Open AccessProspects for settlement of the legal status of cryptocurrency in Ukraine
Author(s) -
Володимир Михайлович Логойда
Publication year - 2021
Publication title -
naukovij vìsnik užgorodsʹkogo nacìonalʹnogo unìversitetu. serìâ pravo
Language(s) - English
Resource type - Journals
eISSN - 2664-6153
pISSN - 2307-3322
DOI - 10.24144/2307-3322.2021.63.27
Subject(s) - money laundering , cryptocurrency , legalization , ukrainian , decree , parliament , business , legislature , legal certainty , law and economics , settlement (finance) , law , political science , economics , finance , politics , payment , computer security , linguistics , philosophy , computer science
The article is devoted to the current state and prospects of further legislative regulation in Ukraine of the legal status of cryptocurrency (cryptoassets), primarily in terms of the need to clearly define its place in the system of objects of civil rights. The author emphasizes on the current uncertainty at the national and international level about the legal nature of cryptocurrency that causes gaps in the legal regulation of this phenomenon, which on the one hand allows its free and accelerated development, but on the other - creates significant legal risks for participants of the relevant legal relationships. Based on the comparative legal analysis of the approaches of different countries to the qualification of the legal essence of cryptocurrency, as well as the analysis of the Laws of Ukraine "On Prevention of Corruption", "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing Terrorism and Financing Spread of the Weapon of Mass Destruction”, the draft Law of Ukraine“ On Virtual Assets ”№3637 of 11.06.2020 adopted as a basis and prepared for the second reading by the Parliament and opinions of national regulators of financial market and securities market the author considers as a debatable approach of Ukrainian authorities to regulation circulation of virtual assets and, in particular, such their type as a cryptocurrency, as an intangible asset (other intangible goods). There is a contradiction of such a qualification in terms of traditional features of intangible assets (pronounced personal nature, the impossibility of the existence of such goods in isolation from the subject of law without his consent, lack of property and economic content) and the economic purpose of cryptocurrency as a mean of payment. In this regard, the author concludes that there should be an expediency of classifying this object of civil rights as a special (private) form of money, for which he proposes to carry out a more detailed civil law classification with a division into fiat (cash, non-cash, digital) and private (cryptocurrencies and electronic money).