Research work · 2022
LEGAL REGULATION OF CRYPTOCURRENCY RELATIONS WITH IN UKRAINE: EU EXPERIENCE
Entrepreneurship, Economy and Law
Abstract
. Purpose. The paper aims to study some aspects of the legal regulation of relations with cryptocurrency in Ukraine and the EU and suggest improvements for Ukrainian legislation on virtual assets. Research methods. To achieve the goal, the following research methods were used: hermeneutic semantic, system-structural, comparative legal, and others. The hermeneutic semantic method was used to study the content of the "cryptocurrency" concept in Ukraine and the EU. The system-structural method was employed to determine areas for improving the Law of Ukraine On Virtual Assets. The comparative legal method was used to raise the question about the possibility of paying tax for owned virtual assets; to present a proposal to introduce taxation of cryptocurrency transactions, drawing attention to the experience of the EU; to submit a proposal to amend the Civil and Commercial Codes of Ukraine following the experience of the EU. Results. The scientific novelty consists in the study of relations on the legal regulation of relations with cryptocurrency in Ukraine, including transactions involving cryptocurrency, as well as in determining ways to improve the Law of Ukraine On Virtual Assets and developing provisions for the payment of funds to the state budget by the owners of virtual assets. Proposals to the Tax Code, Commercial Code, and Civil Code of Ukraine following the EU experience have been suggested. Conclusions. It is proposed to make various changes and additions to the Law of Ukraine On Virtual Assets. The question was raised about the possibility of taxing commercial transactions with cryptocurrency and taxing transactions to purchase virtual assets (cryptocurrency units) from owners. A proposal was submitted to the Tax Code of Ukraine on the possibility of applying such taxes to cryptocurrency owners: on profit and capital gains. It is proposed to amend the Commercial Code of Ukraine regarding the possibility of using cryptocurrency by business entities. A proposal was made to develop a database containing data on the acquisition of virtual assets and their use to obtain information on confirmation of ownership and any transactions with cryptocurrency. It is proposed to provide Fiscal Service authorities with access to such a database for taxation of transactions with virtual assets.