WORLD PRACTICES OF ACCOUNTING AND TAXATION OF CRYPTOCURRENCIES

The aim of the article is original research on modern conceptual frameworks and approaches, the mechanism for regulating the cryptocurrency market in foreign countries, in particular research on current practice around the world virtual money accounting procedure and taxation. The methodology of the survey. Comparison, methods of abstraction, analysis and generalization, graphic and tabular modeling are the research methods which were used in the article. The scientific novelty. It is defined, that the world experience in regulating the cryptocurrency market is more progressive than on domestic practice. Accordingly, research and borrowing of the best world management practices on the cryptocurrency accounting operations and taxation can be important for Ukrainian Government as an integral step in the evolution of the legislative framework, which will provide efficiency and transparency of mechanism for the regulation of cryptocurrency operations and electronic payments in Ukraine. That experience is especially important to Ukraine, since the Government have selected way to European integration. Moreover, the need to analyze of foreign practices cryptocurrency accounting and taxation are linked with the capacity to use it to solve different tasks by Ukrainian public authorities: first of all, to determine the most effective tools for cryptocurrency market regulation; and, secondly, to improvement of Government regulation into account the best world management practices. Conclusion. It is defined, that the world practices of regulating the cryptocurrency accounting operations and taxation are highly varied, reflecting the specific public management and State politics of the various countries, for example, a significantly different legal framework, evolution of the digital transformation and divide, features in the area of financial management and monitoring and other. In this science work countries were divided into groups: which are where operation with cryptocurrency is legitimate and national Government has steadily developed cryptocurrency market using the administrative and economic (first of all fiscal) instruments and which are where operation with cryptocurrency aren’t legitimate or don’t have legislative. Some of the exposure risks connected with the cryptocurrency accounting operations and taxation and legalization of the cryptocurrency as means of payment were identified by authors. Key words: cryptocurrency taxation, cryptocurrency accounting operations, virtual money, Government regulation, risks