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Modern legal English virtual assets

Virtual assets and law

Virtual asset - an intangible asset that is subject of civil rights, has value and is expressed in a set of data in electronic form.

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  1. Read the text and put questions to each paragraph.
  2. Explain the features of virtual assets.
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  1. Since 2009, when the first virtual currency, bitcoin, was created, the market for virtual assets and virtual currencies has been growing rapidly and has become significant for the global economy.

The total capitalization of virtual assets and virtual currencies is hundreds of billions of US dollars, the daily trading volume in the virtual currency market exceeds 10 billion US dollars.

Ukraine is among the top 10 countries in the world in terms of the number of users of virtual currencies.

According to expert estimates, the size of the mining segment in Ukraine reaches 100 million US dollars and more per year, the volume of ICO/ITO (initial coin/token offering) companies with Ukrainian origin or the location of development teams – about 100 million US dollars.

The above shows that in Ukraine the sphere of virtual assets and virtual currencies is actively developing.

Ukraine is currently developing legal framework regarding activities related to virtual currencies, including the legal status of virtual currencies, taxation of transactions with them, and the possibility of concluding smart contracts.

The parliament legalized cryptocurrencies in Ukraine

Further development of effective legal regulation of the operation of virtual assets in Ukraine will be implemented by creating a regulatory framework harmonized with EU requirements and an organizational basis for the development of the market of virtual assets and virtual currencies in Ukraine.

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virtual assets

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.

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