{"id":21541,"date":"2026-04-04T11:44:06","date_gmt":"2026-04-04T08:44:06","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=21541"},"modified":"2026-04-04T11:45:08","modified_gmt":"2026-04-04T08:45:08","slug":"regulatory-instruments-for-ensuring-financial","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/regulatory-instruments-for-ensuring-financial\/","title":{"rendered":"Zherdetska L., Malidovskyi Ye. Regulatory Instruments for Ensuring Financial System Stability in the Context of the Spread of Crypto-assets and Digital Currencies"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> E44, G28, G32, O33<\/span><\/i>.<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-16<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Liliia Zherdetska, <\/b>Doctor of Economics, Professor, Head of the Department of Banking, Odesa National Economic University, Odesa, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0001-5398-868X<\/span><\/a>
\ne-mail: <\/strong>lzherdetska@gmail.com<\/span><\/a><\/p>\n

Yevhen Malidovskyi, <\/b>PhD Student of the Department of Banking, Odesa National Economic University, Odesa, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0009-0005-7611-5079<\/span><\/a>
\ne-mail: <\/strong>emccpb@gmail.com<\/span><\/a><\/p>\n

 <\/p>\n

Regulatory Instruments for Ensuring Financial System Stability in the Context of the Spread of Crypto-assets and Digital Currencies<\/b><\/p>\n

Abstract. Introduction<\/i><\/b>. The study addresses the emerging risks to financial system stability caused by the rapid spread of crypto-assets and digital currencies. Traditional financial models are increasingly challenged by the volatility, liquidity risks, and systemic effects associated with these digital assets<\/span><\/i>.<\/span><\/i><\/p>\n

Purpose<\/i><\/b>. The primary aim is to identify key risk factors linked to crypto-assets and assess the effectiveness of regulatory instruments, including microprudential, macroprudential, institutional, technological measures, and financial monitoring, in mitigating these risks.<\/span><\/i><\/p>\n

Results<\/i><\/b>. High volatility, liquidity shortages, systemic contagion, cyber threats, and ESG-related concerns highlight the need for comprehensive regulation. Key mechanisms include licensing of crypto service providers, stablecoin oversight, coordination among central banks, and the implementation of RegTech and SupTech technologies.<\/span><\/i><\/p>\n

Conclusions<\/i><\/b>. The study emphasizes the importance of international coordination and enhanced supervisory frameworks to ensure financial stability, transparency, and trust in the crypto-asset market.<\/span><\/i><\/p>\n

Keywords<\/b>: crypto-assets; digital currencies; financial stability; risks; regulatory instruments; microprudential and macroprudential measures; RegTech; SupTech.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. Hlushchenko, \u041e., Shvayko, \u041c., Khmelkov, \u0410., Danylkina, \u041e. (2023). Current trends in the cryptocurrency market in Ukraine<\/span>. Investments: Practice and Experience<\/span><\/i>, 24, 84. DOI: 10.32702\/23066814.2023.24.84.\u00a0<\/span><\/li>\n
  2. Pylypenko, O.V., Khrystal, H.O. (2023). The impact of cryptocurrencies on the Ukrainian economy. <\/span>Scientific Works of the Interregional Academy of Personnel Management. Economic Sciences<\/span><\/i>, 08(3 (70)), 103-109. DOI: 10.32689\/2523-4536\/70-15.\u00a0<\/span><\/li>\n
  3. Honcharuk, V.L. (2025). The impact of cryptocurrencies on the financial system and possible consequences for financial and economic security. <\/span>Central Ukrainian Bulletin of Law and Public Administration<\/span><\/i>, 1(9). DOI: 10.32782\/cuj-2025-1-4.<\/span><\/li>\n
  4. Hula, I., Kuziv, Y. (2025). Regulation of cryptocurrencies in the banking system of Ukraine. <\/span>Bulletin of the National University \u201cLviv Polytechnic\u201d. Series: Legal Sciences<\/span><\/i>, 12(1), 30-37. DOI: <\/span>https:\/\/doi.org\/10.23939\/law2025.45.030<\/span><\/li>\n
  5. Darchyk, H. (2025). Current state of cryptocurrency legal regulation in Ukraine: Foreign experience of cryptocurrency market regulation. <\/span>Scientific Bulletin of Uzhhorod National University. Law Series<\/span><\/i>, 87(2), 50. DOI: <\/span>https:\/\/doi.org\/10.24144\/2307-3322.2025.87.2.50<\/span>.\u00a0<\/span><\/li>\n
  6. Taran, O., Safarli, S. (2025). Cryptocurrency activity outside the regulatory framework. <\/span>Scientific Notes of KROK University<\/span><\/i>, 3(79), 135-142. DOI: 10.31732\/2663-2209-2025-79-135-142.\u00a0<\/span><\/li>\n
  7. Nanavov, A., Blyzniuk, M. (2025). Implementation of European standards for stablecoin regulation in Ukraine. <\/span>Bulletin of Kherson State University. Series: Economic Sciences<\/span><\/i>, 55. DOI: <\/span>https:\/\/doi.org\/10.32999\/ksu2307-8030\/2025-55-6<\/span>.<\/span><\/li>\n
  8. van der Linden, T., Shirazi, T. (2023). Markets in Crypto-Assets Regulation: Does It Provide Legal Certainty and Increase Adoption of Crypto-Assets. <\/span>Financial Innovation<\/span><\/i>, 9:22. DOI: <\/span>https:\/\/doi.org\/10.1186\/s40854-022-00432-8<\/span>.<\/span><\/li>\n
  9. Zetzsche, D.A., Buckley, R.P., Arner, D.W., van Ek, M.C.P.E. (2023). Remaining regulatory challenges in digital finance and crypto assets after MiCA. <\/span>Study requested by the ECON Committee<\/span><\/i>. Retrieved from: <\/span>https:\/\/www.europarl.europa.eu\/RegData\/etudes\/STUD\/2023\/740083\/IPOL_STU(2023)740083_EN.pdf<\/span>.<\/span><\/li>\n
  10. Donnelly, S., R\u00edos Camacho, E., Heidebrecht, S. (2024). Digital sovereignty as control: the regulation of digital finance in the European Union. <\/span>Journal of European Public Policy,<\/span><\/i> 2226\u20132249. DOI: <\/span>https:\/\/doi.org\/10.1080\/13501763.2023.2295520<\/span>.<\/span><\/li>\n
  11. Camassa, C. (2023). Legal NLP Meets MiCAR: Advancing the Analysis of Crypto White Papers. ArXiv, abs\/2310.10333. DOI: <\/span>https:\/\/doi.org\/10.48550\/arXiv.2310.10333<\/span>.<\/span><\/li>\n
  12. Soana, G., de Arruda, T. (2024). Central Bank Digital Currencies and financial integrity: finding a new trade-off between privacy and traceability within a changing financial architecture. <\/span>Journal of Banking Regulation<\/span><\/i>, 25, 467\u2013486. DOI: <\/span>https:\/\/doi.org\/10.1057\/s41261-024-00241-2<\/span>.<\/span><\/li>\n
  13. Rizwan, M.S., Ahmad, G., Qureshi, A. (2025). Central bank digital currency and systemic risk. <\/span>Journal of International Financial Markets, Institutions and Money<\/span><\/i>, 99, 1042-4431. DOI: <\/span>https:\/\/doi.org\/10.1016\/j.intfin.2024.102104<\/span>.<\/span><\/li>\n
  14. Bank for International Settlements. Basel Committee on Banking Supervision. Basel Framework (Market Risk). Retrieved from: <\/span>https:\/\/www.bis.org\/basel_framework\/chapter\/MAR.htm<\/span>.<\/span><\/li>\n
  15. Barucci, E., Gurgone, A., Iori, G., Azzone, M. (2025). Central bank digital currency, flight to quality, and bank runs in an agent based model (arXiv:2510.21071). arXiv. DOI: <\/span>https:\/\/doi.org\/10.48550\/arXiv.2510.21071<\/span>.<\/span><\/li>\n
  16. Laimon, M., Almadadha, R., Goh, S. (2025). Energy Consumption of Crypto Mining: Consequences and Sustainable Solutions Using Systems Thinking and System Dynamics Analysis. <\/span>Sustainability<\/span><\/i>, 17, 3522. DOI: <\/span>https:\/\/doi.org\/10.3390\/su17083522<\/span>.<\/span><\/li>\n
  17. European Banking Authority. (2021). EBA analysis of RegTech in the EU financial sector. European Banking Authority. Retrieved from: <\/span>https:\/\/eba.europa.eu\/sites\/default\/files\/document_library\/Publications\/Reports\/2021\/1015484\/EBA%20analysis%20of%20RegTech%20in%20the%20EU%20financial%20sector.pdf<\/span>.<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>22\u00a0February 2026<\/span><\/p>\n

    \"zherdetska.pdf\"<\/div>
    zherdetska.pdf<\/div><\/div>
    <\/div>
    <\/div>
    Size: <\/span>1,35<\/span><\/div>
    Download Now!<\/a><\/span>4<\/span> Downloads<\/span><\/span><\/div><\/div>
    <\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n\n
    \n

    How to quote this article?<\/p>\n<\/td>\n<\/tr>\n

    Zherdetska L., Malidovskyi Ye. (2026). Regulatory Instruments for Ensuring Financial System Stability in the Context of the Spread of Crypto-assets and Digital Currencies. Modern Economics, 55(2026), 119-126. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-16.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1657628632157{margin-top: 10px !important;}”]<< \u041f\u043e\u0432\u0435\u0440\u043d\u0443\u0442\u0438\u0441\u044f \u0434\u043e \u0437\u043c\u0456\u0441\u0442\u0443<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: E44, G28, G32, O33. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-16 [\/vc_column_text][vc_column_text]Liliia Zherdetska, Doctor of Economics, Professor, Head of the Department of Banking, Odesa National Economic University, Odesa, Ukraine ORCID: 0000-0001-5398-868X e-mail: lzherdetska@gmail.com Yevhen Malidovskyi, PhD Student of the Department of Banking, Odesa National Economic University, Odesa, Ukraine ORCID: 0009-0005-7611-5079 e-mail: emccpb@gmail.com   Regulatory Instruments for Ensuring
    Read more<\/a><\/p>\n","protected":false},"author":11,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[250,67],"tags":[249],"class_list":["post-21541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-55-2026","category-articles","tag-55-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=21541"}],"version-history":[{"count":2,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21541\/revisions"}],"predecessor-version":[{"id":21545,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21541\/revisions\/21545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=21541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=21541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=21541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}