodology is based on a systematic approach using comparative analysis, statistical analysis, and economic modeling methods. The paper analyzes the scale of shadow cryptocurrency activity, its impact on the tax system, financial stability, and monetary policy. The main risks to the state's economic security have been identified, including capital outflow, reduced effectiveness of monetary policy, and threats to financial stability. Special attention is paid to analyzing budget revenue shortfalls due to tax evasion on cryptocurrency operations, impacts on banking system liquidity, and risks of uncontrolled capital outflows. The study shows that unregulated cryptocurrency activity creates significant challenges for the Ukrainian economy while opening new opportunities for innovation and investment attraction, particularly in the context of military actions and international support. The research results include developing a comprehensive set of recommendations for improving regulatory policy, creating effective tax control mechanisms, and ensuring balance between stimulating innovation and minimizing economic risks. The research findings demonstrate the dual nature of cryptocurrency impact, highlighting both the potential for economic development through technology adoption and the need for sophisticated regulatory approaches to manage associated risks effectively. The practical significance of the work lies in forming a comprehensive vision of cryptocurrency activity's impact on the economy and developing proposals for improving regulatory policy in the field of virtual assets.
Taran et al. (Tue,) studied this question.