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Ukrainian law “On virtual assets”

The law provides for a comprehensive regulation of legal relations arising in connection with the circulation of virtual assets in Ukraine, defines the rights and obligations of participants in the market of virtual assets, the principles of state policy in the field of virtual assets.

The law defines the concept of “virtual asset”, according to which a “virtual asset” is an intangible asset that is the object of civil rights, has value and is expressed in a set of data in electronic form. The existence and turnover of a virtual asset is ensured by the system of ensuring the turnover of virtual assets. A virtual asset can certify property rights, including claims to other objects of civil rights.

The law defines the scope of its application, the legal regime of virtual assets, participants in the market of virtual assets, their rights and obligations, services for the exchange of virtual assets.

The law establishes the general principles of state regulation of the turnover of virtual assets and bodies that carry out state regulation in the field of turnover of virtual assets.

The law defines the powers of the National Bank of Ukraine in the field of virtual assets, the powers of the National Commission on Securities and Stock Market in the field of virtual assets, the State Register of providers of services related to the circulation of virtual assets.

The law also defines the general principles of international cooperation in the field of virtual assets turnover and the powers of state bodies to ensure international cooperation in the field of virtual assets turnover and the procedure for their implementation.

The law amended a number of legislative acts. In particular, Section III of the Civil Code is supplemented by Chapter 151 “Virtual Assets”.

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