DIGITAL FINANCIAL ASSETS MARKET AND THE UKRAINIAN SECURITIES MARKET: AREAS OF INTERACTION AND DEVELOPMENT PROSPECTS
DOI:
https://doi.org/10.32782/city-development.2026.2-22Keywords:
digital financial assets, virtual assets, stock market, capital market, tokenization, DLT post-trading, domestic government bonds, investor protectionAbstract
The article examines the interaction between digital financial assets and the Ukrainian stock market under conditions of wartime constraints, high concentration of trading in domestic government bonds, weak development of corporate and equity instruments, and gradual alignment with European financial regulation. The relevance of the topic is determined by the need to modernize the capital market without replacing regulated securities circulation with an uncontrolled crypto-asset segment. The purpose of the article is to identify the main channels through which digital financial assets can be integrated into the stock market infrastructure of Ukraine and to define the regulatory and economic conditions under which such integration may create practical value. The study uses institutional analysis, comparative regulatory analysis, statistical analysis of the structure of organized capital market trading, and qualitative scenario modeling. The results show that digital financial assets should be interpreted as a working analytical category that includes virtual assets, crypto-assets, stablecoins, tokenized securities, tokenized debt instruments, tokenized real-world assets, and digital forms of representing property rights. The article substantiates five areas of interaction: tokenization of financial instruments, DLT-based post-trading infrastructure, regulated custody, broader investor access, and regulatory compatibility with the European framework. It is argued that the current structure of the Ukrainian capital market does not provide sufficient conditions for a rapid launch of a broad market for tokenized corporate instruments, while the debt segment, especially domestic government bonds, may serve as a more cautious testing ground. However, tokenization of such instruments is justified only if it produces measurable added value in terms of settlement speed, cost of record keeping, transparency of rights transfer, investor access, or compatibility with programmable settlement infrastructure. The practical value of the article lies in the proposed model of gradual integration, in which digital financial assets are treated as a technological layer for representing and transferring rights rather than as a substitute for traditional securities. The findings may be used for designing regulatory pilots, improving capital market infrastructure, and defining safeguards for investor protection, custody, disclosure, cybersecurity, and financial stability.
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