The functioning of international cryptocurrency exchanges in the context of the digital transformation of the global economy
Abstract
Modern international cryptocurrency exchanges play a key role in the digital transformation of the global economy, providing infrastructure for trading, exchanging, and storing digital assets. However, their operation is accompanied by a number of challenges, including high volatility, regulatory uncertainty, cyber threats, and differences in legal approaches across countries. The aim of this study is to conduct a comprehensive analysis of international cryptocurrency exchanges, identify key factors determining their competitiveness, and assess the impact of regulation and technological innovation on their development. This article identifies the differences between centralized (CEX) and decentralized (DEX) exchanges and examines the factors determining the competitiveness of crypto exchanges, including commission rates, platform security, and regulatory barriers. Particular attention is paid to asset liquidity, commission levels, pricing mechanisms, and regulatory barriers. The study utilizes statistical analysis, comparative platform research, and regulatory analysis. The article examines modern technological trends, such as blockchain scalability solutions, smart contracts, the Lightning Network, and stablecoins. Based on the analysis, it concludes that a balance between regulatory measures and technological innovation is essential for the sustainable development of crypto exchanges. Key trends influencing the future of the cryptocurrency market are identified, including the expansion of international regulation, the growth of institutional investment, and the development of digital financial instruments.
About the Authors
A. G. Glebova
Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
Anna G. Glebova
Doctor of Economics, Professor of the Department of World Economy and Global Finance, Faculty of International Economic Relations
Moscow
E. M. Stroganova
Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
Ekaterina M. Stroganova
undergraduate student in International Financial Market at the Department of World Economy and Global Finance, Faculty of International Economic Relations
Moscow
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Review
For citations:
Glebova A.G., Stroganova E.M. The functioning of international cryptocurrency exchanges in the context of the digital transformation of the global economy. Vestnik of Samara State University of Economics. 2025;(9):18-30. (In Russ.)
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