ЦИФРОВІ ФІНАНСОВІ АКТИВИ ТА ТРАНСФОРМАЦІЯ МІЖНАРОДНОГО РИНКУ КАПІТАЛУ, DIGITAL FINANCIAL ASSETS AND THE TRANSFORMATION OF THE INTERNATIONAL CAPITAL MARKET

<jats:p>The purpose of the study is to determine the impact of digital financial assets on the transformation of the international capital market, assess the opportunities and risks of their use, as well as justify the prospects for further development and regulation of this segment of the financial market. In the research process, the methods of scientific generalization, comparative analysis, system approach and logical modeling were used. The scientific novelty of the work consists in summarizing the current trends in the development of digital financial assets and determining their impact on the change in the functioning mechanisms of the international capital market. It is substantiated that the spread of digital assets contributes to the formation of new tools for attracting investment resources, the development of financial technologies, and the modernization of market infrastructure. Digital finance through fintech providers has positive effects for financial inclusion in developing and developed economies, and the convenience that digital finance provides to low and variable income individuals is often more valuable to them than the higher costs they would pay to access such services from conventional regulated banks. Despite the benefits of digital finance, this article has highlighted some of the challenges that digital finance poses to financial inclusion and financial stability. The practical significance of the research lies in the possibility of using the obtained results to improve the mechanisms of regulation of digital financial assets, increase the efficiency of investment activities and minimize the risks associated with the operation of digital financial instruments on the international capital market. According to the results of the study, it was established that digital financial assets are becoming an important factor in the transformation of the international capital market, providing new opportunities for investors and financial intermediaries. At the same time, their further development requires the formation of an effective regulatory and legal framework, improvement of risk management systems and provision of an appropriate level of cyber security to maintain financial stability on a global scale.</jats:p>