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LAW OF UKRAINE

of February 17, 2022 No. 2074-IX

About virtual assets

This Law regulates the legal relationship arising in connection with turnover of virtual assets in Ukraine, determines the rights and obligations of participants of the market of virtual assets, the principles of state policy in the field of turnover of virtual assets.

Section I. General provisions

Article 1. Determination of terms

1. In this Law the stated below terms are used in such value:

1) virtual asset - the non-material benefit which is object of the civil laws has cost and expressed by data set electronically. Existence and turnover ability of virtual asset is provided with system of providing turnover of virtual assets. The virtual asset can certify property rights, in particular, of right to claim on other objects of the civil laws;

2) purse of virtual asset - the software or the hardware and software system providing to its user information on the virtual assets belonging to it and opportunity to dispose of them in system of providing turnover of virtual assets by means of key of virtual asset;

3) secure virtual asset - the virtual asset certifying property rights, in particular, of right to claim on other objects of the civil laws;

4) essential participation - direct or mediated, independent or together with other persons ownership of 10 and more percent of the authorized (share) capital or voting power of the acquired shares (shares) of the legal entity or possibility of considerable influence, independent of formal ownership, on management or activities of the legal entity;

5) key of virtual asset - set of the technical means realized in system of providing turnover of virtual assets which give opportunity to control virtual asset;

6) unsecured virtual asset - virtual asset which does not certify any property or non-property rights;

7) turnover of virtual assets - all legal relationship which concern virtual assets which arise between participants of the market of virtual assets, and also between them and the state;

8) service providers, the virtual assets connected with turnover - only subjects of managing - the legal entities performing one or several of the following types of activity for the benefit of the third parties:

storage or administration of virtual assets or keys of virtual assets;

exchange of virtual assets;

transfer of virtual assets;

provision of the intermediary services connected with virtual assets;

9) public offer of virtual assets - the offer turned to the uncertain group of people, on purchase of virtual assets at the price and on the conditions determined by such offer which is performed taking into account the requirements established by this Law;

10) the market of virtual assets - set of participants of the market of virtual assets and legal relationship between them concerning turnover of virtual assets;

11) system of providing turnover of virtual assets - program or hardware and software system of exchange of electronic data which provides identification and turnover ability of virtual assets;

12) participants of the market of virtual assets are service providers, the virtual assets connected with turnover, and also any persons who perform transactions with virtual assets in the interests.

2. The terms "structure of property" and "faultless goodwill" are used in this Law in the values given in the Law of Ukraine "About prevention and counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction".

The term "currency values" is used in this Law in the value given in the Law of Ukraine "About currency and currency transactions".

Article 2. Scope of the Law

1. This Law is applied to the legal relationship arising:

1) in case of delivery of the services connected with turnover of virtual assets if subjects of such legal relationship have the registered location or permanent mission in the territory of Ukraine;

2) in connection with transaction which subject is the virtual asset if the parties determined the right of Ukraine as it which is subject to application to the agreement in general or in its separate part;

3) in connection with transaction which subject is the virtual asset if both parties of the transaction are residents of Ukraine;

4) in connection with transaction which subject is the virtual asset if person who performs transactions with virtual assets in the interests (the acquirer of virtual asset) is resident of Ukraine.

2. If to the transaction about the order objects of the civil laws which supply virtual asset apply the right of Ukraine in accordance with the terms of the agreement or the law, the right of Ukraine is also applied to the legal relationship connected with turnover of such virtual asset.

3. This Law is not applied to the legal relationship connected with release, the address, storage and repayment of electronic money and also to the legal relationship arising in case of issue, the address, the redemption of securities and obligation fulfillment on them the conclusion and execution of derivative contracts, replacement of the party of derivative contracts and transactions to financial instruments in the capital markets, operation program or hardware and software systems of exchange of electronic data in which implementation of the specified legal relationship of rather financial instruments, and also to the relations arising during implementation of professional activity in the capital markets and the organized goods markets is provided.

4. In case of introduction of measures of protection by the National Bank of Ukraine according to the Law of Ukraine "About currency and currency transactions" regulations of this Law are applied to transactions on exchange of virtual assets in the part which is not contradicting these measures of protection.

Article 3. Legislation of Ukraine on virtual assets

1. The legislation of Ukraine on virtual assets consists of the Constitution of Ukraine, international treaties which consent to be bound is provided by the Verkhovna Rada of Ukraine, the Civil code of Ukraine, this Law, Law of Ukraine "About prevention and counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction" and other laws, and also the regulatory legal acts adopted in their execution.

Section II. Legal regime of virtual assets

Article 4. Legal status of virtual assets

1. Virtual assets are the non-material benefits which features of turnover are determined by the Civil code of Ukraine and this Law. Virtual assets can be unsecured or secure.

2. Unsecured virtual assets of property rights do not certify.

3. Secure virtual assets certify property rights, in particular, of right to claim on other objects of the civil laws.

4. Providing virtual asset is understood as the certificate by it property rights, in particular, of rights to claim on other objects of the civil laws. Providing virtual assets is not ensuring accomplishment of the obligation. The certificate of property rights is understood as confirmation of the right of the owner of secure virtual asset to require object of providing.

5. Object of providing virtual asset is other object of the civil laws on which rights to claim are certified by such virtual asset. Object of providing virtual asset is determined by the transaction according to which such virtual asset is created. Property rights, in particular, rights to claim on object of providing virtual asset are transferred to the acquirer of such virtual asset.

6. Financial virtual assets are:

the secure virtual asset emitted by resident of Ukraine which is provided with currency values (further - OVTs(VTs);

the secure virtual asset emitted by resident of Ukraine provided valuable with paper or the derivative financial instrument (further - OVTs(FI).

7. Virtual assets are not instrument of payment in the territory of Ukraine and cannot be subject of exchange for property (goods), works (service).

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info