State Regulation in the Sphere of Virtual Assets Turnover in Ukraine

Problem settings. The article examines the legal provisions for determining the measures of state regulation of the activities of virtual assets market participants which the Ukrainian legislator decided to apply in the sphere of circulation of such assets in Ukraine. The article analyzes the provisions of the Law of Ukraine No. 2074-IX “On Virtual Assets” dated February 17, 2022, which defines the State regulation of the virtual assets market as the implementation by the State, represented by the National Securities and Stock Market Commission and the National Bank of Ukraine, of comprehensive measures to streamline, control and supervise the virtual assets market, regulate the rules of operation of service providers related to the circulation of virtual assets, as well as measures to prevent and counteract abuses and violations in the virtual assets market. The study of legal regulation problems in the field of virtual assets was carried out such scientists as: S. Honcharenko [1, p. 152-157], A. Ovcharenko [2, p. 200-202], N. Arkhireyska, O. Kuchkova [3], V. Korneev [4, p. 40-46], O. Lyzunova [5, p. 196-199], O. Kud, M. Kucheryavenko, E. Smуchok [6, p. 33], V. Ryadinska [7, p. 152-157], A. Protsenko [8, p. 130-134], V. Polatai [9, p. 155-162] and others. The target of the research is to analyze the norms of Law No. 2074-IX to determine measures of state regulation of the activities of participants in the virtual assets market, which the Ukrainian legislator decided to apply in the sphere of circulation of such assets. Article’s main body. It is stated that the legislator has classified service providers related to the circulation of virtual assets and users of such services as participants of the virtual assets market. Services related to the circulation of virtual assets include services for the storage or administration of virtual assets or virtual asset keys, services for the exchange of virtual assets, services for the transfer of virtual assets, intermediary services related to virtual assets. The author emphasizes that the activities of service providers related to the circulation of virtual assets are allowed only subject to obtaining a permit for the provision of services related to the circulation of virtual assets of the relevant type. In addition, the amount of the fee for issuing a permit for the provision of services related to the circulation of virtual assets for residents and non-residents of Ukraine is fixed and it is noted that the issuance of such a permit is carried out in accordance with the procedure established by the National Securities and Stock Market Commission. At the same time, it is not clear what exactly the legislator meant by “permission”. Conclusions and prospects for the development. Taking into account that for such a permit providers of services related to the circulation of virtual assets will have to pay a certain amount of money, the author assumes that it will be a “state permit for the right to provide services related to the circulation of virtual assets” and in order to obtain it, service providers will have to meet certain conditions established by the relevant state body. This shows that the Ukrainian legislator introduces licensing of service providers related to the circulation of virtual assets, although for some reason does not use the term “licensing”. This fact is also confirmed by the requirements established by this Law for persons who plan to carry out activities for the supply of such services, which are essentially “licensing conditions”. The requirements for the procedure of obtaining a “permit” are similar to the requirements for the procedure of obtaining licenses enshrined in the Law of Ukraine No. 222-III “On Licensing of Economic Activities” dated March 2, 2015. It is summarized that the Ukrainian legislator in the formation of measures of state regulation of the activities of virtual assets market participants applied licensing, taking advantage of positive foreign experience.