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Crypto assets have become increasingly popular in recent years due to their many advantages, such as low transaction costs and investment opportunities. The performance of crypto exchanges is an essential factor in developing crypto assets. Therefore, it is necessary to take adequate measures regarding the reliability, speed, user-friendliness, regulation, and supervision of crypto exchanges. However, each measure to be taken creates extra costs for businesses. Studies are needed to determine the factors that most affect the performance of crypto exchanges. This study develops an integrated framework, i.e., fuzzy best–worst method with the Heronian function—the fuzzy measurement of alternatives and ranking according to compromise solution with the Heronian function (FBWM’H–FMARCOS’H), to evaluate cryptocurrency exchanges. In this framework, the fuzzy best–worst method (FBWM) is used to decide the criteria’s importance, fuzzy measurement of alternatives and ranking according to compromise solution (FMARCOS) is used to prioritize the alternatives, and the Heronian function is used to aggregate the results. Integrating a modified FBWM and FMARCOS with Heronian functions is particularly appealing for group decision-making under vagueness. Through case studies, some well-known cryptocurrency exchanges operating in Türkiye are assessed based on seven critical factors in the cryptocurrency exchange evaluation process. The main contribution of this study is generating new priority strategies to increase the performance of crypto exchanges with a novel decision-making methodology. “Perception of security,” “reputation,” and “commission rate” are found as the foremost factors in choosing an appropriate cryptocurrency exchange for investment. Further, the best score is achieved by Coinbase, followed by Binance. The solidity and flexibility of the methodology are also supported by sensitivity and comparative analyses. The findings may pave the way for investors to take appropriate actions without incurring high costs.

Chapter 11 of the Bankruptcy Code is often justified by vague assertions that reorganizing troubled companies is in the \"public interest.\" There has, however, been surprisingly little effort to consider seriously what this public interest is, how it should be operationalized, or who should pay for it.

The research objective is to analyze contemporary information technologies and their application in teaching the legal aspects of taxing financial assets in higher educational institutions. Drawing upon international legal experience, the goal is to identify optimal innovative principles for the integration of information technologies to enhance the effectiveness of teaching and comprehension of this legal discipline. To assess the influence of integrating information technologies on the academic achievements and competencies of law students, instructors conducted a retrospective analysis of students’ academic records from the preceding semester, during which a conventional educational curriculum was implemented. Semester grades were meticulously recorded for each student. The utilization of information-based pedagogical approaches introduced in the subsequent semester yielded a discernible enhancement in the mean academic performance of the law students. Specifically, the average grade rose from 68.9 (corresponding to the use of traditional methods in the initial semester) to 77.2 (attained through the application of integrated methods in the latter semester). This outcome underscores a heightened level of scholastic attainment among students when information technologies were integrated into the educational process.

The proliferation of cryptocurrencies has contributed to the emergence of different cryptocurrency exchanges (crypto-exchanges). While these services may be regarded as FinTech, involving cryptocurrency as the major transaction currency has made these services potentially distinctive from other fiat-based FinTech services. Thus, the critical success factors of crypto-exchanges may not be identical to those of other fiat-based FinTech services. Grounded on theories related to FinTech and service varieties, we developed a survey and explored the role of different factors on users’ continuous intention of adopting the crypto-exchanges. Our results suggested that when users perceive specific crypto-exchange characteristics, they are more likely to adopt the exchange continuously. Combining previous literature, we name this set of factors “LAS-VICT principle”, including low user-burden, asset-light, scalability, variety, innovativeness, scalability, and transparency. However, users’ emphasis on factors may differ based on their cryptocurrency experience. Based on our findings, we provided some theoretical and practical implications.

This study examines the volatility spillovers in four representative exchanges and for six liquid cryptocurrencies. Using the high-frequency trading data of exchanges, the heterogeneity of exchanges in terms of volatility spillover can be examined dynamically in the time and frequency domains. We find that Ripple is a net receiver on Coinbase but acts as a net contributor on other exchanges. Bitfinex and Binance have different net spillover effects on the six cryptocurrency markets. Finally, we identify the determinants of total connectedness in two types of volatility spillover, which can explain cryptocurrency or exchange interlinkage.

In this work, the level of influence of the posts published by famous people on social networks on the formation of the cryptocurrency exchange rate is investigated. Celebrities who are familiar with the financial industry, especially with the cryptocurrency market, or are somehow connected to a certain cryptocurrency, such as Elon Musk with Dogecoin, are chosen as experts whose influence through social media posts on cryptocurrency rates is examined. This research is conducted based on statistical analysis. Real cryptocurrency exchange rate forecasts for the selected time period and predicted ones for the same period, obtained using three algorithms, are utilized as a dataset. This paper uses methods such as statistical hypotheses regarding the significance of Spearman’s rank correlation coefficient and Pearson’s correlation. It is confirmed that the posts by famous people on social networks significantly affect the exchange rates of cryptocurrencies.

Purpose This study aims to investigate the impact of FTX bankruptcy on the global stock markets, including both the developed and emerging markets, as per the Morgan Stanley Capital Investment (MSCI) country classification. Design/methodology/approach Using the daily closing prices for leading stock market indices of all 47 countries in the MSCI market classification, comprising 23 developed markets and 24 emerging markets, the event study methodology is used to examine the impact of the event on developed markets, emerging markets and overall global equity markets. Findings The study finds heterogeneous effects of the event on different countries. Results indicate that overall global equity markets experienced a statistically significant positive cumulative average abnormal returns of 15.8533% in the complete event window of 28 days from t − 7 to t + 20. The authors conclude that traditional global equity markets can be used as a hedge against potential financial risk posed by unfavorable events in the cryptocurrency markets and have safe haven properties. Practical implications The study emphasizes the global financial system’s interconnectedness and the potential of traditional equity markets to hedge risks in the cryptocurrency market. The findings are relevant for investors seeking portfolio diversification and mitigating their exposure to potential risks in the cryptocurrency market. Originality/value To the best of the authors’ knowledge, the present study is the earliest attempt to comprehensively examine the impact of the bankruptcy of the world’s fourth largest cryptocurrency exchange, FTX, on the global equity markets.

Cryptocurrencies have become a global phenomenon, and the number of registered users of cryptocurrency exchange platforms has grown worldwide. However, only a small number of the registered users are active users that engage in actual transactions. In this study, the authors used a multi-theory approach to identify the key factors of the adoption of cryptocurrency exchanges and to develop a conceptual model that would have a potentially high explanatory power. The proposed model emphasizes the role of psychological innovation resistance, functional innovation resistance, technology readiness and trust, perceived risk and risk propensity, subjective norms, and critical mass of users. The authors discuss the model along with the research propositions it implies and the theoretical and practical implications of the study.

Legal regulation of operations with cryptocurrencyies is analyzed. It is found that the lack of control by the state is due to the imperfection of the existing regulatory system. The legalization and recognition of cryptocurrencies allows operations with them to be controlled and regulated as well as considered valid by and among individual participants in this process. In Ukraine, there is still no regulatory document that would regulate operations with cryptocurrencies. These currencies are not recognized in our country; therefore, it is impossible to tax operations in which they are used. The existing practice and approaches applied in many countries allow to develop our own approach to using such modern banknotes. This money has every chance of becoming an integral part of the global economy since some countries have intentions to allow its use and trade. The distinction between the concepts “electronic money” and “virtual currency” is considered. The main approaches to implementing taxation of cryptocurrencies, which depends on how they will be treated, are highlighted. It is established that in terms of accounting and tax accounting the process of cryptocurrency mining is an illegal enrichment. Within the legal framework, it is necessary to recognize the very process of mining virtual currency legal and treat virtual coins as cash. This will necessitate paying taxes on this activity, which in turn will require determining the taxable item and the tax base. Further, the legal approaches to the definition of cryptocurrency in the UK, Canada, China, Japan are analyzed.

Initial coin offerings (ICOs) represent a novel funding mechanism where digital tokens are issued on the blockchain and sold to investors. One major reason for the success of this financing model is the fact that the issued tokens can immediately be traded on secondary markets. This event study analyzes 250 exchange cross-listings of 135 different tokens issued through ICOs on 22 cryptocurrency exchanges. We find significant abnormal returns of 6.51% on the listing day and 9.97% over a seven-day window around the event. Further analysis shows that the results clearly differ for individual cryptocurrency exchanges, as listings on individual exchanges yield returns of up to 34% on the event day, while others are negligible. An investigation of liquidity-related metrics shows that lower prior trading volume and asset market capitalization have positive effect on listing returns. Investors use phases of high market liquidity to sell off positions around the period of cross-listing events. The results on the cross-listing effects of ICOs may be of relevance to investors/traders, ICO projects, cryptocurrency exchanges and regulators.