The legal essence of the definition of "virtual assets" in the Ukrainian law "on virtual assets"

Abstract

The article considers the Law of Ukraine "On Virtual Assets" dated 17.02.2022 No. 2074-IX, which is the first normative act in the state that is called to regulate the circulation of so-called "cryptocurrencies", and which introduced a new legal definition of "virtual assets". Legal science, as the main regulator of social relations, objectively manages to keep up with their rapid modern changes, to respond to the emergence of new relationships on the basis of the latest digital technologies. They are a surreal challenge to the legislator, who since the end of the 20th century, with incredibly great speed, are changing our entire modern society. There is no exception to this changing process of modernity, and an economy that has been subjected to significant changes already with the advent of the Internet. E-commerce and commerce, cashless payments on the Internet are all firmly entered our daily lives. Cryptocurrency, as a common name for the latest technologies, is a factor that has a more impact on economic relations every year. regulation of cryptocurrencies - Ukraine remained away from this law-making process. However, every year it became more and more obvious that such a state policy would lead only to a lag behind other states in the development of new technologies. Finally, from the beginning of 2022, the understanding of the need for the development of digital technologies, including through adequate legal regulation of "cryptocurrency" in Ukraine, has begun. The purpose of the article is to review and analyze the Law of Ukraine "On Virtual Assets" No. 2074-IX adopted by the Verkhovna Rada of Ukraine dated 17.02.2022 and to investigate the legal essence of the concept of "virtual assets" for the completeness of its certainty. According to the results of the study, it was introduced in order to improve the concept of "virtual assets" and eliminate in the future the correct enforcement in judicial practice, amendments: in Article 200 "Information", Chapter 15 "Intangible Goods", Section III "Objects of Civil Rights" of the Civil Code of Ukraine; in sub-paragraph 1 of paragraph 1 of Article 1 "Definition of Terms", Section 1 "General Provisions" of law 2074-IX; in paragraph 1 of Article 4 "Legal status of virtual assets" of Section II "Legal mode of virtual assets" of the Law 2074-IX; in paragraph 1 of Article 4 "Legal status of virtual assets" of Section II "Legal regime of virtual assets" of the Law 2074-IX.