THE LEGAL FRAMEWORK FOR THE IMPLEMENTATION OF CURRENCY REGULATION IN SOME FOREIGN COUNTRIES AND IN UKRAINE

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: Jun 7, 2018

  Bohdan Stetsiuk

  Oleksandr Slyvka

  Oleksandr Bashynskyi

Abstract

The purpose of the article is to conduct a comparative legal study of laws and regulations that determine the legal framework for the implementation of currency regulation in some foreign countries and in Ukraine and to define ways for improving domestic legislation in this area on this basis. The subject of the study is the experience of currency regulation in some European countries, USA, China, and Ukraine. Methodology. The research is based on a comparison of foreign exchange regulation in Ukraine and abroad. Based on the analysis of peculiarities of the state regulation of currency circulation in Great Britain, Germany, France, Poland, the USA, China, and in some other countries, the advantages and disadvantages of different regimes of state control over currency circulation are determined: from the regime of the floating rate to the rigorous state control. On the basis of the comparative legal study of certain provisions of the administrative legislation of Ukraine, the possibilities and limits of the application of positive foreign experience in this area are determined. The results of the study showed that in order to implement foreign exchange management experience, it is necessary to postpone the final transition to establishing a floating rate regime, reinforcing state interference. At the same time, it is necessary to strengthen currency control not only over the implementation of foreign exchange operations but also over the activities of entities that determine the state policy in the field of currency regulation, as well as directly implement the relevant activities using the instruments determined by provisions of the current legislation. Practical implications. The positive experience of the formation of the foreign exchange market in foreign countries shows that the gradual transition from a fixed to a floating exchange rate is the beginning of a natural market exchange rate formation, equalization of the balance of payments, and the gradual liberation of the national economy from the pressure of administrative and corruption restrictions. Value/originality. Conducting a comparative analysis of foreign exchange regulation in foreign countries is the basis for developing the most promising directions for the development of domestic legislation in this area.

How to Cite

Stetsiuk, B., Slyvka, O., & Bashynskyi, O. (2018). THE LEGAL FRAMEWORK FOR THE IMPLEMENTATION OF CURRENCY REGULATION IN SOME FOREIGN COUNTRIES AND IN UKRAINE. Baltic Journal of Economic Studies, 4(1), 358-365. https://doi.org/10.30525/2256-0742/2018-4-1-358-365
Article views: 473 | PDF Downloads: 660

##plugins.themes.bootstrap3.article.details##

Keywords

foreign experience, currency regulation, currency exchange rate, currency control, EU countries

References

Savka O.I., Miedieliaieva O.S. Suchasni problemy valiutnoho rehuliuvannia v Ukraini [Modern issues of currency regulation in Ukraine] URL: http://www.rusnauka.com/16_ADEN_2010/Economics/68118.doc.htm

Sorokivska Z. (2013). Zarubizhnyi dosvid realizatsii valiutnoi polityky v konteksti zabezpechennia makroekonomichnoi stabilnosti [Foreign experience in the implementation of currency policy in the context of providing macroeconomic stability] Ukrainian Science: Past, Present, Future, Iss. 18, p. 144-153.

Motorniuk U.I., Kalynovska N.L. (2010). Problemy valiutnoho rehuliuvannia v Ukraini [Issues of currency regulation in Ukraine] Management and Entrepreneurship in Ukraine: Stages of Formation and Development Problems, №682.

Sevruk V.H., Pavlenko S.O. (2015). Zakhody protydii transnatsionalnomu narkobiznesu, shcho vchyniaietsia predstavnykamy okremykh etnichnykh hrup [Measures of counteraction to transnational drug trafficking committed by representatives of certain ethnic groups] Law Magazine of the National Academy of Internal Affairs, № 2, p. 193-205.

Yepifanova M.A. (2011). Systema valiutnoho rehuliuvannia v Ukraini v umovakh liberalizatsii finansovykh rynkiv [Currency regulation system in Ukraine in terms of liberalization of financial markets] [Text] : extended thesis abstract for Cand. Sc. (Economics) : 08.00.08 / Simon Kuznets Kharkiv National University of Economics, 20 p.

Melykh O. (2012). Suchasni problemy valiutnoho rehuliuvannia v Ukraini [Modern issues of currency regulation in Ukraine] Urgent issues of international economic relations: financial strategies and institutional systems of international cooperation. Collection of papers of ІІІ Scientific Conference of Students and Young Scientists (8 November 2012). Ternopil: Publishing House “Vektor”, p. 73-75.

Sevruk V.H. (2017). Protydiia Natsionalnoi politsii Ukrainy zlochynam, shcho vchyniaiutsia orhanizovanymy hrupamy ta zlochynnymy orhanizatsiiamy, yaki sformovani na etnichnii osnovi [Counteraction of the National Police of Ukraine to crimes that are committed by organized groups and criminal organizations formed on an ethnic basis] Entrepreneurship, Economy and Law, № 2 (252), p. 288-293.

Kamlyk M.I. (2005). Zabezpechennia zakonnosti u sferi pidpryiemnytstva: kryminolohichnyi aspekt [Law enforcement in the field of entrepreneurship: criminological aspect] Fight with Organized Crime and Corruption (Theory and Practice). Kyiv: Interdepartmental Scientific-Research Centre for Problems of Fighting Organized Crime, № 11, p. 91-99.

Platonova I.N. (1996). Pro valiutni obmezhennia dyv.: Valiutnyi rynok i valiutne rehuliuvannia: navch. posibnyk [On currency restrictions see.: Currency market and currency regulation: study]. M.: BEK, p. 69-84.

Krokhina Yu.A. (2015). Valiutne pravo: pidruchnyk dlia akademichnoho bakalavratu [Monetary law: textbook for academic Bachelor’s programme] 5th edition, revised and enlarged. M.: Urait Publishing House, 553 p.

Pavlenko S.O. (2016). Shliakhy udoskonalennia pravovoho rehuliuvannia protydii osobam, vidnesenym do katehorii «zlodiiv u zakoniv» v Ukraini [Ways to improve legal regulation of counteraction to persons classified as “thieves in the laws” in Ukraine] Scientific Journal of Kherson State University, Iss. 6, vol. 3, p. 73-79.

Dzhavaha A.V. (2014). Zarubizhnyi dosvid pravovoho rehuliuvannia valiutnoho kontroliu [Foreign experience in the legal regulation of currency control] State and Regions. Series : Law, № 3, p. 28-33.

Yalta Interbank Conference: more questions than answers (2004). Herald of the National Bank of Ukraine, № 6, p. 12–13.

Kizenkov D. (1997). Valyutnoe regulirovanie i kontrol [Currency regulation and control] Banking in Moscow, № 2, p. 22.

Kolesnikov V.I., Shmyreva A.I., Klimov A.Yu. (1999). Problemyi valyutnogo regulirovaniya v stranah s ryinochnoy ekonomikoy [Issues of currency regulation in countries with a market economy] Novosibirsk, p. 26.

Platonova I.N. (1996). Valyutnyiy ryinok i valyutnoe regulirovanie [Currency market and currency regulation] Moscow, 450 p.

Khamaganova L.D. (2001). Mirovoy opyit v organizatsii valyutnogo regulirovaniya i valyutnogo kontrolya [Global experience in the organization of currency regulation and currency control] Irkutsk, 320 p.

Shmyreva A.I. (1999). Valyutnoe regulirovanie i kontrol v sisteme mezhdunarodnyih ekonomicheskih otnosheniy : monografiya [Currency regulation and control in the system of international economic relations : monograph] Saint Petersburg, 256 p.

Honcharuk I.V., Matsko O.M., Shparhalo H.Ye. (2010). Dosvid valiutno-kursovoho rehuliuvannia v transformatsiinykh ekonomikakh [Experience of currency-rate regulation in transformational economies] Herald of Lviv Academy of Commerce, Iss. 33, p. 176-180.

Zhuravka F.O. (2008). Valiutna polityka v umovakh transformatsiinykh zmin ekonomiky : monografiya [Monetary policy in terms of transformational changes in the economy : monograph] Sumy : TOV “CPC «Dilovi Perspektyvy», SHEI «UAB of NBU», 336 p.

Transactions Involving Bitcoins. URL: http://www.canadiantaxlitigation.com/wp-content/uploads/2014/01/2013-0514701I7.txt utm_source=Mondaq&utm_medium=syndication&utm_campaign=inter-article-link

Financial Transactions and Reports Analysis Centre of Canada. URL: http://www.fintrac.gc.ca/intro-eng.asp

Assembly Bill No. 129. URL: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB129

The United States is Falling Behind in Bitcoin Regulation. Kyle Torpey. Bitcoin Magazine. URL:

https://bitcoinmagazine.com/articles/the-united-states-is-falling-behind-in-bitcoinregulation-1461604211/Uniform Money Services Act. Interim Regulatory Guidance. Washington State Department of Financial Institutions. URL: http://www.dfi.wa.gov/documents/moneytransmitters/virtual-currency-interim-guidance.pdf

Japan Makes First Bitcoin-Related Drug Arrest. CoinDesk. URL: https://www.coindesk.com/japan-makes-firstbitcoin-related-drug-arrest/

Directive (EU) 2015/849 of the European Parliament and of the Council on 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing and amending Regulation (EU) № 648/2012 of the European Parliament and of the Council. URL: http://www.sdfm.gov.ua/content/file/Site_docs/2016/20160516/DIRECTIVE%20(EU)%202015_UA.htm

A comparative review of foreign legislation on the legal status of digital money and state regulation of cryptocurrency business. URL: http://radaprogram.org/sites/default/files/infocenter/piblications/22.pdf

Explanatory Note to draft Law of Ukraine “On Currency” (17.03.2018), р. 3.