On the legal regime of virtual assets in Ukraine and the world

Abstract

The development of the digital economy leads to the emergence of a new concept of “digital asset”. It is very important to ensure state regulation of relations related to the use of digital currency and their involvement in civil and commercial legal relations today. Thus, Ukraine will get closer to the technological leaders of the economic sphere. In addition, the IT sector will create additional motivation for Ukrainian and foreign professionals based on the favorable conditions that are created. Issues related to solving the problem of anonymous unregulated cross-border transfers, corrupt settlements, money laundering are those that are currently being considered and require the adoption of a legal act. Existing approaches are analyzed to determine the digital asset among scientists. The analysis showed that there is currently no single approach to the definition of virtual assets and cryptocurrencies. The existing substitution of concepts in the definition and this topic needs to be refined by scientists – practitioners. The paper gives examples of states that have created regulations that allow to reveal the understanding of the components that should have the regulation of cryptocurrencies. In particular, the paper points to the models of legislation of such states as the Republic of Belarus, Great Britain and the United States. Special attention is paid to attempts to legalize cryptocurrencies in Ukraine. In addition, existing bills aimed at regulating legal relations regarding the circulation, storage, possession, use and conduct of cryptocurrency transactions are subject to analysis. The main factors of application of effective regulatory approaches to cryptocurrency transactions are determined. It is argued that the creation of a transparent and effective system of regulation of legal relations in the use of virtual assets should lead to a positive investment climate in Ukraine.