DEVELOPMENT OF INVESTMENT CRYPTO EXCHANGES IN THE CONTEXT OF THE TRANSFORMATION OF THE UKRAINIAN FINANCIAL MARKET

Abstract

The article examines the financial and economic prerequisites for creating a state-owned investment crypto exchange platform in Ukraine amid the digitalization of the global economy and the transformation of financial markets. It is argued that cryptocurrencies and crypto exchanges are gradually being integrated into the national financial systems of the world's leading countries, performing the functions of investment instruments, financial inclusion mechanisms, and capital mobilization channels. At the same time, the lack of comprehensive legal regulation of crypto assets in Ukraine leads to losses for the state budget, an increase in shadow circulation, and limited use of the potential of digital financial innovations. The purpose of this article is to analyze the activities of leading US crypto exchange platforms and justify the feasibility of creating a state-owned crypto exchange in Ukraine, taking into account international experience, the peculiarities of the national financial market, and the challenges of martial law. The study analyzes the functional characteristics of the largest US crypto exchanges, their commission policies, the list of available crypto assets, the level of capitalization, and their focus on different investor segments. It was found that the modern crypto exchange market is characterized by a high concentration of capital, differentiation of platforms by target audience, and the growing role of regulatory compliance and cybersecurity. Based on an analysis of the market capitalization of leading crypto exchanges and key cryptocurrencies, a list of digital assets suitable for listing on the Ukrainian investment platform has been compiled with the aim of ensuring liquidity, stable trading activity, and attractiveness for retail and institutional investors. The fiscal consequences of the lack of regulation of the cryptocurrency market in Ukraine have been studied, and it has been proven that the legalization of crypto exchange activities could become an additional source of budget revenues. Conceptual principles for the creation of a state-owned investment crypto exchange platform in Ukraine have been proposed, which provide for operation based on the Law “On Virtual Assets,” licensing and supervision by the National Securities and Stock Market Commission, mandatory compliance with AML/KYC requirements, and the introduction of a transparent mechanism for taxing income from crypto asset transactions. It is argued that state guarantees for the platform's activities can increase investor confidence, minimize risks, and ensure the integration of cryptocurrencies into the national financial system.