The regularization of Quantum Electrodynamics in the space of functions ψa(x), which depend on both the position x and the scale a, is presented. The scale-dependent functions are defined in terms of the continuous wavelet transform in R 4 Euclidean space, with the derivatives of Gaussian served as basic wavelets. The vacuum polarization and the dependence of the effective coupling constant on the scale parameters are calculated in one-loop approximation in the limit p 2 ≫ 4m 2 .