The study is critical for building a sustainable financial architecture for the 21st century, where technological innovation must be balanced with behavioral realism and regulatory legitimacy. Without solving the research problems — identifying the fundamental trilemma at the intersection of behavioral economics, crypto technologies and regulation — systemic crises like «crypto winter 2022» will be recurrent. A matrix of financial market participants and regulators with legislative binding has been built, taking into account the jurisdictions of the USA, EU and Russian Federation as key examples. A comprehensive model of interaction between financial market participants has been built, taking into account behavioral factors and the cryptocurrency revolution. The model includes actors, motivators, barriers, risks, and interaction dynamics.
cryptocurrency revolution, digital assets, financial market, behavioral factors
1. Analiz razvitiya i regulirovaniya kriptovalyut: zarubezhnyy i rossiyskiy opyt / A. V. Babkin,D. D. Burkal'ceva, O. A. Guk, A. S. Tyulin // MIR (Modernizaciya. Innovacii. Razvitie). — 2017.
2. Bauer, V. P. Institucional'nye osobennosti razrabotki konkurentosposobnoy kriptovalyuty /V. P. Bauer, V. V. Smirnov // Finansy: teoriya i praktika. — 2020. — T. 24, № 5. — S. 84-99.
3. Bechvaya, K. Z. Vliyanie tonal'nosti novostey na kurs bitkoina / K. Z. Bechvaya, E. A. Fedorova, O. Yu. Rogov// Finansy: teoriya i praktika. — 2018. — T. 22, № 4(106). — S. 104-113.
4. Larina, O. I. Cifrovye den'gi na sovremennom etape: klyuchevye riski i napravleniya razvitiya /O. I. Larina, O. M. Akimov // Finansy: teoriya i praktika. — 2020. — T. 24, № 4. — S. 18-30.
5. Krylova, L. V. Kriptovalyuty vs cifrovye valyuty central'nyh bankov: rol' finansovoy gramotnosti naseleniya / L. V. Krylova, I. V. Lukashenko // Finansy: teoriya i praktika. — 2022. — T. 26, № 5.
6. Norec, N. K. Yavlyaetsya li cifrovoy rubl' kriptovalyutoy: sravnitel'nyy analiz / N. K. Norec // Nauchnyy vestnik: finansy, banki, investicii. — 2021. — № 3(56). — S. 90-96. — EDN ZKXGGZ.
7. Norec, N. K. Legalizaciya kriptovalyut v ekonomikah stran / N. K. Norec // Nauchnyy vestnik: finansy,banki, investicii. — 2022. — № 1(58). — S. 45-51. — EDN MKDMRL.
8. O rynke cennyh bumag: Federal'nyy zakon ot 22.04.1996 № 39-FZ // Konsul'tantPlyus. — URL:www.consultant.ru/document/cons_doc_LAW_10148/ (data obrascheniya: 24.03.2025).
9. Ovcharov, A. O. Indeks finansovogo straha na rynke cifrovyh finansovyh aktivov / A. O. Ovcharov,V. A. Matveev // Finansy: teoriya i praktika. — 2021. — T. 25, № 4. — S. 136-151.
10. Plehanova, L. S. Kriptovalyuty kak social'no-ekonomicheskoe yavlenie / L. S. Plehanova // Vestnik Moskovskogo universiteta. Seriya 6: Ekonomika. — 2023. — № 3. — S. 85-107.
11. Sannikova, L. V. Faktory riska ispol'zovaniya kriptoaktivov v Rossii i potencial dlya ih snizheniya /L. V. Sannikova // Finansovyy zhurnal. — 2022. — T. 14, № 6. — S. 124-140.
12. Eskindarov, M. A. Riski i shansy cifrovoy ekonomiki v Rossii / M. A. Eskindarov, V. V. Maslennikov, O. V. Maslennikov // Finansy: teoriya i praktika. – 2019. – T. 23, № 5(113). – S. 6-17.
13. BIS Annual Economic Report 2024. — URL: www.bis.org/publ/arpdf/ar2024e.pdf (date of the application: 24.03.2025).
14. CFA Institute / Empowering Investment Professionals — URL: www.cfainstitute.org (date of the application: 24.03.2025).
15. Shiller R. Bitcoin’s Value Is Tied to Its Narrative / R. Shiller // Shortform. — URL: www.shortform.com/blog/robert-shiller-bitcoin/ (date of the application: 24.03.2025).
