THE DEVELOPMENT OF CRYPTOCURRENCY EXCHANGES IN UKRAINE
DOI:
https://doi.org/10.31891/mdes/2023-9-17Keywords:
cryptocurrency, distributed ledger technology, cryptocurrency exchange, global crypto adoption indexAbstract
The development of the cryptocurrency market in the world and in Ukraine is accompanied by an increase in the number of its participants, capitalization, number of transactions, and infrastructure development. Cryptocurrency is also actively spreading in Ukraine. In the difficult time of the military invasion, Ukraine uses the cryptocurrency channel to receive aid quickly and gradually transfers its operation into the legal field so that from 2024 the cryptocurrency market in Ukraine will be fully legalized and comply with European regulations of virtual assets.
The geographic concentration of cryptocurrency depends on a complex combination of the capabilities of the digital, energy, and financial systems of the economy. It was concluded that the spread of cryptocurrency is more dynamic in developing countries that have a low degree of use of Internet technologies for financial transactions. In particular, the underdeveloped domestic stock market and the high level of digital technologies contributed to the spread of virtual assets in Ukraine.
The key institutions of the cryptocurrency market are crypto exchanges, which are establishing their functional structure, monetization strategies, and trading algorithms. The article summarizes the available structure, classifications, and evaluation criteria of cryptocurrency exchanges as a web service for cryptocurrency owners. A statistical analysis of the distribution trends, geographic concentration, and segmentation of cryptocurrency was carried out. Popular crypto exchanges in Ukraine are characterized as well as a comparison of the leading Ukrainian crypto exchanges with the most significant cryptocurrency platform Binance is given.
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