TRANSFORMATION OF FINANCIAL LAW OF UKRAINE IN THE CONDITIONS OF DIGITALIZATION: PROBLEMS AND PROSPECTS OF LEGAL REGULATION

Abstract

The article examines the problems of transformation of financial law of Ukraine under the influence of digital technologies, outlines the prospects of legal regulation in this area. It was noted that digitization affected all institutions of financial law without exception, causing the need for scientific research and evaluation of the processes taking place in this area. Modern financial and legal reality has been enriched with such categories as "digital currency", "digital financial assets", "digital budget", "information system operators", etc. Accordingly, in the conditions of digitization and expansion of the financial market, its exit from the real world into the virtual one, such new directions as "financial technologies" (a kind of combination of finance and new information technologies), "crowd finance", "digital finance", etc. It is emphasized that the digital environment leads to the emergence of new forms of economic development that are not covered by state management tools. In particular, the analysis of the economic activity of digital companies makes it possible to single out a number of features of their functioning that do not fit into the traditional parameters of the financial mechanism. First, digitalization erases state borders, so enterprises can actively carry out economic activities without any physical presence. Secondly, the economic activity of digital companies is characterized by the growth of investments in intangible assets, in particular in intellectual property. Thirdly, the operation of digital business models is based on the collection of data from users through a digital platform and its use as a contribution to the intangible assets of enterprises. It is emphasized that the digitalization of financial law is a certain process of introducing various digital technologies into the activities of subjects of financial legal relations, which make it possible to carry out qualitative transformations in the implementation of control and supervisory functions and to ensure effective interaction between subjects of the financial market. The result of digitization is digital transformation, which consists in the occurrence of specific socially significant results from the use of digital technologies in the financial sphere. At the same time, the dichotomy of digitalization is the emergence of new technologies that ensure the transparency of financial transactions carried out by the participants of the civil turnover, and those, in turn, the efficiency of state administration. It was concluded that the introduction of digital technologies changes the internal content of the processes of influencing social relations, expanding and transforming the methods of influencing the behavior of participants in financial relations. Complementing the traditional methods of legal regulation with technical means of ensuring their implementation, the state increases the effectiveness of the mechanism of legal regulation. Digital technologies provide the right opportunity to regulate social relations in fundamentally new ways, expanding the variability of financial law instruments. In view of this, it is shown that it is under the influence of digitalization that new elements appear in the structure of financial and control (tax, budget, banking, etc.) legal relations, there is a need to develop adequate mechanisms of legal regulation, which determines the relevance of the study of digital technologies and digitalization tools in the field financial law of Ukraine.