Shinkarenko, Rogova, and Panivnyk (2018) drew
attention to the peculiarities of regulatory
regulation of cryptocurrencies in foreign
countries. At the current stage of regulatory
development, it can be remarked that there are no
unified standards for the regulation of
cryptocurrencies in any jurisdiction and each
central bank and authorized body is guided by its
approaches: from formal permission or the
application of general principles of regulation in
the field of payments to the complete protection
of such activities.
Finally, Miravalls (2021) and Qureshi (2022)
investigated the issue of virtual currency
insurance and concluded that it is an essential
tool for ensuring business and wallet security.
Therefore, from the above analysis of the
literature, it can be concluded that currently there
are problematic issues regarding the insurance of
virtual assets, in particular, the recognition of
virtual assets as insurable, as well as the
predictability of insurance risks, etc. At the same
time, a number of scientists noted that the use of
blockchain technology in the field of
organization of policyholder service can be
progressive and effective in the activities of an
insurance company. In general, all authors agree
that in today's environment, virtual currency
insurance is an important tool to ensure the
security of businesses and wallets.
Research methodology
To investigate the problematic issues of
insurance of virtual assets, various methods of
scientific research were used.
Legal analysis: By using the method of legal
analysis, the regulatory regulation and legislation
related to insurance of virtual assets was
investigated. In particular, the provisions of
Regulation (EU) 2023/1114 of the European
Parliament and of the Council of 31 May 2023 on
markets in crypto-assets, and amending
Regulations (EU), the Law of Ukraine "On
Virtual Assets"17 and the draft Law on
Amendments were analyzed to the Tax Code of
Ukraine and other legislative acts of Ukraine
regarding the regulation of the turnover of virtual
assets in Ukraine. Overall, the legal analysis
indicates that while there are some regulatory
frameworks in place for virtual assets in Ukraine
and the EU, specific provisions addressing the
insurance of virtual assets may be lacking. There
is a need for further development and refinement
of laws and regulations to ensure adequate
protection for individuals and businesses holding
virtual assets and to facilitate the growth of the
insurance market in this area.
Empirical method: The empirical method made it
possible to conduct several observations on the
change in the attitude of countries to
cryptocurrency and its regulation. Thanks to the
benefit of this research method, it was analyzed
how the position regarding the need to insure
virtual assets is developing. The empirical
findings underscore the dynamic nature of
attitudes towards insuring virtual assets and the
importance of ongoing research and analysis in
shaping regulatory frameworks and industry
practices.
Historical method: The use of the historical
method was reasonable for the study of insurance
of virtual assets, as it allows considering the
evolution of this field at different stages of the
development of technology and the insurance
market. With the help of this method, the stages
of formation and development of insurance of
virtual assets were considered, which types of
virtual assets underwent changes in their
insurance history, and which challenges arose at
different stages were determined. The evolution
of laws and regulations related to the insurance
of virtual assets was also considered.
Determining how the legal environment
influenced the development of the insurance
market and how it adapted to technological
changes. The historical method provided a
comprehensive understanding of the insurance of
virtual assets by contextualizing its development
within broader historical trends and regulatory
frameworks. It shed light on the challenges faced,
the adaptations made, and the trajectory of future
developments in this evolving field.
Logical analysis: Logical research methods for
solving problems and studying particular aspects
of the research object played a significant role in
the research. In particular, the concept analysis
method was used to uncover and clearly define
key terms and concepts related to virtual asset
insurance. This made it possible to clarify the
understanding of the research subject and create
a logical basis for the analysis. The
argumentative analysis method facilitated the
consideration of arguments that support or refute
specific claims regarding virtual asset insurance.
Logical research methods enhanced the rigor and
coherence of the study, enabling researchers to
systematically analyze and interpret the
complexities of virtual asset insurance. By
clarifying key concepts and evaluating
arguments, researchers advanced understanding