TRANSFORMATION OF UKRAINE’S ECONOMIC POLICY IN THE CONTEXT OF THE WAR AND POST-WAR ECONOMY

Abstract

The article proposes and substantiates directions for improving risk management tools for the digital financial assets market. The study examines the inertial nature of market dynamics, the impact of the global environment, and military-induced structural shifts as basic determinants of the risk profile. It was found that market inertia compounds risks, and high dependence on external factors increases sensitivity to shocks and to the transformation of local failures into systemic crises of confidence and liquidity. The limitations of traditional regulatory approaches in ensuring effective risk control are identified, necessitating their improvement based on risk-oriented and scenario-based management. The study developed an integrated model for improving risk management tools, which combines a risk map, a two-layer system of early warning indicators, and an institutional framework for interaction between regulators and market participants. The feasibility of differentiating tools by functional frameworks (prudence, AML/CFT compliance, operational and cyber resilience, investor protection) was substantiated, which ensures proportionality of regulatory impact in accordance with the level of the risk environment. In addition, a phased model for improving risk management tools was developed, which provides for a consistent transition from the basic regulatory framework to full-fledged risk-oriented supervision using a scenario approach and stress testing. It was determined that the integration of indicator monitoring, trigger response mechanisms, and institutional coordination ensures increased risk management efficiency and adaptability of regulatory policy to changes in the external environment. The conclusions are drawn that the improvement of risk management tools for the digital financial assets market should be based on a combination of a risk-based approach, scenario analysis and international regulatory standards, which contributes to reducing systemic vulnerability, increasing transparency and building trust as a key prerequisite for legalization and sustainable development of the market.