Keywords
legal status
international legal approaches
Ukrainian legislation
FATF
cryptocurrency
digital assets
legal regulation
How to Cite
Abstract
The article examines international legal approaches to determining the legal status of virtual assets and analyzes the challenges facing Ukrainian legislation in the process of its adaptation to international standards. The author has carried out a comprehensive analysis of FATF recommendations, EU legislation, and national approaches of different countries to the regulation of virtual assets. It has been revealed that, despite the absence of a single universal approach, there are common trends in the regulation of virtual assets, including their differentiation by functional purpose, the introduction of special regimes for different types, and strengthening requirements for preventing money laundering. The current state of legal regulation of virtual assets in Ukraine has been studied, in particular, the provisions of the Law of Ukraine “On Virtual Assets.” The main challenges for Ukrainian legislation have been identified: the need for harmonization with international standards, regulation of taxation issues, coordination with other regulatory legal acts, creation of an effective system of regulation and supervision, ensuring consumer protection, and regulation of innovative forms of virtual assets. The necessity of comprehensive improvement of Ukrainian legislation, taking into account international experience and national peculiarities, has been substantiated. The author concludes that to create an effective system of legal regulation of virtual assets in Ukraine, it is necessary to ensure a balance between effective regulation and creating favorable conditions for the development of innovative technologies, which will contribute to Ukraine’s integration into the global digital space. Special attention in the study is paid to the dialectical method of research, which allows for to consideration of the legal status of virtual assets as a dynamic phenomenon that is in constant development and interaction with other legal institutions. The methodological toolkit of the research is supplemented by system-structural, formal-legal, comparative-legal, historical-legal and prognostic methods, which together provide a comprehensive analysis of the subject matter.
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