The draft Law “On Virtual Assets” No. 3637 provides for a comprehensive settlement of legal relations arising in connection with the circulation of virtual assets in Ukraine, to determine the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of circulation of virtual assets. The bill is designed to address a number of the following issues:
- lack of legal regulation of relations arising in the field of circulation of virtual assets;
- lack of mechanisms for taxation of income received from transactions with virtual assets;
- lack of legal guarantees to protect the property rights of the virtual assets market participants;
- regulation of the activities of the virtual assets market professional participants;
- lack of mechanisms to control the circulation of virtual assets that can be used to legalize (launder) proceeds of crime, terrorist financing and financing the proliferation of weapons of mass destruction;
- lack of effective mechanisms to attract foreign investment in high-tech sectors of Ukraine's economy.
Relevant legislation in various forms has been implemented in the United States, Germany, Malta, Gibraltar, Switzerland, Liechtenstein, Estonia, Japan, etc.